How financial services can improve institutional onboarding

    • Onboarding institutional clients through disparate systems and manual processes is complex, slow and prone to error. The sheer number of processes, data sources and moving parts that wealth managers must juggle can often seem like an impossible task, especially if a legacy environment is involved – but new technology, such as intelligent automation and low code development, may hold the key to eliminating the traditional challenges of institutional onboarding.

      The first thing a solution must do is provide complete process visibility to all stakeholders. This allows institutions to do four things: prioritise resources, centralise the management of documents, unify communications and reduce potential risks.

      Below are the key areas that financial services must target if they want to improve and future proof their onboarding  process.

    • Acquire a 360 view of customer data

      Using Appian’s unique Records data management capability, users get a complete, 360-degree view of a customer and the full onboarding context, regardless of where that data resides across the organisation.

      Automate content extraction and document creation

      Intelligent automation can help perform content extraction and automated document assembly. This saves enormous amounts of time and effort previously spent manually parsing incoming documents and transferring data from one document to another.

      Easy integration and communication between systems

      Leverage platforms that have pre-built integrations to key legacy systems. Solutions such as Appian’s Connected Systems architecture allow for zero-code integration to external ecosystems such as Salesforce.

      Institutional onboarding is not one-size-fits-all

      The best solutions will combine elements of intelligent automation and case management with the speed, power and control of low code. Using the drag-and-drop visual interface of a platform such as Appian, skilled solutions architects can create unique answers to the unique challenges of your organisation.

      With all aspects of this new system in place, you can unify all data, automate low value tasks and guarantee compliance, thus accelerating the pace of onboarding in your institution.

    • Want to improve your institutional onboarding process?

      Learn more

  • About the Author


    Procensol is recognised by major enterprise clients worldwide as a leader in building process-centric solutions for Business Process Management, Digital Transformation and Innovation.

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