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Onboarding in the financial industry

published 2022-11-08

Onboarding is a delicate, time-consuming job. Laws and regulations constantly change, and ethical requirements are also under considerable scrutiny. Onboarding new clients involve various KYC checks to assess the risk associated with serving a client. Onboarding is an ongoing, mission-critical element for any customer-facing organization in the financial services industry. This process involves data, currently divided into data and documents, but will include blockchain and digital identity portfolios in the future. As a financial services company, it is challenging to deploy KYC workflow optimally so that you can start offering your services as soon as possible. So how do you get this done anyway?

Customer experience

Signicat has been researching consumer experience, specifically in financial services. Because the regulatory burden is increasing, it is a good idea to explore the customer experience. For example, how do providers deal with KYC and anti-money laundering regulations, such as the Wwft? Research showed that there is an awful lot of room for improvement:

  • As many as 68% of consumers interrupted the application for a financial product;
  • Over 92% of consumers are concerned about privacy and the storage and use of data;
  • Despite techniques such as eID, the most significant number of dropouts happen in Northern Europe.

Optimizing onboarding process

The onboarding process is a multidisciplinary challenge. Several elements affect the customer experience and, thus, onboarding. Consider:

  • A central system where all customer data is managed;
  • Application of new technologies, such as artificial intelligence;
  • Optimal security and privacy for the customer;
  • A holistic customer journey in a transparent digital environment.

KYC Lifecycle Management

Save time and reduce the margin of error by integrating KYC Lifecycle Management into your onboarding. Hyarchis provides several products to help you make a difference as a financial services provider. Check out our onboarding products here:

Document Processing

Fully automated document processing based on artificial intelligence. By eliminating manual tasks, you increase reliability to 99% and always work according to the latest laws and regulations.

Identity verification

Automated identity checking and document verification based on a GDPR-proof process.

Risk Profile Assessment

We perform rigorous checks in no time and automated risk analysis of your entire customer base based on sanction lists, PEP lists, and media databases.

KYC Workflow

Long queues are a thing of the past because, thanks to the efficient KYC Workflow, you welcome every new customer immediately. Flexible processes adapted to your know-your-customer requirements.

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