Lightspeed set up of individual client onboarding for a Swiss neobank

A client-friendly and smooth onboarding journey is the heart of a neobank. Being the leading process orchestrator for neobanks, Atfinity enabled the Swiss neobank to get their banking license quickly and be ready for the onboarding of clients. 


About the Client

The newly founded Swiss fintech is the digital subsidiary of a major Swiss retail bank. They serve Swiss private clients aiming to invest their assets sustainably. At the same time, the neobank acts as a hub for innovative technological developments inside the banking group. 

The bank's main goal is to create a digitized yet personalized banking experience for their clients. 


Starting point

The bank approached Atfinity right after their foundation - with a very ambitious timeline and an impressive ambition to revolutionize the Swiss financial market. A story that Atfinity wanted to be part of!

Instead of insourcing as much as possible, the client followed the strategy of selecting best-in-class providers with a deep and focused know-how. Therefore, they needed a process tool that is easily integrated with other systems. Moreover, the client base and product offering will broaden over time, requiring the process to be updated regularly. 

As a pragmatic company, our Client wanted to design and implement in short cycles (rapid prototyping), allowing for an iterative improvement process.


Atfinity’s solution

With Atfinity, the neobank automates the entire client onboarding process end-to-end – fully automating the happy path and providing a very smooth flow for clients that land on the unhappy path. 

As process orchestrator, Atfinity is positioned between the front end and the core banking system. This means that the bank’s mobile application communicates with Atfinity to ensure that all relevant information is collected from the customer, the correct contracts are being generated and all compliance checks are done. Atfinity integrates with the background check provider ComplyAdvantage to perform PEP and sanction screenings. 

Happy versus unhappy path: In case the client does not qualify as a target client, implies elevated risk, drops out in the journey or the data from the identification provider is insufficient, Atfinity presents all information in a structured format to the bank’s employees to quickly take decisions on how to proceed with the customer.

On top of that, all transactions are logged and provided for audit, as well as reporting / performance measurement purposes.

The application is deployed using Kubernetes on the client’s Google Cloud, allowing for high availability and very fast response times between front end and Atfinity.


Impact

Thanks to Atfinity’s no-code platform, the bank was able to present a working onboarding process to the regulator after four weeks of collaboration.

Atfinity’s is a tool that allows for iterative process improvements. As a result, the bank was largely able to avoid expensive process consultants.


Learnings

For startup banks, the landscape of providers and interactions is still in flux.

Catering to that, Atfinity developed a structured approach to efficiently define the customer and onboarding journey, as well as the dataflow between the systems within just a few days.