The document discusses choosing an automated client onboarding solution. It recommends buying rather than building a solution, as building in-house often costs more than expected. When choosing a solution, firms should consider whether it will be SaaS-based or on-site, how to integrate it with back-office systems, and whether it allows for configuration and incremental growth. Mobile and e-signature capabilities are also important to meet client needs and drive efficiencies. Automating high-volume account types first provides the best return on investment.
Onboarding is the process of getting new clients educated and up to speed so you can work together effectively, gather information, and have a great relationship. It increases confidence and satisfaction, improves productivity and performance, and reduces stress and confusion. This slide deck was used for a two hour workshop to help attendees discover how to onboard clients, setup a successful client onboarding system, and get some client communication created.
The Journey to Digital Transformation with Touch BankBackbase
The presentation of Andrei Kozliar, CEO of Touch Bank. In this webinar, Jouk Pleiter, CEO of Backbase, talks to two of the most innovative banks in Europe – Touch Bank and CheBanca!
Digital transformation is about fundamentally changing how banks attract, interact with and satisfy consumers, and it affects all levels of your organisation. Antonio and Andrei will share real-life examples of digital transformation in our new webinar, which will look at:
what was needed to start their digital transformation journeys
the key elements for success.
Antonio Fratta Pasini is Head of CRM and Omni-channel for CheBanca!, the retail bank of Mediobanca Group, the third largest financial services group in Italy. CheBanca! has always been at the forefront of innovation, from flagship futuristic branches to award-winning banking apps such as WOW!
Andrei Kozliar is CEO of Touch Bank, a neobank created by OTP Bank. Founded in 1949, OTP Bank is one of the largest independent financial service providers in Central and Eastern Europe, serving nine countries. Recognizing that today’s digital-savvy customers and emerging digital natives are going to be the fastest growing customer segment, OTP Bank decided to launch a new, digital- and mobile-only bank under the label Touch Bank.
KYC automation using artificial intelligence (AI)EY
Knowing Your Customer (KYC) is the process of understanding and validating the authenticity of the business’ potential clients and risk that it might impose onto the relationship. KYC solutions enable access to detailed information ensuring the credibility of clients and expediting the client onboarding. KYC solution also automate previously manual processes and reduce repetition, saving time and money for the firm.
The KYC solution streamlines the KYC process by automating the processing of customer data, sorting the data by type and storing it in a data lake. The solution reduces clutter and maintains lean operations by centralizing KYC data for any branch to query from. The solution increases operational efficiency and reduces overhead manpower cost incurred in processing consumer data manually. The time to process a client’s information is reduced from 18 minutes to 1 minute by leveraging on automation.
Find out more at www.ey.com/sg/fintechhub.
For enquiries, contact us via email at fintech@sg.ey.com.
How to enroll new customers in a digital age?
Onboarding is the first step in creating customer loyalty. Customers have higher expectations regards to the digital experience and better understanding who they are. Putting your customer's identity central stage will enable this.
Everett's vision is this enrollment should be:
Smart - as simple, lean and straight forward possible
Safe - give the level of trust needed in your customer
Secure - be able to reuse parts of the customer journey.
Building the 10x better bank, by @joukpleiter & @jelmerdejong
Slides of the November 11, 2015 webinar 'Omni-channel banking & the digital transformation roadmap'.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about building the 10-times-better bank.
The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that's on the radar of every banker.
In this webinar, we outline the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey, with a strong focus on five main points:
1) new competitors in banking: the disrupters
2) customer experience: the key ingredients
3) omni-channel and the changing channel mix
4) mobile's impact on online sales and share of wallet
5) regaining control in the era of digitization
"Digital Banking" by Nikolay Spasov
The presentation was part of the 2016 Digital Marketing Masterclass organized by Interactive Advertising Bureau (IAB) Bulgaria and New Bulgarian University (NBU). The scope of the lecture is to present the current trends in banking and the available technologies that are supporting the industry.
Onboarding is the process of getting new clients educated and up to speed so you can work together effectively, gather information, and have a great relationship. It increases confidence and satisfaction, improves productivity and performance, and reduces stress and confusion. This slide deck was used for a two hour workshop to help attendees discover how to onboard clients, setup a successful client onboarding system, and get some client communication created.
The Journey to Digital Transformation with Touch BankBackbase
The presentation of Andrei Kozliar, CEO of Touch Bank. In this webinar, Jouk Pleiter, CEO of Backbase, talks to two of the most innovative banks in Europe – Touch Bank and CheBanca!
Digital transformation is about fundamentally changing how banks attract, interact with and satisfy consumers, and it affects all levels of your organisation. Antonio and Andrei will share real-life examples of digital transformation in our new webinar, which will look at:
what was needed to start their digital transformation journeys
the key elements for success.
Antonio Fratta Pasini is Head of CRM and Omni-channel for CheBanca!, the retail bank of Mediobanca Group, the third largest financial services group in Italy. CheBanca! has always been at the forefront of innovation, from flagship futuristic branches to award-winning banking apps such as WOW!
Andrei Kozliar is CEO of Touch Bank, a neobank created by OTP Bank. Founded in 1949, OTP Bank is one of the largest independent financial service providers in Central and Eastern Europe, serving nine countries. Recognizing that today’s digital-savvy customers and emerging digital natives are going to be the fastest growing customer segment, OTP Bank decided to launch a new, digital- and mobile-only bank under the label Touch Bank.
KYC automation using artificial intelligence (AI)EY
Knowing Your Customer (KYC) is the process of understanding and validating the authenticity of the business’ potential clients and risk that it might impose onto the relationship. KYC solutions enable access to detailed information ensuring the credibility of clients and expediting the client onboarding. KYC solution also automate previously manual processes and reduce repetition, saving time and money for the firm.
The KYC solution streamlines the KYC process by automating the processing of customer data, sorting the data by type and storing it in a data lake. The solution reduces clutter and maintains lean operations by centralizing KYC data for any branch to query from. The solution increases operational efficiency and reduces overhead manpower cost incurred in processing consumer data manually. The time to process a client’s information is reduced from 18 minutes to 1 minute by leveraging on automation.
Find out more at www.ey.com/sg/fintechhub.
For enquiries, contact us via email at fintech@sg.ey.com.
How to enroll new customers in a digital age?
Onboarding is the first step in creating customer loyalty. Customers have higher expectations regards to the digital experience and better understanding who they are. Putting your customer's identity central stage will enable this.
Everett's vision is this enrollment should be:
Smart - as simple, lean and straight forward possible
Safe - give the level of trust needed in your customer
Secure - be able to reuse parts of the customer journey.
Building the 10x better bank, by @joukpleiter & @jelmerdejong
Slides of the November 11, 2015 webinar 'Omni-channel banking & the digital transformation roadmap'.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about building the 10-times-better bank.
The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that's on the radar of every banker.
In this webinar, we outline the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey, with a strong focus on five main points:
1) new competitors in banking: the disrupters
2) customer experience: the key ingredients
3) omni-channel and the changing channel mix
4) mobile's impact on online sales and share of wallet
5) regaining control in the era of digitization
"Digital Banking" by Nikolay Spasov
The presentation was part of the 2016 Digital Marketing Masterclass organized by Interactive Advertising Bureau (IAB) Bulgaria and New Bulgarian University (NBU). The scope of the lecture is to present the current trends in banking and the available technologies that are supporting the industry.
Losing customers due to long, paper driven onboarding process?
Need a fast, easy and effective system for onboarding the new age digital customers?
With uniserve onboard, start off your customer relationship by onboarding your customers at half the time.....
360 Degree View Of Customer Powerpoint Presentation SlidesSlideTeam
Increase consumer satisfaction and drive sales using these 360 Degree View Of Customer PowerPoint Presentation Slides. Take the assistance of our attention-grabbing customer mapping PowerPoint slideshow to drive ROI through various means like acquiring leads, increasing customer retention, etc. By utilizing these customer relationships PowerPoint templates you can elucidate the process of customer architecture that consists of consumer clustering, CRM analysis, real-time analytics, etc. Take advantage of these consumer lifecycle PPT visuals to reveal the components of 360 frameworks like CRM systems, DBMS, support ticketing, etc. Unveil the constituents of the customer lifecycle such as data visualization, data streaming, data integration, data science, etc. using our content-ready consumer engagement PowerPoint slide deck. Adopt a holistic customer view and interact with them through face-to-face communication, email, phone amongst others. Hence, without any further delay download this customer support PPT slide designs to engage effectively with your current as well as prospective clients. https://bit.ly/2OixhJT
How Banking as a Service Will Keep Banks Digitally Relevant and GrowingCognizant
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
Banking Client Onboarding Process Powerpoint Presentation SlidesSlideTeam
This complete deck can be used to present to your team. It has PPT slides on various topics highlighting all the core areas of your business needs. This complete deck focuses on Banking Client Onboarding Process Powerpoint Presentation Slides and has professionally designed templates with suitable visuals and appropriate content. This deck consists of total of fifty three slides. All the slides are completely customizable for your convenience. You can change the colour, text and font size of these templates. You can add or delete the content if needed. Get access to this professionally designed complete presentation by clicking the download button below. https://bit.ly/2P9MYTT
People want a seamless customer experience and smart digital platforms. Banking providers, however, are struggling to complete.
Legacy systems are delaying digital transformations for 77% of financial institutions, and stopping half of them. Agility and streamlined systems are crucial to delivering superb customer experiences, and you need the right digital banking platformto get there.
Our experts, Tim Rutten, the VP Solutions Engineering, and Barry de Leeuw, the Solutions Engineer, discuss the following topics:
* Omni-channel customer experience;
* Open APIs;
* Modular architecture;
* Smart AI-driven banking.
Learn more about the four strategic pillars required to build a future-proof digital bank.
How We Reorganized Our Entire Post-Sales OrganizationGainsight
One of Gainsight's principles is to "Carry the Torch" for the Customer Success industry. We've shared a lot about innovations in our processes, but not as much about our organization. In this session, Allison Pickens, VP of Customer Success and Business Operations at Gainsight, will share the story of how we re-organized post-sales to drive success for our customers.
Sameer is a digital strategist focusing on removing friction across Banks, NBFCs, Fintechs and Software providers. He is working with Financial Institutions for establishing their digital strategy in alignment with business strategy. The digital strategy would generate value through increase in digital footprint / revenues / cross-sell. This would also reduce costs through productivity gains, automation and process realignment. Digital initiatives as part of strategy would include loan origination, Cross sell platform, Omnichannel platform, Analytics & AI, Mobility and Fintech tie-ups.
This deck is part of his open innovation approach. This can be used by anyone.
Growing momentum for Disruption in FinTech:
Looking back and looking forward.
Recording of the Backbase webinar of December 18th, 2014.
In our 2014 closing webinar we will look back at the disruptive highlights of this year and we start looking forward to 2015.
From BBVA acquiring Simple, to more and more neo-banks popping up, fintech startups going IPO and omni-channel moving from marketing buzz to the real thing. In this 60 minute webinar, Backbase's Jouk Pleiter and Jelmer de Jong discuss the main trends and best practices for banks and credit unions to keep on disrupting in the digital banking space.
Building the Billion Dollar SaaS Unicorn: CEO GuideKelly Schwedland
In a Venture Capital world that is obsessed with growth, recurring revenue and software as a service, after you validate that you have a solution that people are willing to pay for, there is an entire new world ahead of you in scaling that venture. For many, this involves an entirely new language and set of metrics to manage the business. For the startup that wants to make the leap to scale up and fast growth this should serve as a starting point for key insights and metrics for that journey.
