It seems that many investment banks suffer from too much data and too little actionable intelligence. Without the ability to integrate data and client intelligence, they’re unable to identify or adjust the levers that drive sales and costs. Perhaps more troubling, Accenture research shows that customers are increasingly disappointed by their banks’ ability to operate across silos and understand their particular requirements.
We believe that banks must adopt a customer-centric approach to maximise the share of business they receive from each customer. One way of accomplishing this is by transforming their onboarding process.
Transforming client onboarding
For banks, the client onboarding process should be streamlined and efficient. However, in many organizations, they are fragmented with no central status tracking, and duplication of activity across functions. It’s not uncommon to have multiple technology solutions, and despite the duplication, none of the solutions provide a single comprehensive client view. It’s operationally inefficient, increases risk exposure and limits the ability to derive customer insight.
From the client’s point of view, onboarding should be fast and easy. Clients often find the onboarding process onerous, and having to provide documentation evidence multiple times can be frustrating. Onboarding duplication can impede customer service, without even providing the bank with any risk benefits.
Accenture recommends that banks develop the capabilities to have a single, centralised view of each client, supported by a client onboarding process that feeds into other functions, such as sales, support and marketing. Doing so can result in better risk management, streamlined legal processes, and improved customer service and satisfaction.
To learn more, download Smarter On-Boarding: The Key to Higher Client Retention and Cross-Sell (pdf; opens in a new window).