black hole to white glove: transform investment bank onboarding to improve client experiences and...


200+ steps. Months of frustration. It’s no wonder that nearly one third of institutional investment banking clients abandon the onboarding process before completion.

This leaves 30% or more of banks’ clients up for grabs.

Onboarding will always be complex thanks to regulators, but the process must be transformed into a client-friendly experience to protect and grow the customer base.

CLIENT ONBOARDING IS BROKEN


Global investment banks have wasted millions implementing failed technological onboarding “fixes”. This is because the flaws are fundamental, not computational:

• No department or leader owns end-to-end onboarding on behalf of the client, leading to a lack of accountability.

• Clients typically value fewer than five of the over 200 steps in the average onboarding process.

• Information visibility is lost between siloed departments, resulting in repeat data requests and delayed processing.

GOOD TECH DOESN’T SOLVE BAD PROCESS


Investment banks’ profits have shrunk for nearly a decade. By decreasing onboarding inefficiencies and increasing accountability, banks can:

• Realize up to 9% potential revenue growth• Reduce costs by up to 18%• Cut time to trade by 25%

NEW VALUE IS WAITING


Getting onboarding right does not require massive technology investments or structural reorganization. It does require a company-wide cultural shift. Banks can begin with the following actions:

GET THE HOUSE IN ORDER

• REBUILD from the ground up. Adopt a zero-based mindset to streamline onboarding.

• FOCUS on the vital few with an analytic, data driven approach to provide tailored services for each client.

• STOP holding clients hostage. Appoint a client owner who has the mandate, facts and accountability to demand excellence.

• CREATE top to bottom transparency. Use digital technologies to elevate the client experience once the ground work is complete.


Learn more about how to transform investment bank onboarding to improve client experience and grow revenue:

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BLACK HOLE TO WHITE GLOVE JOIN THE CONVERSATION:

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black hole to white glove: transform investment bank onboarding to improve client experiences and...

Technology