Evaluating Your Commercial Onboarding and Account Opening Process for Success
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In a world where the financial industry continues to evolve rapidly, financial institutions need to do the same. One way to maintain your edge is by embracing a balance of automation and augmentation. This approach enhances operational efficiency, optimizes risk management, and revolutionizes the experience for both banker and client.
The journey to leveraging automation and augmentation begins with evaluating your institution's onboarding and account opening processes, essentially performing a health check. This assessment is based on three key areas: banker experience, AML and audit readiness, and client experience. Understanding these areas is key to identifying strengths and areas for improvement.
1. How efficiently do you collect documents, forms, and signatures?
From fully manual to fully digital, there is a variety of ways to collect this information, though some are more efficient than others. Efficiency in document collection directly impacts your productivity and your clients' satisfaction, and streamlining these processes through automation not only reduces the workload on bankers but also speeds up the overall onboarding process. With document collection and automatic indexing, digital disclosures and agreements, and centralized data, bankers can spend less time on paperwork and more time on client relationships.
2. How quickly can you complete KYC and KYB?
The speed and accuracy of Know Your Customer (KYC) and Know Your Business (KYB) checks are vital for a seamless client experience. Whether these checks are performed through manual entry or through highly automated data integration can make a huge impact on efficiency. A robust system can simplify information collection while maintaining high-quality, banker-led experiences. This approach reduces churn and increases client satisfaction by offering a true omni-channel experience.
3. What level of confidence do you have in your AML and Audit processes?
Confidence in your Anti-Money Laundering (AML) and audit processes is crucial for mitigating risk. By enhancing efficiency and accuracy, these processes not only reduce fraud but also ensure your institution remains audit-ready. Additionally, faster account openings improve client experience while bolstering trust and security. As your confidence grows, so does your ability to identify new opportunities for optimization.
Optimizing Your Approach
Creating a true omni-channel experience, simplifying data collection, and preserving high-touch banker-led interactions can significantly enhance client experiences. This approach increases satisfaction and decreases churn. Integrating technology that enhances efficiency allows financial institutions to concentrate on the areas that really matter, such as client-banker relationships.
nCino Commercial Onboarding and Account Opening (COAO) is designed to simplify the complexities of commercial banking. By adopting the nCino Commercial Banking Solution, financial institutions can ensure exceptional experiences for both bankers and clients. To learn more on how to optimize your institution’s onboarding and account opening process, download the full infographic.