Streamlining Client Onboarding in the Private Wealth sector: The Rise of Digital Automation

One of the reasons it has remained this way is that although there were elements that could be automated, they wouldn’t always ‘talk to each other’. That left gaps and meant that rather than providing new clients with a seamless, streamlined and secure experience, they were faced with a complex and fragmented process.

True digital automation involves the use of technology to streamline and expedite all of the steps involved in bringing a new client on board. This includes everything from identity verification and due diligence checks to account setup and documentation.

With an advance software solution that enables businesses, the client, their advisors, and third parties such as IDV providers, to all connect, the whole process can be automated so what once took weeks or even months can now be accomplished in a matter of days, or even hours, thanks to automated workflows and real-time data verification.

Furthermore, digital automation helps ensure greater accuracy and consistency in the onboarding process. By standardising procedures and relying on automated checks and validations, the risk of human error is significantly minimised and with built-in compliance features and audit trails, automated onboarding systems provide a transparent record of the due diligence process. This is especially important to meet the stringent regulatory requirements in the Trust & Corporate Services sector.

One of the biggest advantages of digital automation in client onboarding is the ability to provide a more seamless and user-friendly experience for clients. Contrary to what traditionalist may think clients are keen to interact through online portals and mobile applications, where they can easily submit required documentation, track the progress of their applications, and communicate with their financial advisors, all from the convenience of their own devices.

According to a survey conducted in 2021, “approx. 72% of clients in the trust and corporate service sector expressed that digital interfaces and secure online access played a pivotal role in their choice of a service provider.*”

Digital automation of client onboarding represents a significant advancement in the trust and finance sector. By leveraging technology to streamline processes, improve efficiency, and enhance compliance, financial institutions can not only reduce costs and mitigate risks but also deliver a superior experience to their clients. All it takes is a little joined up thinking, which is where Vega’s DigiHub comes in.

DigiHub is an innovative, cloud-based secure portal for the digital enablement of client servicing and team functions. It acts as a powerful connector between core data sources and external clients to ensure businesses can effectively collect, manage and capitalise on client data.

For onboarding, DigiHub can pull together and process information from any CRM system and third parties (such as IDV and Risk Screen) and provide a secure, easy to use, branded portal through which clients, admin teams, relationship managers and financial advisors can all have bespoke access. It’s a simple solution to automate all of required processes into just one digital hub.

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*Source: Astute Analytica - Trust and Corporate Service Market. Industry Dynamics, Market Size and Opportunity Forecast to 2031