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Financial Services
May 29, 2024
While every touchpoint with your customer presents an opportunity to leave a lasting impression, traditional methods of client onboarding often fall short of meeting the expectations of digitally savvy clients. These conventional approaches, burdened by manual processes and fragmented data management, lead to operational complexities for firms. Consequently, digital client onboarding processes have become imperative in establishing a solid foundation for the relationship between wealth managers and their clients.
According to McKinsey, banks guide companies through a slow, duplicative, and overly complex onboarding process, often resulting in potential customer drop-off or significant dissatisfaction among existing clients, with the average onboarding duration spanning up to 100 days for new corporate clients.
Amid these obstacles, a digital client onboarding process presents the chance to draw in fresh clients through online channels and trim expenses associated with acquiring customers in wealth management.
EY’s client onboarding survey 2024 cites a systemic lack of automation and technology innovation as the primary industry concerns, with more than half of the respondents identifying increased efficiency through technology as their top priority.
Top-tier wealth managers are revolutionizing client onboarding through seamless digital experiences by harnessing AI, automation, and advanced analytics. With AI and machine learning, firms obtain instant insights into clients’ financial objectives, risk preferences, and life circumstances. This comprehensive understanding enables personalized product suggestions, bespoke financial planning resources, and tailored communication. The outcome: A remarkable experience that cultivates trust and loyalty right from the initial interaction.
A McKinsey report predicts that by 2030, up to 80% of new wealth management clients will demand a data-driven, hyper-personalized, continuous, and potentially subscription-based model for accessing advice.
Here are some ways in which digital transformation of the client onboarding process can help wealth management firms:
Hexaware provides a comprehensive suite of services tailored to optimize your digital client onboarding process. The offerings include end-to-end workflow automation, data management, and reporting transformation. Hexaware can guide you through the digital transformation journey and facilitate the development of innovative products. Additionally, Hexaware now offers generative AI use case development and implementation across the onboarding value chain, ensuring personalized and optimized experiences for your clients.
Ready to revolutionize your onboarding process? Explore Hexaware’s innovative financial services IT solutions today!
About the Author
Jamir Savla
Vice-president & Global Head — Wealth Management Consulting
Jamir is an experienced professional with over 18 years in wealth management technology, specializing in digital solutions. He leverages his deep understanding of digital innovation, automation, and problem-solving to deliver strategies that help businesses reduce costs and enhance efficiency. His expertise cuts through the complexities of technology and operations, offering practical solutions and innovative approaches to streamline processes. Through his thought leadership, Jamir has established himself as a trusted resource in the wealth management technology space.
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