When delivering a highly personalised and efficient investor experience, onboarding new wealth clients remotely and securely is critical to success.
- Wealth managers often lose business because traditional KYC and due diligence processes are time-consuming, inefficient, and costly.
- To provide a highly effective and personalised investor experience, while seamlessly onboarding new clients remotely and securely, knowing your client is a critical step.
- Digital Onboarding enables wealth managers to quickly engage new prospects and start building valuable, trusted relationships.
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Retain a competitive edge
The digital revolution continues to accelerate, and with this comes the expectation of instantaneous customer service. To retain a competitive edge, wealth management firms, private banks, and online brokers, as well as new WealthTech firms, are investigating smarter ways to embrace digital transformation and differentiate their strategy.
The shift to more digitally focused relationships creates a host of opportunities for providing better customer experiences, and this is a topic that remains front-of-mind for many banks and financial institutions. This is for good reason: customer abandonment levels are still unacceptably high, at 68% in 2021, up from 63% in 2020. Wealth managers often lose business because traditional KYC and due diligence processes are time-consuming, inefficient, and costly.
Digital onboarding promises tangible advantages, positive customer engagement and convenience. To provide a highly effective and personalised investor experience, while seamlessly onboarding new clients remotely and securely, knowing your client is a critical step.
The digital identity game-changer
Digital Onboarding enables wealth managers to quickly engage new prospects and start building valuable, trusted relationships. While offering faster turnaround times, it also delivers improved accuracy with streamlined processes that reduce human errors and optimise standards for compliance and regulations.
Digital solutions can help with operational costs by optimising efficiency. Our digital onboarding focuses on strategies that propose an optimal deployment of resources, with a reduction of referral cases.
KYC and Digital Onboarding: Managing payment fraud and identity theft risk
Should you re-evaluate your strategy?
To succeed in a dynamic and highly competitive marketplace, wealth management firms must focus on delivering a highly personalised and efficient investor experience.
At Refinitiv, we have developed a holistic digital identity, screening and due diligence solution that boosts compliance team efficiency, controls costs, and promotes better investor experiences. More than this, we are continually innovating to ensure that both our capabilities and our comprehensive datasets evolve to meet a range of needs across the customer life cycle. Our tool is built on a low/no code platform, which allows us to quickly implement the solution and adapt to changes in your business or the regulatory environment alike.
