Client On-boarding is a big challenge for institutional banking organizations. They must go through all KYC (know your customer) due diligence, and unwind the customer entity up to at least 75% ownership. Yet many banks, with the most expensive data software money can buy, still struggle with this expensive problem. Why? Because they are fundamentally trying to fit a square peg into a round hole. Learn how platforms like FlockData, that support hierarchical graph data, can solve these problems.

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Turning data into information
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CLIENT ON-BOARDING

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What is client on-boarding?
(COB)

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When a company wants a bank account…

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When a company wants a bank account…
Anti-money laundering control
“Unwind” a company to determine who owns it
≥ 75% ultimate beneficial ownership
KYC

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The COB Process

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1. Incremental info gathering
The COB Process

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1. Incremental info gathering
2. 220 steps
The COB Process

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1. Incremental info gathering
2. 220 steps
3. Over 50% manual
The COB Process

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1. Incremental info gathering
2. 220 steps
3. Over 50% manual
4. Cost estimated at $5-30K
The COB Process

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1. Incremental info gathering
2. 220 steps
3. Over 50% manual
4. Cost estimated at $5-30K
5. Data structure is complex
The COB Process

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To the level of
passport
pages for
individuals
representing
at least 75%
ultimate
beneficial
ownership of
the firm

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The COB process is repeated for
each new on-boarding. One
customer may go through COB
dozens of times for different
banking products.
– Sr Data Officer, Global top 50 bank

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The COB process is repeated for
each new on-boarding. One
customer may go through COB
dozens of times for different
banking products.
– Sr Data Officer, Global top 50 bank

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FlockData gives you the
ability to store, maintain,
update and query complex
data structures.

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Graph Search Document

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Turning data into Information
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