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Want to improve your cost-to-income ratio? Automate your onboarding!

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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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Smart Client Update and Account Maintenance

Appway Client Update is a digital solution for financial institutions including private banks, wealth managers, broker-dealers, multi-family offices, and universal banks. By enabling the orchestration of people, data, and activities, managing client updates and account maintenance is smart, personalized, and holistic.  Client Update leverages a combination of Appway technology, business components,...

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by Appway
| 22/10/2020 12:00:00

Many private banks, wealth managers, and brokerage firms ask us the following question: “How much can we save by implementing client onboarding with Appway?”

Since businesses are under pressure to improve their cost-to-income ratio, investing into creating operational efficiencies to reduce cost is a widespread approach. Yet, firms must not forget the income side of the equation, because there is still a lot of room for improvement in that area when it comes to onboarding, even in such a mature industry.

In a recently published study “The Total Economic Impact™ of Appway Client Onboarding for Wealth Management”, leading analyst firm Forrester analyzed what kind of outcomes wealth management firms that automate their client onboarding processes with Appway typically achieve, and they found some very interesting insights.

With the information that Forrester gained by interviewing Appway customers, they quantified the benefits that these institutions gained:

  • Streamlined processes: 90% faster onboarding time
  • Higher value of new accounts: 10% higher margin per customer
  • Increased conversion rate: 5% incremental customer acquisition
  • Increased compliance and back-office efficiencies: 2 fewer FTEs per booking center

By calculating the effective expectable monetary present values for a typical institution, Forrester identified a very important pattern: The benefits that lead to increased revenues (i.e. increased margin per customer, incremental customer acquisition, and reduced time to margin) massively exceed the efficiency gains that can lead to cost reduction, as illustrated by the following diagram:

In our view, this is a key message for everybody who is planning to automate client onboarding processes: If you focus solely on cost-saving efficiency gains, you will miss out on 90% of the potential quantified monetary benefits for increased income!

Efficiency gains are key, but they need to result in improved customer and advisor experience, as well, not just cost-saving. Workflow automation and the augmentation of digital touchpoints enable all stakeholders to be more effective and productive, thereby increasing both convenience and reliability. The monetary impact of improving these experiences is clearly measurable in monetary terms, and it’s significant.

All businesses that strive to find ways how improve their cost-to-income ratio should understand this: Automating their client onboarding processes in the right way will have a major impact on both parts of the equation, both cost and income.

If you want the details on all the insights Forrester collected on automating client onboarding in wealth management and private banking with Appway, you can download the full study here.

Learn more about Appway’s view on automating client onboarding for wealth management!

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