Banks & FinTechs: how to set up a successful collaborationRaoul Mulheims
A set of recommendations I compiled in January 2018 for a presentation at the Luxembourg banks association ABBL to analyse how #banks & #FinTech players can collaborate efficiently: what are the models, what to watch out for, what can go wrong, how to overcome, what not to do
This template will help you codify your customer success strategy. You can read the blog post and download the template here: http://blog.preact.com/customer-success-strategy-template
From customer success metrics to the customer journey, and from the customers' critical path to your customer success team, this template enables you to present your vision to your executive team.
Revenue Operations Management: Building a Finance Technology Strategy to Opti...Proformative, Inc.
Learn how to deliver effective revenue operations management, critical to the success of the entire enterprise, via this recorded session from Transverse. Effective revenue operations management is critical to the success of the entire enterprise, but it can be inhibited by complex sets of manual processes and systems, numerous stakeholders and the need to collect and manage vast amounts of information. Join finance and technology leaders to hear how they are eliminating barriers and challenges to revenue operations management and prioritizing Finance Technology investments to support and influence cross-functional alignment around revenue strategy.
Speaker: Chris Couch, COO and Co-Founder, Transverse
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Finance Technology Landscape | Session: 3
Losing customers due to long, paper driven onboarding process?
Need a fast, easy and effective system for onboarding the new age digital customers?
With uniserve onboard, start off your customer relationship by onboarding your customers at half the time.....
360 Degree View Of Customer Powerpoint Presentation SlidesSlideTeam
Increase consumer satisfaction and drive sales using these 360 Degree View Of Customer PowerPoint Presentation Slides. Take the assistance of our attention-grabbing customer mapping PowerPoint slideshow to drive ROI through various means like acquiring leads, increasing customer retention, etc. By utilizing these customer relationships PowerPoint templates you can elucidate the process of customer architecture that consists of consumer clustering, CRM analysis, real-time analytics, etc. Take advantage of these consumer lifecycle PPT visuals to reveal the components of 360 frameworks like CRM systems, DBMS, support ticketing, etc. Unveil the constituents of the customer lifecycle such as data visualization, data streaming, data integration, data science, etc. using our content-ready consumer engagement PowerPoint slide deck. Adopt a holistic customer view and interact with them through face-to-face communication, email, phone amongst others. Hence, without any further delay download this customer support PPT slide designs to engage effectively with your current as well as prospective clients. https://bit.ly/2OixhJT
How Banking as a Service Will Keep Banks Digitally Relevant and GrowingCognizant
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
Banking Client Onboarding Process Powerpoint Presentation SlidesSlideTeam
This complete deck can be used to present to your team. It has PPT slides on various topics highlighting all the core areas of your business needs. This complete deck focuses on Banking Client Onboarding Process Powerpoint Presentation Slides and has professionally designed templates with suitable visuals and appropriate content. This deck consists of total of fifty three slides. All the slides are completely customizable for your convenience. You can change the colour, text and font size of these templates. You can add or delete the content if needed. Get access to this professionally designed complete presentation by clicking the download button below. https://bit.ly/2P9MYTT
People want a seamless customer experience and smart digital platforms. Banking providers, however, are struggling to complete.
Legacy systems are delaying digital transformations for 77% of financial institutions, and stopping half of them. Agility and streamlined systems are crucial to delivering superb customer experiences, and you need the right digital banking platformto get there.
Our experts, Tim Rutten, the VP Solutions Engineering, and Barry de Leeuw, the Solutions Engineer, discuss the following topics:
* Omni-channel customer experience;
* Open APIs;
* Modular architecture;
* Smart AI-driven banking.
Learn more about the four strategic pillars required to build a future-proof digital bank.
How We Reorganized Our Entire Post-Sales OrganizationGainsight
One of Gainsight's principles is to "Carry the Torch" for the Customer Success industry. We've shared a lot about innovations in our processes, but not as much about our organization. In this session, Allison Pickens, VP of Customer Success and Business Operations at Gainsight, will share the story of how we re-organized post-sales to drive success for our customers.
Sameer is a digital strategist focusing on removing friction across Banks, NBFCs, Fintechs and Software providers. He is working with Financial Institutions for establishing their digital strategy in alignment with business strategy. The digital strategy would generate value through increase in digital footprint / revenues / cross-sell. This would also reduce costs through productivity gains, automation and process realignment. Digital initiatives as part of strategy would include loan origination, Cross sell platform, Omnichannel platform, Analytics & AI, Mobility and Fintech tie-ups.
This deck is part of his open innovation approach. This can be used by anyone.
Growing momentum for Disruption in FinTech:
Looking back and looking forward.
Recording of the Backbase webinar of December 18th, 2014.
In our 2014 closing webinar we will look back at the disruptive highlights of this year and we start looking forward to 2015.
From BBVA acquiring Simple, to more and more neo-banks popping up, fintech startups going IPO and omni-channel moving from marketing buzz to the real thing. In this 60 minute webinar, Backbase's Jouk Pleiter and Jelmer de Jong discuss the main trends and best practices for banks and credit unions to keep on disrupting in the digital banking space.
Building the Billion Dollar SaaS Unicorn: CEO GuideKelly Schwedland
In a Venture Capital world that is obsessed with growth, recurring revenue and software as a service, after you validate that you have a solution that people are willing to pay for, there is an entire new world ahead of you in scaling that venture. For many, this involves an entirely new language and set of metrics to manage the business. For the startup that wants to make the leap to scale up and fast growth this should serve as a starting point for key insights and metrics for that journey.
Banks & FinTechs: how to set up a successful collaborationRaoul Mulheims
A set of recommendations I compiled in January 2018 for a presentation at the Luxembourg banks association ABBL to analyse how #banks & #FinTech players can collaborate efficiently: what are the models, what to watch out for, what can go wrong, how to overcome, what not to do
This template will help you codify your customer success strategy. You can read the blog post and download the template here: http://blog.preact.com/customer-success-strategy-template
From customer success metrics to the customer journey, and from the customers' critical path to your customer success team, this template enables you to present your vision to your executive team.
