A recent report by Aite Group shows that US wealth management institutions lack maturity in their client onboarding processes.
According to Aite Group’s survey, "more than 70% of wealth management firms’ home offices view client onboarding as either a back-office function that needs to be cost-contained or a front-office automation tool; only 30% view client onboarding as a competitive differentiator".
We've had a similar experience explaining our client onboarding solution to potential customers. Organizations focus on process automation as a cost-cutting measure and tend to forget about the client's perspective. As Aite Group demonstrates, a spotless first impression is key in attracting and retaining new clients. A mature management of the whole onboarding process also helps to react quickly to changing markets and regulations.
We're currently conducting a similar survey at banks in Germany, Austria and Switzerland. Together with our partner Solution Providers, we investigate the state of client onboarding processes. The first results are expected this fall - we're curious to see if our results in the German-speaking world match Aite Group's conclusions for the US.