Related Terms
DEFINITION
Onboarding
Onboarding is the process of bringing a new client into a business relationship, which includes collecting necessary information, performing background checks, setting up accounts, and ensuring all regulatory requirements are met before the client can begin transacting.
Synonyms
Client acquisition, New client setup
Acronyms
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Synonyms
Client acquisition, New client setup
Acronyms
–
Examples
The bank uses an automated onboarding system to efficiently collect client information and perform necessary compliance checks when establishing a new customer relationship.
FAQ
What are the key steps in the client onboarding process?
Key steps include collecting client information, verifying identity, assessing risk, conducting due diligence checks, and account setup.
How can technology improve the efficiency of onboarding?
Onboarding platforms can automate data collection, perform background checks, manage workflows, and ensure a smooth client experience.
What regulations impact client onboarding procedures?
Onboarding must comply with KYC, AML, and data protection regulations like GDPR, which require identity verification and risk assessment.
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worldwide trust Atfinity to drive their digital transformation.
Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.