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How to enhance your client friendly onboarding

In the financial industry, it is costly to attract new clients with expensive branding campaigns. As client’s expectations are already set as they enjoy high level of personalised communications in other areas of their digital experiences, you need to live up to expectations. You need to move away from an inconvenient paper-based process to a client centric digital process. No need to say that this omni-channel experience also saves time and costs. No printing, no physical signing, no sending back and forth paperwork is the biggest efficiency gain of all!

Client centric digital process

Still, you need to obtain a lot of personal information in order to have a deep understanding of who the client is, not only for anti-money laundering purposes, you also need to map all his financial needs and wishes. Your client may be a bit reluctant to share his data, so you need to cater for a frictionless digital onboarding flow with no hurdles in order to avoid any risk that your client can ‘change his mind’. There are two main drivers for a digital onboarding flow not coming to a good end: the time to finish the onboarding flow and the time it takes to verify the KYC. So there are two major solutions to overcome these hurdles: auto completion of KYC data and automated compliance checks. The first can be provided by multiple available data sources, so you can avoid keying the data over and over again. And the automated checks make it possible to perform a quick and smooth client due diligence.

Actually, the ability of connecting all available data on one single platform gives you the power to make this great first impression. Harmoney is this end to end compliance enabling platform.