Digital Onboarding for Wealth Management – Reducing the cost and time of engaging new customers

Wealth Management companies are facing a significant challenge: adopt new technologies to transform the way they onboard and service their new HNW customers, while also continuing to meet evolving KYC and AML compliance commitments.

Customers are increasingly looking to digitalise engagement with their investments and advisors. The wealth management sector can no longer rely on traditional methods of engagement to service younger generations who expect device-based, 24-7 access and greater transparency and control over how their money is managed.

Creating a customer experience in-line with these demands requires a digital approach that enables firms to delight their customers. In addition to this firms need to ensure their customer onboarding solution helps them to;

  • Reduce their costs

  • Improves their ability to continually assess KYC/CDD risk

  • Enables them to evaluate the investment needs of their customers much more effectively

Creating a balanced approach to this digital onboarding journey will also be key. One that is simple enough to avoid alienating older investors, but also sophisticated enough to deliver the benefits that digital approach offers for more savvy investors.

In this video Steve Elliot, Managing Director for LexisNexis Risk Solutions for the UK and Ireland, is presenting to PIMFA members at their recent VFest conference in 2021, and explaining how different technologies can help Wealth Managers to really drive improved efficiency and cost savings within their customer onboarding processes.

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