Revenue Operations Management: Building a Finance Technology Strategy to Opti...Proformative, Inc.
Learn how to deliver effective revenue operations management, critical to the success of the entire enterprise, via this recorded session from Transverse. Effective revenue operations management is critical to the success of the entire enterprise, but it can be inhibited by complex sets of manual processes and systems, numerous stakeholders and the need to collect and manage vast amounts of information. Join finance and technology leaders to hear how they are eliminating barriers and challenges to revenue operations management and prioritizing Finance Technology investments to support and influence cross-functional alignment around revenue strategy.
Speaker: Chris Couch, COO and Co-Founder, Transverse
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Finance Technology Landscape | Session: 3
This SlideShare reflects the best advice we found from over 2 years of reading and writing on user onboarding. In that time, we’ve produced over 150 posts viewed over 220k times.
The 76 tips in this SlideShare presentation are a high-level overview of how you can optimize your user onboarding experience to activate more users and increase recurring revenue.
The Definitive Guide to Customer Success 2017Lincoln Murphy
The Customer Success movement has taken the SaaS industry by storm, even requiring an updated SaaS Business Model definition.
But what exactly is Customer Success? Is it an organizational mindset? Is it a corporate strategy? Is it a set of tactics designed to produce happy, successful customers that in turn creates success for you, the SaaS vendor?
The answer is... all of the above.
In this guide I've enumerated 17 key elements of Customer Success for SaaS companies. I hope it helps you reach your goals.
Re-designing the Onboarding Customer Journey of a Retail BankValeria Chiappini
Onboarding shapes customers’ first impression of a bank and has the potential to influence the long-term success of the relationship.
In-depth qualitative research is needed to map an ideal onboarding customer journey, in order to ensure a consistently relevant experience through all touchpoints and moments of truth, by tapping into the customers' needs, expectations and pain points.
Getting it right from the start: Taking a strategic approach to client onboar...Accenture Insurance
Firms providing wealth management services know that getting the client onboarding experience right over the first 90 to 120 days of the relationship is essential. Performed properly, onboarding helps set the foundation for a deeper, more profitable long-term relationship.
Here's a great customer journey map template to help customer success folks document, visualize and evaluate how they interact with customers. Here is a link to the supporting blog post that details how to use the template and explains some of the assumptions we made in creating the lifecycle stages, and categories = http://www.preact.com/blog/customer-journey-map-template
Now that you’ve developed your strategy to optimize customer usage, loyalty and renewal, use this Customer Success Action Plan template to outline the activities you and your team will implement in order to reach your goals.
Structured and Staged process for migrating to eQuip! Asset Management toolJackie Luo
The process for migrating to the eQuip! asset management is structured and staged, so users don't feel overwhelmed while they align their business processes and gather their asset data for the on boarding process
The Future of Mobile Banking: Building a Customer Experience That Starts and ...Michael McEvoy
Summary of annual mobile banking study of US banking customers. Based on 2013 study conducted during Q1. More than 3,000 participants. Includes slides on revenue opportunity, mobile photo bill pay, mobile account opening, voice authentication and voice recognition. Also includes analysis of usage of remote deposit capture. Shows the two key barriers to faster mobile adoption and what banks must do to overcome them.
The Power of Picture for Customer AcquisitionMitek Systems
During this webinar featuring Jim Marous of the Financial Brand, we’ll examine how photo functionality on a mobile device improves customer experience and data accuracy, as well as improving funnel metrics for mobile self-service.
We will also explore how photo functionality boosts customer satisfaction with the in-branch experience and explain how you can leverage mobile to move beyond the branch and engage consumers at community events.
A check list of 11 questions that we asked ourselves while implementing a 3-tier sales strategy (online sales, direct sales and indirect sales through channel partners).
We've all experienced the tension that occurs between designers, product managers, and engineers during release time. Scope creep is one key culprit, but another one that isn't often talked about amongst teams is when and how to handoff specs, designs, and code. In this presentation, Poornima Vijayashanker, formerly founding engineer at Mint.com, and currently Founder of two startups BizeeBee and Femgineer discusses about:
* How to setup a process for handoffs that is flexible.
* How to measure the success of the process and refine it over time.
* How to coordinate with teams outside of product and engineering in order to meet business goals.
About the Speaker
Poornima Vijayashanker is a software engineer, entrepreneur, speaker, blogger, and lecturer. After graduating from Duke University with degrees in Electrical Engineering and Computer science she moved out to Silicon Valley to begin her career as an R&D Engineer. After a couple of years she was lured into startup land. Here first startup was Mint.com, where she was the founding engineer. After Mint's acquisition, she transitioned from being a founding engineer to a founder. Currently she is the CEO & Founder of two startups: BizeeBee and Femgineer, and is spending the fall of 2013 lecturing at Duke University. When she's not running companies and building products she's practicing Bikram yoga, cooking, or traveling around the world.
Upcoming Events
Reserve your seat for the next AIPMM webinar. Visit: http://aipmm.com/aipmm_webinars/.
Want To Certify Your Team?
If you have a product team of 10 or more that you want to certify, visit: http://bit.ly/1bzjUYB.
About AIPMM
The AIPMM is the hub of all things product management. It is where product professionals go for answers. With members in over 65 countries, it is the worldwide certifying body of product team professionals.
It is the world's largest professional organization of product managers, brand managers, product marketing managers and other product team professionals who are responsible for guiding their organizations, or clients, through a constantly changing business landscape.
AIPMM's certification programs are internationally recognized because they allow product professionals to demonstrate their expertise and provide corporate members an assurance that their product management and marketing teams are operating at a high competency level.
Visit http://www.aipmm.com.
