Case Study

Optimising Client Onboarding through Hyper-Personalised Private Banking and Wealth Management Software

21 day
Reduced a three-week
onboarding process to
same day
0 %
Right first
time rate
100 %
Retyping between
onboarding, CRM
and core-banking

Efficiently delivering standardised, same-day client onboarding across multiple jurisdictions for a major pure player private bank in Europe

The challenge

Complex data structures & workflows

The firm had an existing Microsoft Dynamics solution which they had struggled to adapt to fully meet the complex data structures (including multi-booked clients) found within the industry, which presented particular problems to handling onboarding and review workflows in an efficient and consistent fashion.

Stunted growth & too much front office admin

The firm considered the above challenges to be stunting their ability to grow the business in line with its potential, with too much valuable front-office time being spent on admin rather than developing pipeline, converting opportunities and maximising wallet share.

Embedding compliance by design 

Additionally, the firm faced difficulties embedding all of their compliance requirements (by design) directly within workflows, and in establishing a cohesive integration later between the Dynamics-based solution and the wider technology stack of the firm, which has resulted in a fragmented systems landscape within considerable retyping and manual workarounds.

Efficient multi-jurisdictional support

Lastly, the firm expressed concerns in the ability of their own Dynamics solution to establish a standardised base set of workflows across multiple jurisdictions, whilst still allowing for any necessary deviations by exception. Even if this could be achieved in native Dynamics, there was concern on how this multi-jurisdictional setup could continue to be supported in a low-risk, time-efficient and cost-efficient fashion.

Evolving whilst protecting recent investments 

There has been a great deal of investment in the existing solution. Whilst it has been identified that the existing Dynamics solution was unable to support the more complex, industry-specific requirements of the firm, there was considerable other investment in the solution – in particular the base CRM capabilities – that they wanted to protect. The technology solutions had to have the ability to address the shortcomings of the existing solution, yet with the ability to work in tandem with the solution, at least initially.

Wealth Dynamix optimising client onboarding through their digital client onboarding platform, part of the Wealth Dynamix client lifecycle management solution.

The solution

Intelligent automated onboarding workflow 

Wealth Dynamix implemented the WDX1 Onboard module to address the challenges around the firm’s onboarding process. Business and compliance rules were configured directly into the solution, facilitating automation of the workflow and minimising the involvement of teams to an ‘exceptions-based’ involvement. For example, automated escalation for review where particularl complexity, risk or commercial sensitivity has been detected, with low risk, low complexity cases passing through ‘fast-tracked’ workflows. Crucially, where user interaction or review was required, the onboarding case 360 provided a comprehensive understanding of each and every onboarding case, with each step of the process fully – whether automated or otherwise – fully audited.

A seamlessly integrated solution

The solution delivered two layers of seamless integration. Firstly, the existing Wealth Dynamix partner technology ecosystem was leveraged to drive additional automation into the onboarding solution; for example, enabling of the pre-integrated Docusign e-signature capability. Secondly, the WDX1 API integration later was used to enable the efficient delivery of new integration points into the core banking and existing document management solutions.

Efficient multi-jurisdictional support

A design workshop led by Wealth Dynamix industry experts was used to establish a single core onboarding workflow that could be leveraged within all jurisdictional, further validated by an independent third-party consultant with whom the customer firm has an existing relationship. 

Where necessary, the configuration layer was used to apply minor local differences; for example, differences in document templates used, in data points captured or in the ownership of certain call-to-action types. The Wealth Dynamix Continuous Improvement Programme (CIP) was implemented to ensure that the solution could be supported and evolved in a cost and time-efficient fashion, achieved through the use of automated testing and automated deployment technologies.

The outcome

The implementation of Wealth Dynamix’s WDX1 Onboard module proved a major success:

Zero retyping

The solution completely eliminated the need to retype between the onboarding solution, CRM solution and the core banking solution, with the bi-directional integration layer fully respecting best-practice data mastering and data change rules.

95%+ right first time rate

By embedding business, compliance rules and automated data input validation directly into the workflow, the amount of cases that required rework due to manual error was reduced to a minimal level.

100% automated document filling

All documents to be distributed to customers – for signature or record-keeping – were not only automatically identified by the solution, but automatically pre-populated by the solution before being distributed to the end recipient(s), eliminating any manual overhead or manual error risk.

Same day client onboarding 

The efficiency of the process itself and the exceptionally high right-first time rate saw the major reductions in onboarding times, from a ‘firm-dictated’ previous average of circa 3 weeks to a ‘client dictated’ potential same-day onboarding.

Improved business growth

Naturally, the reduction in the elapsed onboarding process and reduction in client-observable error benefited the business growth aspiration of the business, further supported by the efficiency of the process delivered, which allowed front office time to be focused back on to business development as opposed to manual workarounds and administrative tasks.

Major reduction in compliance risk and overheads

Embedding compliance rules directly within the process ensured compliance with MiFID II Suitability, FATCA/CRS, EU AML Directive and more.

The success of the initial delivery resulted in the business working together with Wealth Dynamix to further enhance the scope of the solution, with future improvements identified including:

Enabling of integrated screening solutions

The enabling of an integrated screening solution (for PEPs, Sanctions & Adverse Media) was not an initial priority for the business, yet was prioritised for subsequent delivery as a means to deliver significant additional efficiency benefits for minimal additional investment, through the enabling of an existing, pre-integrated WDX1 partner ecosystem technology.

Fees subworkflow

The ability to capture proposed fee structures and to manage the review and approval of proposed fees – whether standard or bespoke – as part of onboarding and account opening workflows was identified as a priority item, delivering further overall onboarding efficiency benefits and helping to maximise margin by reducing the use of non-standard discounted fees unless by approved, audited exception where the commercial sense of the exception had been established and evidenced within the onboarding case.

Hybrid onboarding

The ability to provide self-service digital onboarding tools to the customer in accordance with their preferences, supporting not only a more personalised, frictionless onboarding experience with higher customer satisfaction and conversion rates, but also further reductions in the average man-hours invested in an onboarding case by the firm.

Insights & analytics layer

Introduction of a Power-BI driven insights & analytics layer to provide greater insight into the onboarding process and to help support a culture of continual improvement.

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