Automated Client On-boarding for The Investment Industry
Problem: The on-boarding of financial clients is a slow and cumbersome process, discouraging new clients and burdening financial institutions in admin and overhead costs.
Solution: Design and develop an automated on-boarding process that meets the security and regulatory requirements of the industry, while speeding up and simplifying the process for clients.
10x Investments believes in simplifying the process of investment and retirement saving. With hundreds of complex investment choices and an army of middle-men, 10x wanted to eliminate the need for advisors and digitise the entire investment process.
We worked with 10x to develop electronic sign-up forms and automate their on-boarding process. The user-experience and security was critical to their success.
Beneath the regulatory and legal standards we were designing for, we also architected a system that allowed 10x to seamlessly integrate client data into every part of their business. Clients could directly interact with any part of 10x's investment portfolio without the need for advisors, and 10x could automate their client management using all the client data already in the system. Everything could be managed by a central database.
In an industry that is traditionally slow to innovate and overburdened with paperwork, we were breaking new ground.
We designed an on-boarding process that could be completed in just fifteen minutes, compared to the industry best of two working days. Clients could start their application today and have an investment two hours later.
Our electronic client on-boarding process led to 10x growing their client base.
Automating the client admin process and moving to an electronic system has decreased the turnaround time and cost of securing new investment clients. Our experience in creating such effective on-boarding processes has been invaluable to the financial industry and continues to be key to how our clients secure new business.