Call For Speakers: http://bit.ly/1b006vm
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How to know if your business needs an enterprise appJourneyApps
Could your business use an enterprise mobile app? We compiled this handy guide for the executives and managers who see themselves as industry leaders – not followers.
Lewis Hopkins presented at Oracle OpenWorld 2017 with our partner Canon. Learn about the key features for security and controls in PeopleSoft and how Accounts Payable automation addresses changing regulations, complex vendor networks, and fragmented business processes. Review some of the steps for best-practice techniques in securing your application, and the applications available to assist with this process. The session also elaborates on how organizations can avoid serious errors, poor performance or in extreme cases fraudulent transactions.
THE POWER OF DIGITAL TECHNOLOGIES AND POSITIVE TRANSFORMATION ON BUSINESSES.pdfPaul Mbua
The training focused on The Power of Digital Technologies and the positive transformation they can have on their businesses.
Objectives Included:
•Clear Understanding of digital transformation
• Assessing your level of digital transformation
• Things to Consider in your digital transformation journey
• Digital transformation framework and strategy
• Effective use of tools and their Application
How to Improve Order-to-Cash Operations with Digital Assistant Gia | EmagiaEmagia
How to Improve Order-to-Cash Operations with Digital Assistant Gia
Learn how AI powered digital assistants are helping improve order-to-cash operations and results. This technology is not a vision of the future, it is already helping many companies – TODAY !
We will discuss how digital assistants assist customers 24/7/365, and which order-to-cash operations and repetitive tasks they can perform to free up your staff for higher value add work. Few of those are
https://www.emagia.com/resources/ebooks/how-digital-assistants-improve-order-to-cash-operations/
How to Optimize Deal Value in M&A Integrations with O2C AutomationEmagia
How to Optimize Deal Value in M&A Integrations with O2C Automation
https://www.emagia.com/resources/ebooks/how-to-optimize-deal-value-in-ma-integrations-with-order-to-cash-o2c-automation/
Analytics in the Cloud and the ROI for B2BVeronica Kirn
Veronica Kirn Global Market Manager presents the shift in Analytics with Jeannine Calandra providing in depth product specifics for B2B Services Reporting & Analytics. This was presented at the InterConnect event in Las Vegas, NV for Technology professionals interesting in addressing their Business to Business (B2B) need for turning data into insight.
OfficeCentral Procurement - Manage your procurement process and information online from wherever you are. Get more information at http://www.OfficeCentralCloud.com
This video is presented by USEP's BSCS student Ailene L. Madato, under Mr. ND Arquillano as a partial fulfillment for Elective 4 -E-Commerce.
It talks about ( TOpics 1-14).
Similar to Client Onboarding: Effectively Managing the Client Lifecycle (20)
Learn how you can use email to increase loyalty, take advantage of cross-sell opportunities, and keep members informed about the status of their accounts.
Paperless Lending - Streamlining the Loan Management ProcessDoxim Inc.
A short presentation that provides insights into the steps you need to take, and the things you need to consider, to develop an end-to-end lending process that is truly paperless.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Client Onboarding: Effectively Managing the Client Lifecycle
1. A Roadmap to Client Onboarding Success
Growing Your Onboarding Process & Going Paperless
2. Agenda
1. Choosing an onboarding solution
– Buy vs. build – selecting an approach
– What will it need to do? A comprehensive checklist
– Where should it reside – SaaS vs. Onsite?
2. Paperless account opening
3. Getting started – what to automate first?
4. How is incremental growth best achieved?
3. Leading service provider to wealth management firms
Founded in 1999
4 locations, 100+ staff
Products and Services:
Automated Client Onboarding
Statement/Confirm Processing
ePresentment
Tax Form Processing
Enterprise Risk Management
Doxim Inc.
4. Client On-boarding
Beyond account opening
Opportunity - engage and grow new customers
without increasing expense
A focus on customer experience
5. Why Does it Matter?
During on-boarding, customers and assets are in motion
Customers most receptive to cross-sell during this period
Market driver – differentiate yourself with
“Customer Forward Thinking”
* Harland Clarke Financial Industry Studies (2011)
11. Buy vs. Build
• As firms with large IT departments approach
onboarding automation, the “buy vs. build”
discussion often starts
• In our experience, building onboarding
solutions in-house always costs more than
budgeted, even for firms with enormous coding
resources
13. And behind the scenes…
• Client onboarding is complex, detailed and constantly evolving. For
most financial services firms, it involves 300-600 questions, 5-10
workflows, 30-150 documents and 200-300 business rules.
• All of these need changing as new products are introduced, new
regulations are imposed and organizational changes occur such as
mergers and acquisitions occur.
• Too often, firms do not accurately define their business processes
and operating model first
15. Utopian Solution
• Full automation when following “The Protocol”: request out for investor approval,
prepopulate assets for acct transfer, investor approves, transfer
• Uniform agreements and paperwork regardless of custodian and only display
relevant disclosures and only display the disclosures once.
• Immediate approval of investor and all accounts
• Paperless
• Business intelligence built into system for upselling and suitability
• Comprehensive package with one signature regardless if assets held away
• eSignature accepted by all parties
• Transparency into account opening status for all parties (investors and advisors)
for all accounts including assets held away
• Lower costs: No duplicate data entry, no NIGOs, drive adoption of electronic
delivery
• Better controls than manual processes
• Data and analytics generated from system to better understand investor buying
patterns.
16. How do you decide where to start?
• The recommendation is always to start where you will realize your
best ROI – and use that ROI to fund expansions of the project.
• So, as part of your process analysis/ROI study, you’ll identify your
most-used account types, and automate those first.
• As you progress, you may find that you have account types that
are never used, and you can streamline your processes
accordingly. If you automate everything up front vs. incrementally,
you miss the opportunity to discover these improvements
17. Onboarding Automation
1. Offer a robust rules engine behind the scenes which
automates complex decision processes and mandates
compliance with enterprise-wide best practises
2. Offer connectivity to document management and imaging
solutions
3. Be able to work with eSignature, as there’s a movement
towards acceptance of that technology in the field
18. Going Paperless
• Increasingly, e-Signature support is becoming part of
onboarding offerings across the industry.
