Case Study
Automating KYC data gathering to streamline account opening process
Results
Speed
Improved SLA performance
CX
Improved customer experience
Scale
Scalable KYC compliance
Company Profile
Canadian financial-services firm exclusively serving physicians, dentists, medical residents, and their families, provides wealth management, investment advisory, banking, insurance, and tax/estate planning. Operates under endorsement from a major Canadian medical association as the financial wellness arm for its members. Wholly-owned subsidiary of one of Canada’s largest national banks.
Challenge
This wealth manager enrolls over 500 customers weekly into their financial products and services. Before opening an account, customers must meet with a financial advisor to confirm their information for KYC compliance (i.e., Know Your Customer). As many customer details were already present in the company’s CRM system, the company sought to streamline the onboarding process by providing these details to the financial advisor prior to the face-to-face consultation. Leadership wanted to speed the onboarding process and improve the client experience.
Solution
The automated solution sources existing customer information from multiple internal CRM platforms and database tables, and applies user-managed business rules to enrich this data. The gathered data is entered into a PDF which is then distributed to team members via MS Dynamics 365. Also, the automation identifies missing data for review and update at the consultation. As a result, the financial advisor can focus on confirming the existing details rather than spending time entering the data from scratch.
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