www.niit-tech.com Industry Overview The financial service industry is working relentlessly towards overcoming the after effects of the global downturn. As financial institutions move forward to become more customer-focused and in turn, profitable, the focus should be on an adept, agile and a versatile on boarding process. However, there is an increased pressure on dwindling on-boarding teams to drive revenues, adopt hassle-free processes and comply with stringent as well as ever-evolving regulations. Financial enterprises have realized the need for a user-friendly on-boarding process which creates a long-lasting, favorable first impression on clients. Faster client on-boarding directly impacts revenue in-flows and is another reason for simplifying this complex process. However, financial firms face multitude of challenges in streamlining this process: • Complex account opening procedures • Need to provide superior client experience • New regulatory mandates such as FATCA, EMIR, Dodd-Frank, MiFID • Cumbersome manual and paper-based administrative tasks • Siloed legacy systems • Declining revenues leading to significant cost cutting To meet the business demand of reducing the client on-boarding cycle, organizations need a holistic solution that simplifies and streamlines the account opening process, and reduces average on-boarding time. Business Solution Client On-boarding and Account Servicing - Assuring Innovation and Compliance Banking & Financial Services NIIT Technologies provides a workflow driven, comprehensive client on-boarding & account management solution that streamlines the entire new account enrolment process from electronic application to provisioning and integrates it fully with back-end systems. From the initial customer meeting right up to capture of documents, information is integrated with business processes and routed through defined approval and compliance workflows. Seamless client on-boarding experience Platform based Service Operations Single cross reference to link data, customers and advisors Response to latest regulations
4
Embed
Client On-boarding and Account Servicing - Assuring ... On-boarding.pdf · client on-boarding & account management solution that streamlines the entire new account enrolment process
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
www.niit-tech.com
Industry OverviewThe financial service industry is working relentlessly towards overcoming the after effects of the global downturn. As financial institutions move forward to become more customer-focused and in turn, profitable, the focus should be on an adept, agile and a versatile on boarding process. However, there is an increased pressure on dwindling on-boarding teams to drive revenues, adopt hassle-free processes and comply with stringent as well as ever-evolving regulations.
Financial enterprises have realized the need for a user-friendly on-boarding process which creates a long-lasting, favorable first impression on clients. Faster client on-boarding directly impacts revenue in-flows and is another reason for simplifying this complex process. However, financial firms face multitude of challenges in streamlining this process:• Complex account opening procedures• Need to provide superior client experience • New regulatory mandates such as FATCA, EMIR,
Dodd-Frank, MiFID• Cumbersome manual and paper-based administrative tasks • Siloed legacy systems• Declining revenues leading to significant cost cutting
To meet the business demand of reducing the client on-boarding cycle, organizations need a holistic solution that simplifies and streamlines the account opening process, and reduces average on-boarding time.
Business Solution
Client On-boarding and Account Servicing - Assuring Innovation and Compliance
Banking & Financial Services
NIIT Technologies provides a workflow driven, comprehensive
client on-boarding & account management solution that
streamlines the entire new account enrolment process from
electronic application to provisioning and integrates it fully with
back-end systems. From the initial customer meeting right up
to capture of documents, information is integrated with
business processes and routed through defined approval and
compliance workflows.
Seamless client on-boarding experience
Platform based Service Operations
Single cross reference to link data, customers and advisors
Response to latest regulations
NIIT Technologies, with its significant experience in IT and BPO
across the Wealth Management space, can deliver the
following solutions for financial institutions:
IT-based Offerings
• Client on-boarding workflow design
• Enablement and integration of platform components
- Automating client/account management process via
workflow solutions
- Unified GUI for on-boarding with rules engine
- Workflows to automate routine tasks and complex
processes including hand-offs
- Integration with accounting platform, imaging/document
management, Know Your Customer (KYC), and Customer
Relationship Management (CRM) systems
- Reporting dashboard that allow users to see request
status in real-time with alerts/notifications
• Advisor Tablet/Mobile interface
• Multi-channel support
• SFDC CRM and Wealth Advisor Desktop solutions
Business OfferingsWorking with leading financial services firms, NIIT Technologies
has developed expertise across the client on-boarding and
delivered persistent operations while continuously adapting to
NIIT Technologies offers a BPM based Client On-boarding and
Account Management platform that enables the firms to go
paperless and virtually eliminate number of NIGO (Not in Good
Order) transactions. The technology can be integrated in just a
few weeks’ time to revamp hundreds of manual and
disconnected processes into single streamlined on-boarding
process, delivering a seamless, multi-channel experience that
spans the entire client lifecycle.
We offer a mobile on-boarding solution that can significantly
help the wealth advisors gain new clients, while ensuring
compliance to KYC and other regulations, customized for
specific jurisdiction. While the solution competently
incorporates most or all of the components of on-boarding,
Financial Planning, Client Contacting & Client Meeting, it is also
capable of basic CRM & Reporting functionality.
Solution Features
changing regulations. NIIT offers the following services:
• Client data maintenance services
• KYC operating model definition and implementation
• Compliance Services (KYC/FATCA) involving both platform
implementation and operations management
• On-boarding, off-boarding and account maintenance
processes
Client On-boarding &
Administration
Dashboard
Paperless Process
Automated Workflow
Compliant to Evolving Regulations
Agile & Scalable
Single View ofClient Data
Multi Channel Support
Web
Branch
Advisor Desktop
Mobile/ Tablet
On-boarding Request• New Client Request• New Request for Existing Client
Data Capture• Intuitive/Guided Data Entry• Paperless Forms
Document Set Generation • De-duplication of Documents• Auto-selection of Forms
• Automated Form Filling• E-signature
Due Diligence• Verification• Compliance/AML Checks
NIIT Technologies Pte. Limited31 Kaki Bukit Road 3#05-13 TechlinkSingapore 417818Ph: +65 68488300Fax: +65 68488322
A leading IT solutions organization | 21 locations and 16 countries | 8000+ professionals | Level 5 of SEI-CMMi, ver1.2 ISO 27001 certified | Level 5 of People CMM Framework
Business Cases
Customer Value Added
A large independent broker dealer - Online Account
opening solution
A Global Financial Services Firm – Client On-boarding
Operations
The Easy Account opening solution streamlined the
manual new account opening functionality
• Reduced the account setup time to 2-3 weeks from
1.5 months
• Almost completely eliminated NIGO transactions
• Enhance the new account opening experience for
more than 7100 clients
NIIT provided services such as Application
Development, Maintenance and Support for Advisor
facing applications, and facilitated operations for
Account Administration, AML/KYC/Fraud Monitoring
and Account Transfers
• 24/7 support to manage the sensitive work types
• 40% FTE Savings passed on to client for Account
Transfers
• Near 100% accuracy in alert analysis for AML /
Fraud Monitoring
• Significant cost savings for operations
• Management of significant increase in volumes from