BEST KYC AND CLIENT ONBOARDING TOOL
It can take a relationship manager up to three months to onboard a client manually; and with compliance teams intensifying scrutiny of KYC and AML controls, the onboarding process is becoming more onerous and costly. It is for these reasons that the ‘last mile’ of the client experience is undergoing a major digital transformation.
Appway has successfully capitalised on a surge in demand for digitised onboarding solutions from private banks in the region by providing a tool that strikes a fine balance between rigour and flexibility. The tool, which is able to extract signatures from documents and track incoming data from clients as they are onboarded, has been proven to boost front office productivity, earning widespread praise from private banking IT heads.
Appway Onboarding includes a set of regulatory functions that screen in-house compliance rules, evaluate client investment goals and plug into a number of external background check services. The tool also provides a framework for calculating and applying risk ratings, ensuring that onboarding is a well-measured process.
The cost of integrating different technologies accounts for a large portion – some say as much as 60% – of a private bank’s technology budget. Appway’s client onboarding tool helps alleviate expenses via its “integration encapsulation mechanism” which enables it to plug into customer relationship management and core banking systems both seamlessly and cost-effectively.
“Guarantee compliance, build it at the core, and build it right from the very beginning,” says Hanspeter Wolf, CEO of Appway, when asked why the firm’s client onboarding solution has been successful.
Appway is Asian Private Banker’s Best KYC and Client Onboarding Tool for 2016.