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Client onboarding is one of the most important and strategic periods in the financial services client lifecycle. It's an opportunity for financial services firms to demonstrate their superior client experience and demonstrate to clients that it's easy to do business with their institution.
However, onboarding is often a frustrating experience for both financial services firms and their clients. Manual processes and disjointed systems make it hard to provide a smooth onboarding experience.
Here are some of their top insights and lessons learned from successful automation initiatives.
Client-centric and savvy financial services firms are finding that they no longer need to accept this status quo. Leveraging automation platforms like Xceptor, complex data and processes are efficiently managed, reducing onboarding time from months to just a few days.
For the second year in a row, Xceptor has won the Best Client Onboarding Solution at the Data Management Insight Awards Europe 2024. This award is especially meaningful to us because the financial markets community — our users — determines the winner. We're honored that our clients entrust us with the responsibility to help them deliver the best client services possible.
The many challenges of client onboarding
Client onboarding is a highly manual process that involves multiple teams, from relationship managers to tax operations to compliance, using a variety of different systems. Data ranges in content and format, from unstructured or semi-structured forms to structured feeds from third-party sources. Firms often rely on solutions that aren't fit for purpose to make requests, track activity, and manage documents and data.
As a result, the onboarding process lacks controls, transparency, and standardization. Long onboarding timelines frustrate clients and impede the firm's ability to grow. Poorly managed onboarding processes also expose firms to significant operational risks, including financial losses due to errors made during account setup and compliance issues.
How Xceptor streamlines client onboarding
Xceptor's client onboarding solution, built on its automation platform, provides operational users with a single interface for all actions, statuses, escalations, and approvals. Key features include:
Streamlined client onboarding
Xceptor transforms the onboarding process, making it seamless and efficient for your clients. Our no-code workflow empowers teams to easily configure processes, ensuring a smooth onboarding journey:
Effortless document handling
Automated document generation and routing means you no longer need to manually move documents through multiple email systems and client portals.
Enhanced data quality
Real-time data validation and enrichment ensures clients' data is accurate from the beginning, reducing errors and minimizing the need for manual corrections.
Timely onboarding
SLA monitoring and automated escalations keep onboarding processes timely, fostering a positive client experience from day one.
Efficient document management
Xceptor's AI-powered intelligent document processing capabilities make it easy to manage the immense volumes of documents and data involved in onboarding, benefiting clients by:
Automated data capture
Effortlessly process unstructured documents and AI-powered data extraction and validation, even from handwritten text and paper documents, ensuring no detail is missed.
Centralized repository
A single, centralized document repository with automated indexing and retrieval makes it easy to manage and discover documents, and service clients faster.
Secure information handling
Secure document distribution helps secure clients' sensitive information without slowing down the onboarding process.
Seamless enterprise integration
Xceptor is designed to handle the complexities of client onboarding, providing benefits such as:
Seamless integration
Pre-built connectors simplify integration with core banking platforms and KYC/AML providers, ensuring automated compliance handling.
Real-time synchronization
Eliminate delays and errors associated with transferring data across systems, providing a faster and smoother onboarding experience.
Controlled access
Role-based access controls ensure that your clients' data is secure and only accessible to authorized users.
Why delivering superior onboarding experience matters
Delivering a superior client onboarding experience is crucial for several reasons, all of which directly impact client satisfaction and long-term success:
1. Client satisfaction and retention
A smooth onboarding process reduces frustration and ensures clients feel valued and supported. This positive experience increases the likelihood of client retention and fosters positive, long-term relationships.
2. Operational efficiency
By automating manual tasks and ensuring data accuracy from the start, your team can focus on higher-value activities. This improves internal efficiency, unlocks cost savings and also enhances the overall client experience.
3. Regulatory compliance
Ensuring compliance from day one protects your firm from potential legal and financial repercussions. A complete audit trail and seamless reporting provide peace of mind for both your firm and your clients.
The Xceptor difference
On average, before deploying Xceptor, it typically takes clients between two to four weeks to open an account. Xceptor significantly shortens the process: A tier one financial institution reduced onboarding time from six weeks to six days, while a tier one global investment bank reduced onboarding time by 50%. This provides a significant competitive advantage our clients use to gain market share.
We're honored that the financial services community has recognized our client onboarding solution for the second year running. Schedule a demo to learn how Xceptor can help your organization turn client onboarding from a heavily manual process into a competitive advantage.
