Digitalizing HNW Client Onboarding for Private Banks

Client Profile:

Our client was the private banking division of a large-scale financial services company headquartered in Asia-Pacific.

The Challenge:

Friction-filled process, taking on average 40 days to complete, up from 35 days the previous year. The catalysts for the prolonged account opening wait times were a combination of highly manual processes, increased anti-money laundering (AML) and know your customer (KYC) regulatory obligations. Customer experience, as a result, was on a back foot. With 50% of applications being abandoned during the application phase, poor customer experience was costing the private bank up to USD$10 million in lost revenue per annum.

Fenergo Solution:

To address this challenge, Fenergo deployed its full end-to-end API-based Client Lifecycle Management solution, including the many components…

To read more about the success of this Regulatory Onboarding implementation, please download the case study.


Download Digitalizing HNW Client Onboarding for Private Banks brochure