client on-boarding and account servicing - assuring ... on-boarding.pdf · client on-boarding &...
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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
• Background/Credit Score• FATCA
Approval/Decision• Decision Rules• Legal Checks
• KYC Approval• Legal Contract• Product Suitability
Account Provisioning• Account Activation• Product/Services Initiation
• Welcome Kits
Accounts Administration• Service Management• Cross-Sell
• Off-boarding
• Document Collection• Customer Profiling• Product/Services Selection
• Powerful Workflow Engine – Orchestration of dynamic workflows through visual modelling
• Guided User Activities – Step by step guidance through the process
• Intelligent Product Wizard – Single application to on-board all products, services & account types
• E-Forms Automation – Full form automation and opening document creation
• Client Dashboard – Consolidated view of client
Feature Highlights • Multi-device and Mobile Friendly – One model & a single application for all devices
• In-Built Reviews and Approvals – Dynamic and electronic in-process approvals
• Easy Integration with back-end systems – Single end-to-end client facing business process
Business BenefitsNIIT Technologies solution is designed to address the critical client on-boarding needs of growing businesses.
NIIT Technologies has extensive knowledge and experience
working with leading Financial Services firms (like independent
brokers – dealers, investment & fund processing solution
providers, private banking and investment management firms)
in the Capital Markets space. Our innovative technological
solutions have been a catalyst in helping Banking and
Financial firms sustain the dynamism of the global economy.
Reflecting our service vision - ‘New Ideas, More Value’ - in our
practices to serve the customer, we have been innovating
technology solutions that optimally and cost-effectively
enhance business productivity.
Over the years, we have delivered IT solutions and managed
business operations for customer account opening and
accounts administration space for a diverse set of customers.
Why Partner with NIIT Technologies? We leverage our domain expertise, coupled with our technical
competence in Application Development, Support and
Maintenance, System Integration and Testing services across
a wide range of client adopted technologies for Accounts
Administration. We have also helped re-engineer client
on-boarding and account maintenance business processes
(e.g. e-Account Opening, Free Asset Movement, etc.) and
delivered significant improvements and cost saves within the
Operations environment.
Our global presence comprising over 25 worldwide locations,
a wide pool of 1200+ talented resources in the BFS vertical
and our endeavor to build long term relationships has enabled
us to deliver high quality cost effective solutions engineered to
suit every client’s requirements.
Your Business
Benefits How?
Your Clients
Your Advisor
Operations/IT
• Faster time to revenue
• Control & complete visibility into the on-boarding process
• Reduce cost of operations & storage
• Compliance to latest regulations
• Workflow enhances collaboration and reduce time & costs associated with manual, error prone on-boarding tasks
• Streamline regulatory compliance
• Seamless on-boarding experience
• Reduce time to setup account & start investing
• Ease of opening account through the channel of their own choice
• Solutions provides end to end complete client on-boarding capability
• Enables advisors to onboard clients through multiple channels such as web, mobile/tablet, advisor desktop or branch
• Leverage automation for the entire on-boarding process including KYC & AML
• Consolidated view of client
• Perform gap analysis & gauge cross-selling opportunities by relevant reports
• Fully automated account opening workflow
• Better understand counterparty risk & exposure
• Dashboard depicting holistic client view
• Simple to install & support
• Easily customizable process flows without the need for coding
• Reduce handoffs and errors, freeing up time for other important activities
• Deduplication
• Data security
• Integrated archiving
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Europe SingaporeIndia Americas
Partner with NIIT Technologies to align your IT goals with your business objectives
Write to us at [email protected] www.niit-tech.com
NIIT Technologies Ltd.Corporate Heights (Tapasya)Plot No. 5, EFGH, Sector 126Noida-Greater Noida ExpresswayNoida – 201301, U.P., IndiaPh: + 91 120 7119100Fax: + 91 120 7119150
NIIT Technologies Inc.,1050 Crown Pointe Parkway5th Floor, Atlanta, GA 30338, USAPh: +1 770 551 9494Toll Free: +1 888 454 NIITFax: +1 770 551 9229
NIIT Technologies Limited2nd Floor, 47 Mark LaneLondon - EC3R 7QQ, U.K.Ph: +44 20 70020700Fax: +44 20 70020701
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
new and existing financial services customers