• The reason for this? Increased comfort levels with
paperless account opening, an increased interest in
mobile technologies, and a clearer understanding in the
industry of the regulations which govern eSignature
adoption.
19. eSignature Drivers
1. COST – Physical paper handling is expensive, from the
mailing costs, through the sorting costs, image capture
costs and eventual archiving.
2. SPEED -Paper handling is slow. Waiting for the mail or
even printing/signing/faxing is slower than just a few
extra clicks.
3. CONVENIENCE - By enabling eSignature you can have
an entirely digital straight through process. This is
particularly appealing for investment advisors who visit
clients. They no longer have to lug around an inkjet
printer for example.
20. Onboarding Automation
4. Integrate seamlessly with your back office.
5. Provide access to the onboarding application through
multiple channels in real-time, securely
6. Allow you to easily control changes to forms, questions,
business rules, workflow
7. Offer a flexible delivery model - installed on your
premises or SaaS
21. SaaS or Onsite? Things to Weigh
SaaS OnSite
Cost Pay as you go, per user, per
month, etc.
Up-front capital costs for
hardware and software
licensing.
Customization Limited customization through
service provider
Fully customizable onboarding.
Hardware Hardware and software reside at
provider site
Customer must provide
hardware and system platforms
to run onboarding platform.
Security Access to SaaS applications is via
Internet. Security must be
carefully managed.
Lower security risk because of
on-premises secured location*
Control SaaS provider controls systems
and is entrusted with access to
customer data
System control resides with
your onsite team.
22. Back Office Integration
• The problem? Data held in silos can impair a complete
view of the customer.
• Increasing suitability and risk assessment requirements
may mean you need to look at a bunch of data to
determine suitability.
23. Back Office Integration
The solutions:
– Unifying KYC data collection and client onboarding to
give a complete view of customer
– Storage and reuse of customer data – requires
bidirectional access to back office applications
24. Why Configuration Matters
• Usually, with an onboarding application, there are four
things which need to be modified:
1. Forms
2. Workflows
3. Rules
4. Questionnaires
• An application which permits your team to configure and
reconfigure these will save you a tremendous amount
over the lifetime of your onboarding solution
• Imagine your business analysts being able to add a
question to your onboarding process through a GUI, not
hard coding.
25. Mobile Banking Explosion
• Javelin Research indicates that mobile banking gained
10 million new users in 2012 and currently reaches one-
third of the mobile adult U.S. population.
• 1 in 6 customers switching banks say a poor mobile
banking experience prompted them to shop for a new
bank
• Online brokerages are increasingly offering mobile
services for DIY investors, and full-service brokerages
are looking for ways to incorporate mobile technologies
into their onboarding processes without losing the
personal broker/client relationship which sets them apart.
(Javelin Research Report “2012 MOBILE BANKING, SMARTPHONE, AND TABLET FORECAST:
Mobile Banking Gains 10 Million Users as Smartphone and Tablet Adoption Soars)
26. Mobile Client Onboarding
Drivers:
• Inefficient account opening process
• High error rate
• Need to attract younger tech savvy customers
• Need to meet clients remotely and process account
securely without carrying piles of paper
27. Mobile Client Onboarding
Benefits:
• Eliminate the need for the advisor to obtain an ink
signature from the client via e-signature
• Easy image capture of ID via tablet prevents
transcription errors
• Complete account opens in one visit, dramatically
reducing abandonment rates
• Perform end-to-end digital account opening, eliminating
the need for paper-based forms.
• Meet with clients at their home or place of business
• Offer real-time, same-day client onboarding anywhere
28. Onboarding Automation
8. Offer real-time reporting and event-driven notifications
to dashboards and etc.
8. Do more than just account open – Business Process
Management - any form, any workflow - to maximize
ROI
9. Offer multi-language support - French/English,
English/Spanish
29. KYC Updates –
Another Automation Target
• Depending on firm maturity, our research suggests you do 100-
300% MORE KYC paperwork than account opening paperwork
• KYC updates should be automated through the onboarding
system to provide the same operational efficiencies and
transparency which you experience during initial onboarding.
• Early automation will allow you to be responsive to upcoming
FATCA/IIROC regulations which mandate more KYC coverage.
• Implement event-based KYC updates (noting that a client’s
investment behaviour has changed and proactively contacting
him or her) vs. just updating every 36 months
30. 30
Account Transfers
• Our questionnaire takes the place of account transfer paperwork including
government mandated forms
• Once completed, all asset transfer information is captured, reducing
representative’s need to “understand the paperwork requirements” for the
Request for Transfer
• No need to retrain employees on updated paperwork requirements should
forms change
• NIGO checks ensure the asset transfer forms are completed correctly and
all documentation is present.
32. Account Opening Costs
• Manual, paper-based system
- No scalability
- Slow, time-consuming process
- Duplicate data entry, high error rate
- Low customer satisfaction
• Inflexible proprietary system
- $100,000 yearly updates
- Long development lead time
- Does not support the need to make changes quickly
due to M&A, new regulations and products
34. 34
Introducing OpenAdvantage®
Configurable Client Management Platform
• PDF forms and HTML questions supporting business rules,
workflow and document generation
• User interface enables configuration. No coding required
• Understands data – not just form filling
• Not just KYC, but understand your customer better
• Experience with direct, managed accounts
and clearing broker models
• Integration with enterprise systems:
- Back-office, CRM, e-signature
35. 35
Integrated E-Signature Ready to Go
• Out-of-wallet questions used to confirm the identity of the signer - information
based on light-touch credit check
• Questions can be detailed or based on key metrics e.g. DOB, Driver’s License
• Documents can be signed in multiple places (similar to initialing)
• Process can be repeated by multiple signers each notified via e-mail
• Once the document is signed customer
is presented with list of completed
documents for review
36. 36
• Improved customer experience and increased sales
• Speeds process and reduces costs – estimate 60%
• Increases data accuracy for better compliance
• Simple configuration and maintenance
OpenAdvantage® Benefits
37. Some Concluding Thoughts
• In choosing an onboarding solution, a very thorough
needs analysis is crucial.
