Client on boarding
Overview:-Client on boarding is the first step to introduce new clients to our company. It is the critical and first impression to the client. If not automated then there will be more probability of error, time consuming that reduces the good points of impression, and risky in terms of compliance with global regulations and the client experience. Before the system was automated it is a very lengthy and complicated process which results in financial institutions to forego some onboarding opportunities due to an inability to handle them effectively. Large number of documents are needed to complete the process but it reach some times more then the mention one in different cases.
Details:-The process usually begins with an information form being completed either by the client or the vendor (or both). In some cases, the client onboarding form may be completed directly by the client in an online portal that walks them through the process and ensures relevant details and documents/files are collected.
•Improved regulatory compliance resulting in a significantly lower risk of fines.
•Enhanced customer experiences and higher customer satisfaction and customer retention rates.
•Increased accuracy of data processing removes the need to repeat the same steps during a process.
•Better analysis of the onboarding process helps to identify and get rid of bottlenecks that were unnoticed before.