- Accelerate onboarding processes and efficiencies?
- Reduce KYC costs?
- Maximise revenue opportunities?
- Enhance the customer experience?
- Comply with regulation and simplify policy?
- Select the right technology and data providers?
- Implement new technology and data solutions?
- Manage risk in your client population more effectively?
- Deliver critical change programmes?
Leveraging our CORe Framework
Based on decades of front-line experience, CORe is designed to help financial institutions:
- Diagnose issues – identifying key challenges and areas for improvement
- Shape solutions – prioritising functions to be enhanced
- Accelerate delivery – generating ROI faster
- De-risk critical change – providing greater certainty of success
Please explore CORe to view some of the common challenges and key capabilities required to deliver world-class onboarding and CLM functions.
Does your organisation have a great track record of repeatedly delivering successful change within onboarding and CLM?
The increasing pace of regulatory change and the increasing need for comprehensive processes, analytical systems and real-time reporting are creating a real need for rapid and effective change delivery.
Banking has undergone unprecedented change over the last decade and this shows no sign of slowing. Specialist change practitioners with relevant experience and bespoke processes can accelerate change, deliver tangible benefit and upskill teams to improve change readiness for the long term.
Explore the capabilities below to learn how to accelerate change within your onboarding and CLM function.
Are you confident that all global regulation, policy and controls are systematically met?
Compliance with both policy and regulation is clearly a key outcome of the onboarding and CLM process. Global regulatory frameworks are increasing in complexity and it is essential to have systems to both identify requirements by client and business, and to demonstrate that these requirements have been addressed.
Balancing the complexity of regulatory requirements, risk appetite and demands for efficiency is no easy task. It is becoming essential to support compliance teams with enhanced tools and techniques to ensure they are able to focus on managing and limiting risk to your business.
Explore the capabilities below to learn how they can help enhance your compliance processes.
Do your existing data models meet requirements and are your teams able to leverage the data?
The onboarding team capture and qualify critical data at the very start of the client relationship. The quality, ongoing accuracy and accessibility of this data directly impacts business and risk decisions throughout the client lifecycle.
Capturing data and entity relationships correctly is a fundamental requirement of onboarding. However, many organisations struggle with their existing data models and infrastructure.
Explore the capabilities below to learn they can improve your ability to handle and leverage data.
Are your operations optimised to maximise throughput and minimise costs?
Robust operations are at the very heart of customer onboarding and client lifecycle management. Your processes, controls, handovers, business metrics and communications are all fundamental to the delivery of a seamless experience for both customers and all internal stakeholders.
In our experience achieving operational excellence can be challenging due to the underlying complexity and variability of the steps involved in onboarding client populations.
Explore the capabilities below to learn how they can help improve operational performance.
Does your Technology empower your teams and provide a seamless, integrated solution?
Technology underpins all onboarding and CLM processes and is a critical enabler for speed and accuracy. As such, streamlined iterative workflow, clean systems design, API capabilities and an intuitive user interface are crucial to realise the benefits from investment.
Onboarding and CLM technology solutions can deliver incredible benefits, however the solution must be comprehensive, meeting all requirements across each business. This can lead to complexity and conflict – careful design and structured roll-out are needed to deliver successfully.
Explore the capabilities below to learn how they can enable and enhance your onboarding technology.
Are your teams conducting an initial assessment of the client before resource is committed?
Pre-onboarding provides an opportunity to focus efforts on customers that align to the organisation’s risk profile. Failing to conduct an initial review can result in:
- Abandoned onboardings, wasting the efforts of the team
- Poor client experience
- Poor initial data capture, resulting in rework
How can your team make the most of pre-onboarding?
Focus on engaging the client up front and involve them in the process to:
- Identify any red flags early
- Explain the process and empower the client to provide the right documentation
- Exceed the client’s expectations
Confirm whether your team are using effective pre-onboarding checks today.
Could your onboarding process be more efficient or effective?
Onboarding at speed is a key concern for all financial institutions. However prioritising speed and volume over risk management may result in:
- Regulatory fines and reputational damage
- Future remediation costs
- Poor levels of compliance
How can you find the right balance between speed, accuracy and risk management?
