Wealth & Asset Management: Streamlining Client Onboarding

Ensuring the client onboarding process is quick and efficient is an important factor for Wealth and Asset Management firms who wish to maintain and grow their client base. A streamlined onboarding process:

- Improves client satisfaction and boosts customer value
- Provides better visibility on client data (via our Single API) for AML, KYC, IDV and PEP’s and Sanctions checks
- Ensures compliance requirements are met in a timely manner
- Delivers a lower cost of operations as well as creating efficiencies by freeing up colleagues time

A recent Thomson Reuters report - KYC compliance: the rising challenge for financial institutions, illustrated that a significant number of challenges existed including:

- The average number of days it took to onboard a new client was 26 .. and it has been increasing

- The largest FIs ($10bn+ turnover) have seen average spend on KYC-related procedures increase from $142m in 2016 to $150m in 2017

- The number of FI employees working on KYC adherence has rocketed from an average of 68 in 2016 to 307 in 2017

As a result of increased regulatory requirements driven by FATCA, CRS, PSD2 and MiFID II among others, it is imperative that wealth and asset management firms examine the efficiency of their client lifecycle processes, particularly in relation to updated Anti-Money Laundering (AML), Know Your Customer (KYC) and Client Suitability and Appropriateness requirements.


How NorthRow Helps?

NorthRow provides a flexible, customised solution, with fully automated identity verification and compliance checks, via a single API - which helps our clients to dramatically cut onboarding time and manpower. This is essential for driving efficiency and is particularly important for the onboarding of individuals, entities as well as institutional clients where cross-referencing is more complex.

NorthRow's streamlined and automated processes enable clients to meet global regulatory standards with particular emphasis on AML and KYC standards

Unlike other providers, we specialise in combining automated, technology-driven processes together with a managed service, allowing us to fulfill client requirements which may be unique or more complex, such as assisting in areas like source of wealth. Watch Alan Gleeson, Chief Marketing Officer at NorthRow, explain how we can automate due diligence checks along with evaluating client suitability.

 

 
 
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Our Solution

Our fast, accurate and efficient solution includes online application capability, core Identity verification, PEP’s and Sanctions Checks, Social Media Checks, Law enforcement compromised ID Checks, Passport OCR checks for data entry, and Passport Visa verification.

In addition, NorthRow’s powerful combination of automation and managed service ensures our clients meet their obligations regarding client appropriateness and suitability.

Please see below the services we provide for wealth and asset managers.

 

 
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Key Benefits


Why Are Northrow Different?

NorthRow’s agile technology facilitates access to an extensive breadth of data, far greater than that offered by single suppliers. We are also one of the only firms to have an intelligence-sharing agreement with law enforcement agencies. Our technology-led approach ensures a thorough check is executed using multiple steps to ensure even advanced risk profiling is as accurate as possible, whilst remaining low-touch, and cost-effective.


Key Clients Include

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