Traditional Private Bank with a comprehensive client onboarding

Acquiring another bank, our Client needed to re-document thousands of client relationships. Within a strict timeline, Atfinity delivered a fully-fledged client onboarding based on more than 500 bank documents.

About the Client

The client is a traditional private bank headquartered in Switzerland with multiple offices abroad and having between 500 and 1000 employees. The bank grows organically and performs selected acquisitions. Their clientele is based in dozens of jurisdictions and include everything from individual clients to operating, as well as non-operating companies and upto complex multi-level structures.

The bank’s customers appreciate their comprehensive Private Banking offering, ranging from investment advisory, investment management, simple and complex loans to payment products.

Due to the size of the organization, multiple internal stakeholders are involved in onboarding and approving a client.

Starting Point

Atfinity was contacted because the client had to re-document several thousand relationships and involved parties in order to fulfill the regulatory requirements of an acquisition project. The ambitious timeline of the merger project required the client to perform this re-papering within just a few months while ensuring data quality, compliance and reducing manual efforts as much as possible. Therefore, the re-documentation needed to happen in a digitized and automated manner. 

The client decided to not only remediate the acquired client relationships with an automated tool, but recognized this as an opportunity to digize their entire onboarding process for the whole organization.

Atfinity’s solution

As the starting point for the automation project Atfinity collected all forms, contracts and policies of the bank -  in total more than 200 documents in four languages.

Together with the experience of Atfinity, an intuitive user journey was designed for the internal stakeholders of the bank to go through three different processes:
  1. the client onboarding incl. KYC, risk calculations, crossborder checks, investor profiling and product applicability / selection for all client types;
  2. client re-documentation integrating all existing data from other sources like the core banking and the CRM system; and
  3. the client lifecycle management process to ensure that client initiated changes are documented in a compliant manner. 

The bank connected Atfinity to their internal core systems in order to prefill available information that was already available. Moreover, Atfinity connected the software to the background check provider Refinitiv Worldcheck, eliminating manual checks. 

To fulfill the high security requirements of the bank, the application was deployed on premise and connected to its authentication and authorization services.

Thanks to Atfinity, the re-documentation for the acquisition project was performed in time. Going forward, onboardings and client lifecycle processes are compliant, automated and of high quality. Atfinity’s intuitive wizard ensures that all necessary data and documents are collected. Therefore, processes are conducted significantly faster as unnecessary loops are avoided between the client, the banker and the back-office teams.

Our Learnings
With Atfinity’s no-code platform it was possible to simplify processes during the project, as well as after go-live by iteratively improving the journeys with small steps at a time.