Why client onboarding is broken (and how to fix it)

Discover how to improve your client onboarding process with low code automation tools. Sign up for our webinar to learn more.


There is a clear disconnect between the objectives of client onboarding and what organisations, users and clients experience in practice, and a lot of this are due to the underlying technology. Without a centralised system to onboard new clients, organisations are faced with a long list of potential inefficiencies; siloed data and processes, low-quality data, siloed departments and users, operational challenges and lack of visibility are only the tip of the iceberg.

The future for businesses in this position is lost opportunities, steadily increasing costs, decreasing conversions, deferred revenues and a reduced ability to compete in the marketplace with their more tech and data-savvy competitors.

Below are some of the ubiquitous challenges that can be solved with the right technology, some or all of which you may be experiencing.


CHALLENGE #1) OVERWHELMING COMPLEXITY

Client onboarding is often hampered by the sheer complexity of execution. Even more so today, in rapidly changing regulatory environments and with ever-increasing decentralisation of systems – the need for a fully-connected, automated and personalised onboarding experience is essential.

Leveraging new technology such as low code, intelligent automation, robotic process automation and artificial intelligence can help streamline this process, remove friction and provide the visibility needed to take relevant and fast action.

CHALLENGE #2) RELIANCE ON PAPER

The majority of businesses are now adopting ‘digital first’ strategies as a priority. One of the key areas where companies are failing to innovate, however, is onboarding. Many of the different onboarding processes still rely heavily on paper documentation, which creates a secondary issue for IT and adds significant time to the collection, verification and securing of data.

CHALLENGE #3) LACK OF SPEED AND STRUCTURE

Clients now expect a personalised, streamlined onboarding process from start to finish, comprising a single ‘event’ that gives them everything they demand. The challenge? Businesses are notorious for speeding through the onboarding process, greatly increasing the risk of non-compliance and falling short of client expectations. Paradoxically, the reputation of client onboarding as unbearably slow has caused it to accelerate, often without the robust systems in place required to turn the saved time into increased revenue.


What’s the solution?

Efficient onboarding begins with the automation of key functions and processes. By leveraging intelligent automation, milestones in the onboarding process such as generating accounts, distributing data and providing secure access to systems can be executed automatically.

This allows your onboarding team to focus on the person and not the process, effectively taking the ‘machine’ out of onboarding, and giving total visibility over the activities that make onboarding a success for both the business and client.

OUR BRAND NEW WHITEPAPER FOR 2022

Queensland Crime and Corruption Commission

Queensland’s Crime and Corruption Commission (CCC) is an independent statutory body established to reduce the incidence of major crime and public sector corruption in Queensland, and to provide the state’s witness protection service. The CCC investigates both crime and corruption, has oversight of police and the public sector and protects witnesses. The CCC is run by a small, dedicated staff of approximately 50 people and is the only integrity agency in Australia with this range of functions.

Queensland Crime and Corruption Commission

by Procensol

Whitepaper

2022

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