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Getting it right: Private banking and the KYC dilemma

By Yvonne Ngai, Marketing Director APAC, Appway

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Onboarding for Wealth

Appway is the global leader in client onboarding for the financial services industry. Onboarding for Wealth enables leading wealth managers, private banks, and family offices to provide their high net worth clients (HNWIs) with a personalized experience while guaranteeing compliance to local and global regulations Onboarding for Wealth combines digital and physical...

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by Appway
| 22/11/2018 11:13:38

I recently came across an article written by Nick Davison, Singapore Financial Crime Unit Leader and Director at PwC South East Asia. The title, Improving the Private Banking On-boarding Process, is what got my attention first.

The reason it stood out to me is because we're always focused on improving onboarding processes here at Appway.

Just like Davison writes, our customers also often tell us, “Our KYC takes too long and costs too much.” As he puts it, “It is not uncommon to take more than 30 hours of effort and potentially months of elapsed time, to perform KYC on complex high risk cases.”

Maybe you’ve also suffered through these lengthy processes at some point as a customer and know how painful they can be.

In his article, Davison shares the top five challenges connected with private banking onboarding processes, as well as five steps banks can take to make the process less stressful.

Although he makes some very valuable suggestions, it’s important to note that private banks need to have the right client onboarding solution in place if they want to actually put his tips into action.

Here are some of the ways a digital onboarding solution can help:

1. Improving collaboration among employees and empowering them. 
Automated processes tear down silos between relationship managers and stakeholders, connecting information to the right person at the right time. Digital Collaboration, for instance, is an Appway tool that allows clients and relationship managers to collaborate instantly.

2. Creating personalized client customer experiences and journeys. 
The Household Tree & Role Manager tool manages preconfigured rules and provides relationship managers with insight into clients’ lifestyles as well as a holistic understanding of their private and professional relationships.

3. Updating data for compliance checks and adapting new regulations with the right tool. 
Features like Client Profiler continuously update data for compliance checks while complex cross-border rules can be integrated to guarantee compliant collaboration without clients having to travel.

4. Providing service for customers anywhere in the world. 
Our solutions combine digital and physical interactions to provide clients with a convenient experience no matter where they are. Interaction history is reflected across channel and devices. Documents are exchanged securely, so clients can be confident that their communication is private and compliant.