How to reduce costs and enhance client satisfaction
The onboarding of a new client had become a cumbersome process due to a massive collection of data, certainly if the client is part of a trust, indivision or a UBO of several corporate institutions. This process takes a lot of the relationships manager’s time. This time, he needs to dedicate to compliance, he can’t invest into building the personal relationship with the client. Because that is what banking is about: establish a trusted and loyal relationship.
Many financial institutions will likely need to increase automation in order to reduce compliance costs. By digitalising onboarding workflow management, including automated alerts, integration with existing systems, the dedicated time to compliance will decrease and thus also the related costs. And during the whole client lifecycle, all captured data can be monitored and if needed updated in an efficient way. The Harmoney platform can deliver this.
It goes without saying that new client relationships are fragile. Onboardings are absolutely vital to insure a good start of the relationship. You don’t need to only build this relationship, but also get to know the client’s individual needs and not that he is a vague profile or target audience.
The Harmoney digital onboarding experience does more than just add an e-signature to a fundamentally inefficient and product-centric process. Instead you have the opportunity to ‘delight’ your new client and offer him a fully integrated interactive tool that can lay the foundation for a long-term and profitable relationship.