• Onboarding is complex and constantly changing – your
solution must keep pace
• Consider what to automate first? How can incremental
growth be achieved? How can I best get early ROI
• Consider the role eSignature and mobile technologies
may play in your onboarding in 5 years, and start to plan
Good Afternoon everyone! Welcome to today’s webinar; “A roadmap to client onboarding success”Now for those of you who are new to Doxim webinars we kindly ask that you submit any questions or comments through the chat/comment box at the bottom of the gotowebinar user interface.And as a reminder we will be sending our an email tomorrow with a link to the ondemand recording of the webinar for you to view and share at your convenience.Now Im excited to have Adam Zimmer as our presenter for todays webinar. Adam is the V.P. of R&D and Chief Technology Officer at Doxim. Adam joined Doxim in 2012, following Doxim’s acquisition of Arius Software. Adam originally founded Arius Software while he was studying at the University of Waterloo. Following a number of consulting engagements with financial customers he identified a gap in the market for a client on-boarding application that would help streamline and automate the gathering of high quality client data; Doxim Account Opening was born to address this need.Before I pass things over to adam I’d like to get a level set on what we’ll be covering in today’s webinar
In todays webinar we will be covering off several key topics all centered on the subject of client onboarding.Well start by introducing the concept of client onboarding then proceed to cover some of things you’ll need to consider when choosing an onboarding solution and then dive into paperless account opening best practices, and speak to where to get started and how to create quick wins to ensure a healthy ROI. And finally we close things off with a brief explanation of our onboarding solution, Doxim OpenAdvantage. At that point we’ll answer any questions that you might have about any of the material presented today or anything regarding client onboarding in general.Now without further ado Adam the floor is yours….
Sure no problem Dan, but before we get into the webinar content I’d like to take a moment to give a brief introduction about Doxim as some of you may not be familiar with who we are and what we do.
What is client onboarding? It is most commonly defined as the first 90-120 days of a client’s life cycle with your firm, though some research groups identify it as the first full year of the client’s involvement with your firm. It is a time of unique opportunity to build engagement and loyalty and to encourage clients to purchase additional products from your firm.If you attended our 101 course, you are familiar with the argument FOR onboarding automation, but perhaps you are wondering about the nuts and bolts – how to select a solution, what to automate first, how to plan for regulatory change.
According to Pitney Bowes, nearly 75% of all cross-sell opportunities occur within the first 90 days. Beyond this point the customer’s lifetime value and profitability will have been practically set in stone
Deloitte researched the biggest pain points in wealth management and private banking and discovered that 81% of wealthy clients value service quality as the most valuable attribute when selecting their investment firm/financial advisor. <Go to next slide.>
In Deloitte’s research of what “service quality” means to wealthy clients, they quickly honed in on some key service failures. Doxim should note that client onboarding was the top issue and also on the list were: integrated view of accounts, statements and client relationship management.Note: embedded ‘selling scripts’ and basic business intelligence would help with FA training.
Although this Forrester Research report is several years old, I really like this slide as it clearly depicts how certain new account opening processes are much easier than other processes.
In our last webinar, we discussed the phases of onboarding, from initial implementation of an account opening solution through planning for enterprise-wide analysis of client data and complex up-sell and cross sell. Today, we’d like to discuss some implementation-specific topics, which suppose that you’ve decided to take the plunge and automate your client onboarding. First topic here, then, is whether you should buy or build the solution you’ll use for this task. Even if you aren’t at this stage, it is a useful thought exercise to consider what your solution will need to look like. Too often in this field, we see people who have creating a limited solution, or one which cannot be easily configured and reconfigured. These look great out of the box, but within a couple of years they are dinosaurs, and the staff who initially applauded them hate working with them, as they haven’t kept pace with how business is actually done at your firm. POLL 1: How automated are your business processes at present?• Paper based and manual• Mix of paper and technology-based• Highly automatedOur expectation is than many of you will fall in the middle category – the trend in the industry is towards some automation, but people are still struggling with siloed data and applications which prohibit enterprise-wide automation of business processes like onboarding.
POLL 2: How often do you build applications for your firm in-house? Seldom, but it happens – depends on the scope of the projectOften – we have a talented technology team, and a bespoke solution is the best solutionNever – we don’t have the resources in-house for that, and prefer to partner with trusted vendorsThe graphic on the next page, from Aite Consulting, shows how complex wealth management onboarding can be , from a front-end perspective. Behind the scenes, the situation gets even more complex.
This image, from a presentation by Aite Group in 2010, shows just how complex wealth management onboarding can be from a front end perspective. This very complexity is what makes onboarding such a good target for automation, of course, but it also reminds us of the importance of proper development of scope and business cases up front.
Account opening which is about relationships, not formsClient-centric communications Right timeRight channelValue addSignatures and paperwork via esignature/email or wet signature/traditional formsImmediate personal response to client questions or concerns
These are some of the system needs that you need to address….
Most people realize that the technology exists to create a Utopian environment and it frustrates investors, advisors, as well as middle office operations and compliance, that there are so many disparate, manual and batch-related processes.
Research by Finextra Research Ltd., as cited in Aite Group’s reports on wealth management onboarding, suggests that major stumbling blocks in onboarding automation include “Predicting ROI and getting budget for process reengineeringProject”’ (13% reported this as their top concern, 33% as their second most important concern), and “Getting buy-in from all relevant entities in global financial group” (again, of those surveyed, (13% reported this as their top concern, 33% as their second most important concern). For this reason, firms often ask us how best to achieve early ROI and keep the onboarding project within scope early on. I know we’ve just discussed the complexities of what a fully implemented solution must involve, and that is perhaps daunting. But the secret here is incremental growth, and that means aiming for the low-hanging fruit first, then using early successes to drive the expansion of the project.
