Our client is a global Tier 1 financial institution and one of the world’s largest banks by assets, with operations spanning investment and private banking, asset and private wealth management, as well as treasury and securities.
To implement a bank-wide Client Onboarding Lifecycle Management solution to streamline the client experience – regardless of the line of business, product or region from which they are being onboarded. Specifically, the client was looking for a solution that would:
- support an end-to-end onboarding process, capable of reacting to change quickly and efficiently
- efficiently handle the creation of new clients and the addition of new products
- automatically create due diligence sets based on change in data and/or circumstances
- upload documents and collateral, storing them in one central place across the institution
- integrate seamlessly into existing system infrastructure.
With Fenergo Client Onboarding Lifecycle Management, our prime brokerage client is able to manage the entire end-to-end client onboarding process efficiently and effectively, and:
- easily and quickly onboard and track new legal entities (and all associated legal entities i.e. funds) from client initiation all the way through the lifecycle
- integrate with the core reference data golden source solution to screen and identify existing legal entity records that match the new legal entity data being entered to avoid the potential for duplicate records to be created
- conduct comprehensive customer due diligence / know your customer (CDD / KYC) reviews, including due diligence driven by jurisdiction, portfolio of products held by a legal entity, legal entity type (listed company, pension fund etc.)
- amend reference data easily underpinned by a robust rules-driven engine which automatically decides if the change necessitates due diligence to be carried out based on the changed data
- index all documents (emails, attachments etc.) and collateral directly against the legal entity (or additional entities if required), and enable the generation of documents through predefined templates
- integrate with upstream and downstream systems to ensure that all parties to the onboarding decision can see their own task-driven dashboards
- make the client onboarding team the central hub with greater visibility over the statuses of departmental task progress and completion, helping to identify and action any delays in the process to keep within specific service level agreement (SLAs) timeframes.
Our Tier 1 prime brokerage client opted against a phased approach to implementation, preferring instead to adopt an all-in-one approach to implementing the entire Client Onboarding Lifecycle Management solution in one go. This meant that they saw immediate benefits after go-live including increased transparency, control and visibility over the entire client onboarding process, helping them to tighten up the processes and service levels as a result.