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.
At IFS, we believe that when the onboarding process is optimized and efficiency is a priority, onboarding can be transformed from a tedious process to a competitive advantage. In our webinar on March 3, 2016, we’ll discuss the onboarding process and outline best practices and considerations for both front and back office personnel. Some of the topics we’ll discuss include:
Ultimately, we believe that when efficiency and the customer experience are priorities, onboarding can become a competitive advantage by providing new customers with a streamlined, modern process. In order for this to happen, the front and back office must work together, and systems must be in place for all stakeholders to collaborate and have visibility into the process. Onboarding can no longer be viewed as either a front or back office function, but rather a collaborative process that puts the customer first.
To learn more about how this can be achieved, and learn about other onboarding best practices, check out our webinar from March 3 on onboarding best practices for front and back office personnel.