When compared to retail onboarding, corporate customer onboarding is much more complex. Entity structures, sophisticated roles, and permissions must be considered, however, this does not mean that onboarding processes must take up to six months, as is often the case today.
By starting small, prioritising a seamless method, then reiterating this process, financial institutions can accelerate the process stepwise and will find themselves with a smooth end-to-end solution.
Both short- and long-term benefits to financial institutions are evident in the process of digitising corporate onboarding, ranging from faster access to banking services, to enhanced user experience to significantly reduced operation costs.
Adopting an approach that increases scaling as required, the project (and budget) can be expanded at the financial institution’s own pace.
Building communication channels and interaction points during the corporate onboarding phase reduces friction. Increasing the ease of interaction between a bank’s traditionally siloed departments means that security and data verification across the institution can be reinforced in parallel to smoothing internal communication barriers.
When digitisation of typical paper-based onboarding processes can save up to 66% time saved from manual, paper-based approach, it is only becoming more difficult to justify outdated models.
Sign up for this Finextra webinar, in association with CoCoNet, to hear our panel of industry experts as they discuss the following areas:
- What are the steps banks must make to achieve a smoother onboarding overall?
- What stops banks prioritising the digitalisation of corporate onboarding?
- What are the regional challenges banks face to onboarding corporates?
- Why is improved communication and interaction fundamental to a smooth onboarding?
- How do incongruencies between internal departments lead to challenges for onboarding?
- When will we see security and data verification with external registers?
- Gary Wright – Finextra (Moderator)
- Dennis Rochel – Head of Innovation, CoCoNet
- Daniel Wellmann – Business Manager Corporate Banking, Berenberg Bank
- Prasoon Mukherjee – VP, Unit Head of Data & Customer Experience, Global Solution Centre, Société Générale