Using an Automated Onboarding Solution to Improve Efficiency

Using an Automated Onboarding Solution to Improve Efficiency

Posted by Tracie Hummel on Dec 8, 2015 8:49:17 AM
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As the first touchpoint with a new client, onhandshake.jpgboarding is arguably the most important part of the client lifecycle. In the financial services industry, it is a particularly complex process that requires coordination between multiple departments and stakeholders. With so much at stake during the onboarding process, financial services firms, along with other types of organizations, are looking to technology to simplify the process, satisfy customers, and improve operational efficiency.

One such firm is an IFS client that wanted replace its existing, outdated New Account Opening application to improve operational efficiency and strengthen regulatory compliance automation. The large nationwide financial services firm also wanted some specific functionality:

  • Anti-money Laundering (AML)
  • Know Your Customer (KYC)
  • Ability to collect firm-specific risk questions and scoring
  • Integration with their CRM
  • Custom document processing

IFS worked with this client and helped them implement a customized New Account Opening (NAO) application, using IFS’s mature NAO solution, which already addressed about 75% of the firm’s required business logic. Because our NAO solution already encompassed so many of their requirements, the client was able to implement the new solution quickly and efficiently.  

Not only did the new NAO solution meet the firm’s unique criteria, but it also greatly improved operation efficiency, strengthened regulatory customers and simplified the tedious process of opening new brokerage accounts.

Click the button below to download the case study and learn more about the project methodology, how challenges were mitigated and the specific results this client experienced.

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Topics: Business Process Automation, Onboarding, New Account Opening, Case Studies

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