Product Spotlight: KYC Refresh

Product Spotlight: KYC Refresh

In the dynamic landscape of wealth management, the precision and integrity of client data are not just operational imperatives but also regulatory mandates. Maintaining up-to-date client information becomes increasingly challenging as wealth management firms navigate the complexities of managing an ever-evolving client base. 

Wealth management offices must have accurate data, both for operational and regulatory reasons. However, this can become a complicated balancing act as your client base grows and changes over the years.

Depending on the custodian, a repapering process can take several months and require a full-time team to manage it. With Mako, this task can be completed in a few clicks and fully automated using our bulk workflow feature, only requiring minor human involvement to validate data. 

Using a simple CSV template, large numbers of investors and entities can be bulk uploaded to the platform and added to a workflow to launch the repapering process with all accounts. After the responses are approved, all accounts are automatically created and funded at the new custodian.

Mako works beyond the digital onboarding portion and remains useful even after accounts have been opened through the platform. We allow your organization to launch workflows in bulk to update information across your entire book of business and share the collected data with your other software tools. KYC refresh is another common use case for bulk workflow launch. A task that used to take months can now be executed in a few clicks while providing a much more attractive experience to your customers. 

Here is Mako's Product Manager and Designer, Heather Mazzonna, to explain further: 

Technology and Efficiency in Wealth Management

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In Pursuit of Efficiency:

Working with Technology to De-paper Wealth Management Processes

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