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Client Onboarding: Solving Challenges, Maximizing Opportunities

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Client Onboarding: Solving Challenges, Maximizing Opportunities

April 2013

This report is based on the findings of a survey undertaken with 17 top tier financial institutions in conjunction with Knowledgent, a leader in advanced information management and analytical solutions for financial services.

Client onboarding teams are under tremendous pressure like never before with economic and regulatory stresses crushing the function between a rock and a hard place. Since the onset of the global financial crisis, the financial services industry has been very much characterized by falling revenues and increasing regulation – not a great combination. 

Perhaps the biggest finding in this report is that, despite its revenue-generating abilities, client onboarding remains an under-funded, technology-lagging, and paper-based or spreadsheet-driven process. This is contributing to a well-spring of problems in the areas of compliance, regulation and risk management; client experience; technology and data; and operational efficiencies.

The survey findings reveal a host of issues arising from an ever-evolving regulatory market, coupled with a lack of transparency, visibility, and poor data quality, and show that client experience is a particularly painful area for client onboarding.

 

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