Client onboarding can be quite challenging, time-consuming, expensive and success is never guaranteed. However, client onboarding is emerging as a major focal point for investment banks and financial institutions which struggle with evolving market dynamics, regulatory city, and operational overheads.
Client onboarding offers banks an opportunity to expand to a new horizon, geographies, acquire new and stronger business and establish their brand as the best in class. Banks, therefore, need to streamline their onboarding process and offer better-customized client service. Many banks still have a fragmented process which prevents a seamless onboarding function.
For instance, the client onboarding request comes through different channels of a bank and often the process involves hectic paperwork, several emails, and frequent manual intervention.
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