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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
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Acronyms
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Examples
A bank uses Atfinity to completely automate their onboarding process. So, when a person wants to open a account, they can do so quickly and efficiently, as they are being guided through the entire process. For example, if they’re from the UK, only steps relating to UK residents will be presented.
After providing all of the needed identification documents, the verification process is automatically triggered. In this step, the person’s information is compared to official data to prove that the person is who they claim to be.
Lastly, the software automatically runs a series of background checks. This includes sanctions screening, PEP checks, criminal watchlist checks and, in some cases, adverse media checks.
After all of these steps have been performed, the person is assigned a risk profile. If they are considered a high risk, they might be asked for further information or be declined services. Otherwise, their account opening booklet is generated, signed and the account is activated.
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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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