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Case Study: Client onboarding

Case Study: Client onboarding

    • Driving process improvements for client onboarding in the accounting industry.

       

      About the client

      A leading provider of financial advice and accounting services for over 40,000 organisations across the United Kingdom, spanning both the public and private sector. The firm has a stellar reputation, and has been awarded several major accolades in the banking and finance industry over many years.

       

      The challenge

      The client engaged Procensol to develop bespoke business process management solutions for key areas of the company. One such crucial area identified for improvement, was client due diligence.

      A comprehensive project for client onboarding was devised, using the digital transformation software platform Appian.

      Client due diligence processes needed to be more transparent and efficient. This was most evident in three critical areas:

      • Money laundering prevention – including adverse media and identity checks
      • Relationship checks – in particular where preventing conflicts of interest
      • “Judgement” questions – which ranged from commercial viability questions to data gathering questions

      Existing processes were performed by more than ten teams across three Lotus Notes-based systems. This was creating inconsistencies in client due diligence results. In addition, the existing system was not providing enough transparency to meet due diligence requirements.

      Relationship check requests were time-consuming and had evolved without enforced processes or data reporting. Lastly, a total of approximately 700 “judgement questions” were being asked – with an average of 200-300 per system. This made the process of completing the client onboarding form tedious and inefficient.

      Furthermore, the client onboarding process was business-critical; employees were prevented from billing time to clients until a client onboarding process had been completed.

       

      The solution

      The end to end client onboarding solution connects multiple systems efficiently and seamlessly. These include contact management, insolvency practitioner and document storage and billing systems. The process draws from both direct database and restful web

      API connections, including Companies House integrations.

      The solution uses a standardised set of easy-to-understand user interfaces that are identical across the business. The process streamlines “judgement” questions, with data gathering questions automated and minimised. The object was to make a consistent UI, streamline processes and centralise the team.

      A centralised “Onboarding Team” replaces multiple distributed teams. They manage client onboarding and continuance end-to-end. This team also receives relationship requests, carries out checks and returns results through Appian.

      Once the client onboarding process is complete the system automatically begins the auditing process, alerting users of previous tasks completed and streamlining the process of information gathering, including anti-money laundering and company director suitability. The result is a faster and more efficient workflow.

       

      The delivery

      The client onboarding project was implemented in conjunction with a parallel auditing project , designed to manage audit processes using the same platform. Within the client onboarding project, a sub-project relationship checks – which was used to check the suitability of a potential client before pitching to themwas concurrently rolled out.

      It has improved the efficiency, transparency and reporting of relationship checks for approximately 5000 users of the system.

       

      The results

      Agile (Scrum) delivery was used to deliver the project. After around six months of positive results under the pilot program and a sample cohort of users, we began rolling out to the wider business. This was implemented in two-week sprints, with deployment to production at the end of each period. Agile development was maintained for almost two (2) years, until the project was live to all 5000 users.

      To date, the new client onboarding processes have streamlined onboarding for several hundred types of work. There have been thousands of clients onboarded with a total fee value in excess of £100 million.

      Client onboarding is processed with the full use of the new Relationship Checks system, which pre-checks for conflicts with existing work. Client onboarding also dovetails into the auditing project. This means a user runs through a client onboarding process for their audit engagement, and the auditing project picks up what is created and starts the audit work as required. The end result is a comprehensive end-to-end solution that covers the entire client lifecycle.

       

      Why choose Procensol?

      Founded in 2008 in the UK, Procensol has become a global leader in process-centric solutions, focusing on digital transformation, business process management and technology innovation. Procensol specialises in the delivery of high performance commercial outcomes using low code applications, harmonising fragmented data sets to drive consistency, efficiency and profitability.

      If you would like more information on how Procensol can help you digitally transform using intelligent automation and low code solutions, get in touch at info@procensol.co.uk

      Contact us today.

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