"With Appway we now deliver a richer and faster onboarding experience to new customers, which has turned into a huge competitive advantage for BSI."Alberto Mandelli, CIO of BSI
1000 usersbenefit daily from reduced workloads and speedier processes thanks to Appway.
6 locationsBSI is using Appway at offices in Nassau, Paris, Singapore, Switzerland, Monaco and Luxembourg.
0% error rateachieved with Appway's end-to-end process automation.
Swiss private bank BSI (formerly Banca della Svizzera Italiana) sought a solution that would automate its client onboarding process in a seamless manner, across 6 locations from its global network. Appway helped BSI achieve these goals and solve additional business requirements for each of their units in 6 markets.
The solution needed to establish a complete, intuitive, and guided client onboarding process for each of BSI’s 6 country units as well as its private and corporate accounts. External asset managers also needed to have easy access.
BSI sought to significantly reduce the paper trail and workload required to onboard new clients – while simultaneously speed up the overall process and reduce errors to provide customers with a better onboarding experience.
Integration with key systems such as the core banking system (Avaloq), Worldcheck, the existing CRM, AML, HR, and Document Management systems was also necessary for BSI to achieve high automation and a fluid process.
Appway’s process-driven Client Onboarding solution, built in the model-driven Appway Platform, offered BSI the complete functionality BSI were seeking, plus the potential to solve future business challenges.
The Appway solution, with end-to-end client and account opening, covered all phases of the onboarding process. This includes contract handling & signing, due diligence (KYC and AML-Rating), approvals, verification & activation. Form filling was automated while rules-based electronic approvals with email notification were implemented. A management cockpit was installed for tracking, escalating, assigning and planning resources, and 6 global locations were integrated on the same platform. In addition, Appway provided the option for global External Asset Managers to create new customer contracts online.
The benefits for BSI are manifold. New clients now have a much improved and accelerated onboarding experience, while users enjoy a highly automated and completely integrated process that reduces their workload and saves time. Higher data-quality and reduced operational risk has been achieved by straight through processing which removes the need to switch between different systems and perform double data-entry. Now, opening forms are automatically created and users enjoy an intuitive and guided user interface and workflows.
By integrating customer due diligence checks for KYC, Name Matching and AML, BSI can now fulfill regulatory requirements with ease and is able to adapt to new regulation more quickly. Management can quickly identify and eliminate bottlenecks in the process and analyze its performance with the business activities cockpit.
Today, BSI not only has an end-to-end and automated Client Onboarding process in place, but the possibility to add many more use cases and process applications over time thus further increasing its business value.