The bank faced significant challenges with its previous manual onboarding process, which relied heavily on paper forms and wet-ink documentation to fulfil its anti-money laundering (AML) and know-your-customer (KYC) requirements.
This process was not only time-consuming but also incurred high costs for clients due to the necessity of
The bank faced significant challenges with its previous manual onboarding process, which relied heavily on paper forms and wet-ink documentation to fulfil its anti-money laundering (AML) and know-your-customer (KYC) requirements.
This process was not only time-consuming but also incurred high costs for clients due to the necessity of physical document submissions, leading to client dissatisfaction with the prolonged onboarding durations.
The initiative to digitise the onboarding process was spearheaded by the bank’s executive committee, driven by the desire to future-proof operations, enhance efficiencies, and maintain a competitive edge.
The primary goals were to minimise the clients' effort during onboarding and to replace wet-ink documentation with digital alternatives
The initiative to digitise the onboarding process was spearheaded by the bank’s executive committee, driven by the desire to future-proof operations, enhance efficiencies, and maintain a competitive edge.
The primary goals were to minimise the clients' effort during onboarding and to replace wet-ink documentation with digital alternatives. The bank collaborated with an IT consultancy to deploy a digital platform integrating technologies like DocuSign and digital identification verification systems, ensuring the maintenance of stringent AML/KYC standards.
Since digitising the onboarding process, the bank has seen a significant reduction in the time required to onboard a client.
The new digital process eliminates the need for sending wet-ink documents*, allowing quicker verification and response times, which has greatly enhanced engagement and overall client experience.
Clients have
Since digitising the onboarding process, the bank has seen a significant reduction in the time required to onboard a client.
The new digital process eliminates the need for sending wet-ink documents*, allowing quicker verification and response times, which has greatly enhanced engagement and overall client experience.
Clients have expressed high satisfaction with the new process, citing quicker onboarding times and reduced costs both financially and in terms of time spent. Despite facing challenges related to technical implementation and ensuring the digital platform met all regulatory requirements, the bank successfully delivered a seamless onboarding journey.
* For client onboardings deemed to be low or medium risk.
Previously, the company faced challenges in efficiently processing client requests, which were often routed incorrectly and lacked necessary approvals, leading to delays and reduced client satisfaction.
The client base consisted of global asset managers and institutional investors, requiring precise and timely handling of client requests
Previously, the company faced challenges in efficiently processing client requests, which were often routed incorrectly and lacked necessary approvals, leading to delays and reduced client satisfaction.
The client base consisted of global asset managers and institutional investors, requiring precise and timely handling of client requests such as payment executions, fund operations, and change management.
The streamlining initiative was internally driven to enhance efficiency and service quality. The strategy focused on creating a single point of entry for client requests through regionally based relationship managers.
These managers were responsible for filtering and directing these requests to the appropriate internal teams, allowing for
The streamlining initiative was internally driven to enhance efficiency and service quality. The strategy focused on creating a single point of entry for client requests through regionally based relationship managers.
These managers were responsible for filtering and directing these requests to the appropriate internal teams, allowing for more focused group operations and improved turnaround times. This restructuring did not involve new technology but optimised existing workflows and communication channels within the company.
The redefined workflows significantly shortened response times, consistently met new service level agreements, and reduced team sizes due to increased efficiency.
Client experience improved as requests were correctly routed from the outset, leading to higher satisfaction and organic growth from existing clients. The main challenges were
The redefined workflows significantly shortened response times, consistently met new service level agreements, and reduced team sizes due to increased efficiency.
Client experience improved as requests were correctly routed from the outset, leading to higher satisfaction and organic growth from existing clients. The main challenges were the adoption of new processes by teams and clients, requiring comprehensive training and communication.
With the success of these changes, no further enhancements are currently planned, as the focus is on maintaining the effectiveness of these improvements.
A cybersecurity boutique specialising in bespoke solutions tailored for small and medium-sized enterprises across EMEA and North America lacked a defined onboarding process, handling each client on a case-by-case basis without a standardised work stream.
This ad-hoc approach led to inconsistent steps being performed, dependent on the
A cybersecurity boutique specialising in bespoke solutions tailored for small and medium-sized enterprises across EMEA and North America lacked a defined onboarding process, handling each client on a case-by-case basis without a standardised work stream.
This ad-hoc approach led to inconsistent steps being performed, dependent on the client's operating system, resulting in potential oversights and inefficiencies.
The objective was to establish a defined onboarding process with clear milestones and objectives to enable efficient and seamless client integration while minimising the impact on daily operations.
The initiative to standardise the onboarding process was spearheaded by OneCollab's management board, recognising the need to streamline operations as sales volumes grew.
The primary goal was to outline key milestones and objectives, creating a clear, structured process that delineated necessary steps before and during onboarding. This
The initiative to standardise the onboarding process was spearheaded by OneCollab's management board, recognising the need to streamline operations as sales volumes grew.
The primary goal was to outline key milestones and objectives, creating a clear, structured process that delineated necessary steps before and during onboarding. This structure aimed to optimise efficiency for both the client and the internal teams.
To accommodate various client needs, checklists were tailored based on operating systems and client size. Collaboration was essential in this process, involving key stakeholders from the sales, management, and technical cybersecurity teams to ensure the new workflow met all operational and security requirements.
The implementation of a standardised onboarding process has significantly enhanced the efficiency of client onboarding, ensuring that no critical steps are missed and all deliverables are clearly defined and achieved.
Clients have responded positively to the new process, appreciating the transparency and organisation, which has led to
The implementation of a standardised onboarding process has significantly enhanced the efficiency of client onboarding, ensuring that no critical steps are missed and all deliverables are clearly defined and achieved.
Clients have responded positively to the new process, appreciating the transparency and organisation, which has led to smoother transitions and better preparedness for the onboarding process.
The streamlined approach has effectively reduced the operational burden on the operational teams, allowing them to focus more on core activities without the disruption of managing inconsistent onboarding activities.
The successful transition to a standardised client onboarding process, underscores the importance of clear planning and stakeholder collaboration in achieving operational efficiency and improving client satisfaction in the cybersecurity industry.