One of the main issues in corporate banking is the client experience. A large number of clients, existing and new ones drop out during onboarding due to frustration with the slow process and repeated requests for more information. It is not uncommon for corporate clients to be asked for extra information up to 10 times.
With larger, and international clients there is also a risk of duplicating information, when information could be re-used, for instance when a large corporate client opens up a new subsidiary and wants to open accounts. This is wasteful both for the bank and the client themselves, making an already frustrating experience seem more inefficient while increasing internal costs. In an age where Fintechs and Big Tech is setting a higher bar on client experience, banks must up their game.
How we can help
Take control of your client experience & data
We can help you reduce data duplication, increase data quality and most importantly, improve the client experience. Corporate clients will keep coming back to you, grow their relationships, and your staff will be freed to serve clients, unleashing a virtuous cycle of improvement.
Our hybrid approach of using off-the-shelf technology & IP, combined with consulting based on deep know-how ensures a low-risk, high-impact delivery of change.
Some potential results we can help you achieve are:
|Benefits & Outcomes|
|Improved client experience & improved growth||
|Reduced regulatory risk & cost||
Our Client Due Diligence Hub (CDD Hub) software provides a digital process & journey for clients, Relationship Managers & Compliance staff to go from initial meeting, via KYC & onboarding to ongoing compliance & regulatory reporting during the client relationship.
For a list of the compliance tasks CDD Hub covers, click here