Why go through the costs and change that process automation projects bring?
Within the financial services industry, perspectives vary widely on whether new customer onboarding is a front office or back office function. In fact, a 2011 study from the Aite Group showed that, among small wealth management firms, 26% of respondent viewed new customer onboarding as a front office automated tool, whereas 46% of respondents saw it as a back office function. And, among large to midsize wealth management firms, only 8% of respondents indicated that new customer onboarding is a front office automation tool, and 64% responed that onboarding is a back office function.
Recent industry reports indicate that over 80% of financial advisors want to improve automation of their workflows to increase operational efficiency. Onboarding is one of the most critical yet complex and compliance sensitive processes for financial services firms.
As the first touchpoint with a new client, onboarding 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.
In a world of increased connectivity and accessibility, today’s customers are demanding more. They want to do what they want, when they want, and on the device they want to use. These expectations are no different in the rapidly changing, yet highly regulated world of financial services. In order for client services and sales teams to meet these expectations, they must be equipped with the right tools, and more importantly, your firm must have the right processes, systems and technology in place. Often, firms turn to process automation projects as a way to create these systems, but without a clear vision and strategic approach, many of these projects end in failure.