New technologies and automation can provide significant opportunity to encode rules, digitise process and enforce compliance. Initial steps to prepare for these changes might include:
- Defining current onboarding times
- Categorising client onboarding types
- Standardising onboarding processes
Confirm your average onboarding time by customer type, do you feel this could be improved?
Are you reliant upon the annual review cycle to confirm ongoing compliance?
The requirement for perpetual KYC will continue to increase the pressure to update client data in near real-time. Over reliance on periodic review can cause:
- Significant backlogs – impacting BAU throughput
- High resourcing costs
- Complex population management requirements
How can you improve your periodic review and maintenance process?
Focus on controlling the situation today and building a platform for the future:
- Clarify the current periodic review process, setting clear targets
- Offboard dormant / non-trading clients
- Invest in technology and data to support the move to perpetual KYC
Review your current periodic review process, confirm progress against targets and consider whether this presents potential risks to your business.
Is your team able to keep pace with changing client data?
Client circumstances can change frequently, if data amendments are managed through an entirely manual process this can result in:
- A backlog of cases awaiting update
- Manual case rework
- Re-onboarding as clients expand to new business lines
How can you minimise the impact of client data changes?
It is critical to build capabilities to highlight, schedule and prioritise change, focus areas should include:
- Straight through processing (STP)
- Automated approval mechanisms
- Ongoing monitoring technologies
Review the ongoing monitoring capabilities within the team today, are these fit for purpose?
Are your team able to swiftly and efficiently offboard clients from your population?
Removal of dormant and non-compliant accounts is a critical function of client onboarding in the current environment. Without clear offboarding methods and processes you may experience:
- Unintended partial offboards
- Friction with the business as they challenge account closure
- Increased risk of closing live positions or accounts
How can you improve offboarding efficiency?
Offboarding efficiency is helped greatly by implementation of a standardised method and procedure across the entire organisation, this should involve:
- Regular scheduled dormancy and risk reviews
- A clear approach to client management during offboarding agreed with the business
- Ability to view all open positions and balances
Review the efficiency of your offboarding process: does it help you respond swiftly to risk changes in the client population?
Are you meeting customer expectations?
Client onboarding is clearly one of the very first points at which a prospective client interacts with a financial institution, and first impressions count.
Done well, client onboarding can be a significant differentiator, but getting this right requires knowing what your clients value and how to deliver this without compromising compliance.
How can you ensure you meet and exceed the expectations of your clients?
Building a business case to change corporate onboarding for the better requires a clear understanding of the benefits for both the customer and your organisation. Leveraging rapid onboarding, accurate data capture and a single customer view will enable your organisation to meet and exceed customer expectations over the long term.
Identify and prioritise initiatives focused on improving the customer experience. When these are inflight, can you confirm whether they are on track to deliver a real return on investment?
Are you able to demonstrate the value of your onboarding and CLM functions?
With AML fines reaching record levels in the last 12 months, cutting back on compliance activity is not an option. However in the context of cost constraints and the heavy focus on efficiency, it is critical to demonstrate the value of your operations activity to the wider organisation.
How can you highlight the value of your operations?
Taking a holistic approach will enable you to demonstrate value to the business. This can be achieved by building capabilities which enable you to interrogate key performance indicators in near real time, actively manage risks and issues, and place a relentless focus on the efficient use of resources. Such information can be shared with key stakeholders to emphasise the value delivered to the business.
Confirm whether your team are able to generate all the information you require to demonstrate the success of your onboarding and CLM functions.
Are you able to demonstrate the ability to manage risk in real-time?
With the move towards perpetual KYC, there is a need to implement technologies and processes to meet new standards. The changes required are likely to be significant, and those who have simplified and streamlined their operating environments are likely to have a significant advantage.
Is the core of the operation simple to understand?
The inherent complexity of risk management can be significant. Without clearly articulated policies and processes, teams may struggle to make the consistent, accurate and swift risk decisions that are essential within the onboarding and CLM space.
Review your operating environment and ensure that processes, procedure and policy are transparent and clearly articulated to help support future change efforts.