Whether you buy or build, your solution must include the following, or you will experience difficulty now or in the future.
Recently, we’ve seen several high profile banks and wealth management firms in Canada and the US roll out e-signature pilot programs, and their early success is very promising. With RBC and JP Morgan Chase amongst the recent headliners in the eSignature space, the time for eSignature seems to have finally arrived. Of course, as with any new technology, we need to highlight the need for good process architecture and audit trails when implementing e-signature technology, but then that’s already something you need to be thinking about when implementing client onboarding software – the two technologies work well in synergy with each other.
The benefits firms realize by implementing eSignature fall into the three buckets described above.
For onboarding, SaaS can be a great approach, and it is especially cost-effective for smaller to mid-sized firms who may be accessing onboarding services through a service provider like a clearing firm. Larger firms may elect to host their own solution on-site. The pros and cons of each approach are outlined here – as always, choosing between SaaS and Onsite is a matter of your business needs, and there is no “”one size fits all” recommendation to offer* But with an application like client onboarding, it is likely the platform need to be accessed by branch offices and mobile employees anyhow, so the difference here isn’t great. Either way, you’ll need robust security controls in place.
Why is back office integration such a focus here? Because for most financial service firms, there is no one system which contains all customer, product and account information. Instead, data is siloed in legacy systems. But with the increasing regulatory requirements around suitability assessment and KYC, there needs to be a way to get a 360 degree view of the customer. Onboarding software can provide that bridge, but only if it is robust and connected enough to work enterprise wide, and only if it can access the various components of the back office bi-directionally.
Why is back office integration such a focus here? Because for most financial service firms, there is no one system which contains all customer, product and account information. Instead, data is siloed in legacy systems. But with the increasing regulatory requirements around suitability assessment and KYC, there needs to be a way to get a 360 degree view of the customer. Onboarding software can provide that bridge, but only if it is robust and connected enough to work enterprise wide, and only if it can access the various components of the back office bi-directionally.
I’m sure you recollect earlier when we said that the average wealth management implementation of onboarding automation involves, it involves 300-600 questions, 5-10 workflows, 30-150 documents and 200-300 business rules. A thought exercise- how many of the new regulations you are watching will require a change to one of these four items? Consider the cost of modifying these internally vs though an engagement with a vendor.Regardless of your position on buy vs. build, you MUST be sure that the tools used to configure these items are intuitive and GUI based, or your system will date fast and cost hundreds of thousands of dollars to maintain and update.
For example, a client liquidating a number of assets may be undergoing a divorce or purchasing property – detecting these patterns and offering suitable financial advice both helps you maintain current client data and provides you with opportunities to offer meaningful product matches.In our “Client Onboarding 101” webinar we also discuss other natural targets for early automation, like asset transfers and client complaint management. And of course if you pick a flexible enough solution, you can use it to automate any process that requires a workflow and approval process, so you can also automate HR forms or other non-onboarding business processes. After all, if you are doing the work to select and implement the right solution, you might as well find out of the box ways to increase your ROI.
Firms often have twice the staff time devoted to transfers as they do to account opening
Onboarding automation can be quite cost effective, if you follow the best practises we’ve outlined today. Besides, it’s more expensive to open an account (price per account) and have that person become dissatisfied and leave. And regulatory compliance is a must have these days, with the radically increased fines being levied by FINRA and others. Onboarding automation can help mitigate your risk in that regard too. You’ll need to gather more data to meet increased regulatory imperatives – might as well use it!
As a final reminder, the alternatives to properly implemented onboarding automation are very expensive indeed. Account opening cost firms anywhere from $36 to $150 dollars per account. And when you consider the cost of rework on NIGO accounts, this number increases dramatically.Firms often try to implement their own solutions but these tend to be very expensive both upfront and to maintain on an ongoing basis.It’s not just the cost of buying the dog, it’s the vet bills.
We’ve discussed WHAT you might want to automate, how you might choose to evolve your automation strategy, and so on, so here’s a chance to show you some nuts and bolts of HOW that automation might take place, using our client onboarding tool. OpenAdvantage can support the initiatives described above. OA integrates seamlessly with your back office applications, becoming a key part of your Business Process Management initiatives and supporting the move towards intelligent, enterprise-wide onboarding.
POLL3: would you like to learn more about OpenAdvantage? Please select the response that best describes your level of interest
There is no need to boil the ocean, but you need to make sure you make the right pick up front, as an onboarding solution will act as an enterprise-wide bridge between your systems. Start small, pick the best bang for your buck, and then get creative in how you leverage your system for maximum ROI.
At this point, I’ll open it up to any questions that you’ve been asking during the webinar. Please keep the questions coming by simply submit them at in the chat box at the bottom of the GoToWebinar User Interface and we’ll try to answer as many as we can without going over the allotted time.First question….Q1: What's an example of a good first account type to automate?Q2: Have any big names implemented e-signature yet?Q3: How can you capture ID information using OA without paper?Q4: How will new regulations in the US and Canada impact account opening automation?Q5: What's the usual scope of a client onboarding automation project? Do most firms stage their onboarding automation, or do it all at once?
I’d like to thank for attending this webinar on “A roadmap to client onboarding success”. If you would like to learn more about Doxim you can visit our websitewww.doxim.com or simply contact us at webinar@doxim.com. In addition we’ve listed some of the other ways you can stay connected with Doxim and to keep abreast on the latest news, trends and developments impacting your industry. As a reminder we will be sending out a follow up email tomorrow with an on-demand recording of this webinar for you to view and share at your convenience. Thank you again and have a great day.