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How to apply one common standard for all onboardings

It is certain that the complex due diligence, due to the increasing emphasis on AML, is impacting the client’s onboarding experience. Often the combination of public and non-public information causes delays in the onboarding and prevents that the new business relationship has a smooth and profitable start. The reason for these delays is often the room for interpretation of given data and information. The inconsistencies between data, outdated documentation or lacking information are killing the ability to perform a smooth client due diligence. So, what if technology can help us to make it more seamless and reliable?

Enforced client onboarding workstreams

As a relationship manager you want to focus on your client’s needs and not on your firm’s administration. So, what if you had a digital onboarding workstream? It would walk you along the onboarding procedure, assuring that you will not miss any needed information and that the given information is not out-dated. It would be fully supported by technology, uploading information that is publicly available or perform (sanction) lists checks when possible. This means that you do not need to bother your client any more with additional questions and your new client application dossier is complete and ready to send for approval.

As compliance officer, thanks to the digital workstream, you can rely on a completed and accurate onboarding dossier with no information missing. You don’t need to spend additional time to perform checks as they are automatically completed. You can finalise the client due diligence without any unnecessary delays and inform your relationship manager immediately. This ‘start off on the right foot’ leads to a superior client onboarding experience and often to a higher share of wallet.

Harmoney gives this peace of mind, so you can focus on your business!