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Date: 2020/11/04

Title: How to Convert your Leads into Sales more Efficiently

Teaser: Large wealth managers find that onboarding a client tends to be disjointed, complex, and time consuming. We can help you deliver a seamless onboarding experience.

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How to Convert your Leads into Sales more Efficiently

Large wealth managers often find that onboarding a client into their organization is disjointed, complex, and time consuming. The reason is the lack of a clear and structured process across all the different teams involved. These cumbersome arrangements don’t just risk creating a bad first impression with the client, they also have a significant impact on both the top and bottom lines. The solution to the problem is an onboarding solution that optimizes business processes and integrates with your existing landscape to deliver a seamless experience for your clients.

Author: Pallav Kapur | Sanya Thapa


The Challenges of Onboarding

One of the biggest pain points a large organization faces in client onboarding is the lack of a streamlined process that brings together all the relevant front, middle, and back office teams. In addition to extending prospect-to-client conversion times, such disparate onboarding processes and technologies can create significant compliance risks as well.

Based on our project experience, we highlight three main issues that need to be addressed to improve the overall onboarding experience:

  1. An unstructured and opaque onboarding process
  2. Manual data and document capture
  3. Disconnected infrastructure.
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The lack of a structured onboarding process can leave business groups working in silos. An effective solution should incorporate all the key elements of onboarding, such as prospecting, KYC and account opening, into transparent processes. For example, we commonly see client-facing staff tasked with collecting and documenting all client information during onboarding. Ironically, they are never the experts on the data and documentation that are actually required. They often struggle to provide complete and accurate information. The result is that the onboarding case ping-pongs back and forth, and cycle times are delayed. A structured onboarding process pro-vides all relevant business rules upfront so that relationship managers can efficiently obtain what’s needed without middle or back office intervention.

Underlying these issues is almost always the fact that the technological infrastructure is disparate and disconnected. The amount of data being shared across all the separate onboarding processes and tools is minimal. Back office platforms aren’t integrated with those of the front office. The onboarding process itself can become incredibly opaque; most participants will have no way of knowing the progress of an onboarding case or where the bottlenecks are. This makes it very difficult to identify ownership, leading to a lack of downstream accountability.  

The lack of connectivity often also creates manual processes to capture the same data and documentation. All this will pose a significant compliance burden on any wealth management organization. Significant data gaps could be created and identified by regulators. It also leads to two additional inefficiencies:

  1. Different teams may reach out to the client for the same information
  2. Data has to be rekeyed into the different systems, opening the door for more human error

An effective onboarding solution will not only reduce prospect-to-client conversion times, but will also reduce unnecessary regulatory risks. It can alleviate the frustration caused when clients and staff find themselves having to navigate a complicated and cumbersome process.

How to Convert your Leads into Sales more Efficiently?

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Our Solution

As a trusted implementation partner for our clients, Synpulse has delivered solutions that harmoniously combine all onboarding processes, and fully integrated it with upstream and downstream solutions.

Keep reading & download the full article pdf in order to receive our approach including detailed framework for free.

CONTACT

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Pallav Kapur

  

  

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