Acquiring another bank, our Client needed to re-document thousands of client relationships. Within a strict timeline, Atfinity delivered a fully-fledged platform for complex relationships…
Atfinity streamlines client onboarding for Swiss Private bank
Our Client
Our client is a Swiss Private Bank that is a subsidiary of an innovative global banking group. Their clientele are high net worth individuals (HNWI) and ultra high net worth individuals (UHNWI) from various domiciles and with various nationalities. Next to the local Swiss requirements, the bank needs to fulfil the global standards imposed by its headquarters.
The onboarding processes, specifically the KYC/KYB/AML requirements proved to be demanding and time-consuming. To enhance the customer experience, streamline procedures, and mitigate costly errors in data collection, the bank turned to Atfinity for assistance.
Our Solution
We successfully deployed a highly adaptable private banking onboarding experience in just eight weeks:
- With the robust capabilities of Atfinity's powerful no-code platform, the bank gained the agility to continuously adjust their solution to evolving regulatory demands.
- We initiated training sessions to empower their teams to independently configure and finely customise Atfinity according to their specific needs.
- Our solution harmonises Swiss regulatory requirements with the client’s global standards.
- To meet their stringent security requirements, Atfinity was deployed within their private server infrastructure.
The newly structured process, encompasses:
- KYC and KYB, even for structures such as trusts
- Automatic risk-assessment of relationships and approval flows
- Collecting background information from third parties, such as WorldCheck
- Prefilling all contracts and generating client booklets
- Integration to core banking and archiving system
Results
1. Digitised private banking onboarding and KYC/KYB reviews within just eight weeks.
2. Achieved enhanced flexibility by redesigning processes, including the implementation of risk-based onboarding journeys.
3. Empowered bank employees to independently establish and maintain processes, thanks to Atfinity's user-friendly nature.
4. Notable reduction in data collection errors, streamlined contract generation, and expedited internal reviews.
5. On average, the onboarding time decreased from over 7 days to less than 6 hours.