By Kimberly Sobeck, Sales Development Representative, Unqork
Wealth and asset management (WAM) firms have long relied on manual processes to onboard customers—a process that can take up to 16 weeks, according to Deloitte analysts. But institutional and high net worth (HNW) clients are just not willing to wait that long anymore.
“Clients are likely to view this part of their experience unfavorably compared with what they’ve grown to expect among their other banking interactions,” writes Deloitte.
And the potential loss of client confidence is only one of the costs of slow onboarding. There is the loss of revenue during the waiting period for those who are willing to wait. Manual processes also increase the risk of non-compliance with KYC and other regulations.
With Unqork, we can speed up the process of onboarding investors between 5X and 10X, depending on the fund.
— Ed Keenan, Vice President, Brookfield
And manual onboarding is just plain-old expensive. “A large, Tier 1 bank can spend more than $100 million a year on client onboarding, when you take into account the information technology and operations considerations,” writes KPMG’s Bill Cline, National Account Leader for Capital Markets at KPMG.
However, firms are fighting back with Unqork’s Codeless as a Service platform. “With Unqork, we can speed up the process of onboarding investors between 5X and 10X, depending on the fund,” says Ed Keenan, Vice President, Brookfield.
Why 7 of the top 10 WAM firms have gone codeless
With Unqork’s Codeless as a Service (CaaS) platform, WAM firms can digitize and automate complex client lifecycle events, including onboarding and services. In just three to five months—and with 80% fewer resources than a traditional development approach—WAM firms can build a solution that:
- Standardizes and automates onboarding & servicing processes
- Optimizes cross-sell/up-sell opportunities
- Seamlessly integrates onboarding and transaction systems
- Provides dashboards to manage cases and status across the client lifecycle
And when the solution is up and running, WAM firms typically speed up onboarding times by 75%, while lowering costs by 40%. Not surprisingly, 7 of the top 10 WAM firms have adopted Unqork’s CaaS platform.
Ed Keenan, Vice President at Brookfield, on the value Unqork’s Codeless as a Service platform is bringing to the investment giant
3 ways CaaS speeds time to revenue
Obviously, standardizing and automating onboarding is going to drive down costs, and that shows up on the bottom line. However, Unqork’s codeless approach to institutional and HNW clients also contributes to the top line by speeding time-to-revenue in three critical ways.
1. Accelerated onboarding times
The faster you can onboard clients, the more likely you are to win their business—and the faster you can start building a profitable relationship. Unqork’s onboarding solution slashes onboarding times by 75%, thanks to:
- Fully digitized capture of client data and integration with CRM systems
- Parallel workflow execution and task orchestration
- Digital contract generation
- Role-based dashboard to track progress ot key milestones
2. Easy access to new products and services
To speed and simplify cross-sell and up-sell opportunities, the Unqork solution supports fully digitized self-service access so that clients can add products, services, and entities. In addition, Unqork’s CaaS platform makes it far faster and easier to create new products in response to client demand and changing market conditions.
3. Data-driven cross-sell/up-sell opportunities.
By enabling WAMs to quickly connect systems and data sources, the Unqork platform supports much richer, more granular insights about customer needs and preference. This, in turn, provides more valuable guidance on cross-sell/up-sell opportunities that can drive net-new revenue.
Kimberly Sobeck, Sales Development Representative at Unqork, specializes in the financial services sector. You can reach her directly at kimberly.sobeck@unqork.com.
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