- There are still a lot of inefficiencies in KYC. What are the main challenges banks are facing in the client onboarding process?
- How can banks redefine their onboarding procedures to create a faster and more efficient process?
- How does streamlining the onboarding process help banks to fuel an overall more effective customer lifecycle management (CLM)?
- Collecting the right data from the start is more important than ever before. How can banks leverage onboarding data at the right time, in the right place, to create revenue-driving use cases and improve compliance?
In the corporate banking space, the process of onboarding new customers continues to pose significant competitive challenges. At the moment, the industry’s cumbersome, manual and lengthy onboarding processes – caused by inefficient data collection, integration, and backlogs – prevent banks from starting their client relationships on the right foot.
Heightened regulatory oversight is crucial in the modern financial crime landscape, but in order to effectively screen potential clients and speed up onboarding, changes to the entire process are necessary. Streamlining data sourcing and management is the first step toward onboarding excellence, and the right combination of processes, data, and automation can help banks speed up and clean up their existing backlogs.
Why is redefining the onboarding process crucial now? An effective, streamlined, and smart onboarding fuels the entire CLM process – allowing financial institutions quicker compliance from the start, as well as speeding up time to revenue and improving the overall client experience. Collecting the right data right up front improves security, operational efficiency, and helps banks build better customer profiles.
Register for this Finextra webinar, hosted in association with Nice Actimize, to join our panel of industry experts who will discuss current onboarding challenges, how banks can leverage data and technology to streamline the entire process, and why it’s crucial to start now.