In industries like banking and wealth management, physical forms and processes seem to have a particularly lasting hold. For most wealth management firms, onboarding software is the first step in a burgeoning digital transformation.
Offering a digitized account opening experience is now a basic expectation of most customers. With an estimated 85% of adults in North America using digital banking solutions, it’s no wonder the wealth management industry is looking to follow suit.
However, since digital onboarding influences multiple aspects of your business, its implementation process must be carefully planned to achieve the maximum impact and data quality required for the project to be successful.
This article will review the most common challenges of digital onboarding processes and provide helpful guidelines for a smooth implementation.
Digital onboarding is a major project that integrates and impacts all aspects of a wealth management office. This technology can enhance compliance, client experience and data quality simultaneously. However, if an onboarding process and software are poorly thought out, your business can experience several issues.
Here are some key issues that could create a rough implementation process if present:
Poor validation leads to applications that are Not In Good Order (NIGOs), which causes delays and frustrations. Addressing this requires a meticulous approach to data validation from the outset. Mako has built-in validation, warnings, formatting and other measures to ensure your client data is accurately collected.
Bad UX, especially in household data entry, can result in a poor overall experience and necessitate repeat data entry, detracting from the process's efficiency. Mako takes its UX very seriously and considers it a core business practice.
Poor integrations can hinder leveraging internal and external data sources, leading to unnecessary data re-entry and other inefficiencies. A common weakness with integrations is clunky e-signature solutions, which is why Mako boasts a speedy, native e-signature module that clients can use directly in their forms. Similarly, Mako has direct integrations with ID verification software to enable identity checks directly in your forms, preserving a seamless experience.
Slow processes can result in form abandonment and disillusionment among users. If the experience is slow, customers quickly become frustrated. Mako’s servers are continuously monitored, and our solution is highly optimized to ensure a fast experience for wealth managers and customers alike.
The lack of comprehensive processes, such as joint or entity account opening, often redirects users to out-of-app workflows, disrupting the digital experience and creating frustration. To counter these challenges, our team focuses on robust data validation, user-friendly design, and seamless integrations to ensure a frictionless onboarding experience.
Selecting a digital onboarding solution is only one small step in the process, even if it sometimes feels like a lot of work. Figuring out how to integrate the selected software within your business and workflows is even more important. Here are the four steps all our clients go through when they select Mako:
1. Business Process Review (BPR)
The journey begins with a comprehensive review of the proposal to ensure its relevance and scope and that everyone involved is on the same page before the implementation begins. This phase is critical for documenting deliverables and setting a configuration schedule that aligns with the client's needs and expectations. Additionally, the output of this phase includes the creation of a Statement of Work (SoW) meticulously outlining project deliverables, timelines, and responsibilities. The SoW undergoes a thorough review and is then presented for signature, solidifying mutual understanding and commitment between all parties involved.
2. Configuration
During the configuration phase, our primary focus is to execute the defined exit criteria outlined in the Statement of Work (SoW). By adhering closely to the criteria set forth, we ensure that every sprint executed delivers testable objectives consistently. This systematic agile approach provides opportunities to integrate client feedback in each objective so as to ensure that each step towards activation is measured and aligned with the project's goals. Digital onboarding is at its best when information can flow directly from the forms to your custodian, PMS and CRM. Mako’s team will help you configure every aspect of your digital onboarding tech stack to achieve this.
3. Launch
The launch phase is pivotal, requiring the provision of all relevant documentation and the execution of a detailed launch plan. This stage marks the transition from preparation to actual operation, setting the stage for the client's active engagement with the service.
4. Post-Launch
Post-launch activities focus on ensuring maximum usage and client satisfaction. This phase reinforces the training and assists our clients, ensuring they derive maximum value from the service while promptly addressing any issues or enhancements.
“Our implementation process is highly streamlined, ensuring that wealth management firms can transition to digital with remarkable speed and minimal disruption. From the initial business process review to the post-launch support, every step is finely tuned to expedite integration without compromising on quality or functionality.” says Paul Tseng, Vice President of Solutions Engineering, “Our clients experience a seamless, rapid transformation that aligns with their strategic goals, powered by our cutting-edge technology and expert team. I am extraordinarily proud of our ability to deliver such transformative solutions with unparalleled speed and efficiency, truly setting Mako apart in the fintech industry.”
Paying attention to how digital onboarding is introduced into your business is a win-win situation. Not only does this process force you to identify the potential shortcomings of your legacy methods, but it also keeps your team united as they configure, test and launch the solution you selected.
When done correctly, digital onboarding integrates with all your technological tools to save you time and improve the overall quality of your client data. The implementation process is almost as important as the quality of the software you selected and should be a top question as you interview a potential solution partner.
If you’d like a demo of our solution and a better understanding of our implementation process, don’t hesitate to contact us.
Photo by Kaleidico on Unsplash
