Our complimentary solutions for the financial services industry cover every aspect of digitally-empowered, empathic client lifecycle management.
Client Onboarding in Wealth Management and Private Banking
Supports private banks, wealth managers, brokerdealers, multi-family offices, and universal banks to cover all the complexities involved in opening client relationships with (U)HNWIs, corporate customers, and complex structures – trusts, foundations, and funds – while guaranteeing compliance with all existing and new applicable regulations, with seamless crosschannel reliability through different interaction modes.
KYC and Regulatory Reviews
Facilitates ongoing compliance checks and client dossier scrutiny beyond the initial onboarding stage by automating processes like KYC, AML, Periodic Reviews, CRS, and FATCA profiling. Empowers experts to take holistic control over reviews, in line with the latest applicable regulations, while transparently managing risks, minimizing operational costs, and enabling regulatory compliance across jurisdictions – both global and local – quickly and comprehensively.
Smart Client Update and Account Maintenance
Boosts advisor and operational productivity with a set of tools and templates that facilitates hyperpersonalized, holistic management of clients’ changing circumstances and ongoing account maintenance across all channels. Enables cross-departmental collaboration with subject matter experts, allowing them to solve multi-faceted tasks which result from material changes in the most efficient and costeffective way.
Allows institutions to streamline the loan origination process by coordinating client interactions across touchpoints, thereby delivering a transparent and frictionless customer experience, whether online or through physical channels.
A preview of the tangible benefits our customers experience
Onboarding and CLM times for our customers have been reduced by up to nearly 90%, along with a significant improvement in the customer experience, resulting in a more than 10% increase in profit margins of the revenues per customer.
Activities are streamlined, which dramatically reduces dropouts during client acquisition activities and gives customers more confidence. Relationship managers avoid losing momentum, and are better enabled to upsell. Furthermore, the advisors are more efficient, can better position the portfolio, and are better able to target higher-value customers. Research showed that, for a mid-sized firm over a four-year period, the Appway Onboarding and CLM solution delivers double-digit Present Value.
Compliance and back-office functions perform more efficiently, as well. Different departments can work and collaborate on the same client dossier in parallel. Updating compliance requirements is also expedited as all the business units of the firm are in alignment.
Our goal is to enable our customers to address, master, and stay ahead of the fast-evolving challenges in the industry. To keep our offering relevant and compelling, Appway’s team of experts constantly:
- Creates touchpoints with existing customers and perform workshops to assess new needs and take new directions
- Looks closely at the opportunities new technologies can bring
- Engages with respected analysts to review trends
In response to the broad disaggregation in wealth management, we believe one of the key functions of the Onboarding and CLM solutions is to connect the disconnected. Our large technology ecosystem provides our clients with access to a broad array of partners and third-party service providers, while allowing for flexibility if clients prefer to continue working with their existing vendors. We focus on expanding integration capabilities of our technology, creating connectors to best leverage our valuable partnerships. For example, we have partnered with Salesforce to offer our CLM for Wealth app, which gives relationship managers a ‘one-stop shop’ experience for all aspects related to the onboarding of new customers by combining the power of Salesforce’s CRM capabilities and our CLM technology, thereby turning the prospectto-client phase into a competitive advantage for financial services institutions. The CLM for Wealth app is available on the Salesforce AppExchange.
Our delivery approach relies on Appway’s mix of products, leadership, toolsets, and methodology. It is continuously refined and perfected over time, and is fully adaptable to fulfill clients’ needs and goals. We use a four-phase approach:
- Analysis and design
- Customer testing
- Go-live and post go-live support
Our team, together with our customers and international and local partners, will guide firms throughout the entire project cycle, including the handover to the client’s delivery center.
Deployment is supported on cloud and/or on premise.
Access Part 1 here
Click here to access and download the pdf version of this article:
This article was originally part of The Wealth Mosaic's WealthTech Views Client Engagement Report. You can access and download the full report here: