In “Digitization and Automation – The Foundation for Onboarding Success,” CEB analysts identify three must-have features of any digital onboarding solution. Today we wanted to share those key capabilities, with a bit of information about why they matter so much:
1) Digitized, Intelligent Forms
Digitized, intelligent forms are an essential part of speeding up account opening. These forms only display questions relevant to the client’s life circumstances and selected accounts. For example, if the client indicates that he or she is single, questions about spousal income vanish. Using intelligent forms streamlines onboarding, reduces errors and frees up advisor time to drive new client acquisition.
2) Integrated Data
To offer the best return on investment, onboarding software has to be part of a technology architecture that supports the sharing of client data across systems. Integrated data architecture enables pre-population of forms with client data to speed the onboarding process. It also permits advisors to capture data about client needs during onboarding, and feed it into their CRM system to trigger future cross-sell campaigns.
3) E-Signature Capabilities
Integrated e-signature capabilities are a must for firms who want to offer straight-though, paperless processing of new accounts. They can help reduce account opening time from days to hours. Modern e-signature technologies prompt clients to sign in all the right places, preventing NIGO paperwork. They also offer robust client authentication features and preserve an audit trail related to the signature, improving compliance levels.
A Foundation for Success
With the right onboarding solution in place, firms can rise to the challenge of providing uniform service to all client segments across all channels. Your firm may not be able to deliver all of these capabilities in the immediate future, but there are foundational steps you can take to optimize your architecture for digital onboarding success. Download our recently-commissioned CEB Insight Brief, to learn what these steps are and how to put them in into effect.