Transforming the Client OnBoarding Experience

Hear Craig Le Clair, vice president and principal analyst at Forrester Research explain how organizations are transforming client onboarding through content management.

Video Transcription:

Wealth management is a very interesting area right now as the mass affluent, which are the baby boomers that are starting to retiring, they're moving from depending on a paycheck to living off their portfolios and so the mass affluent market is really strategic for many of the brokerage investment management retirement servicing areas of financial services.

And unfortunately, one of the applications for wealth management which I'll call client onboarding is one of the weakest areas of the customer experience today for wealth management as you try to enlist the aid of a new financial advisor or broker or bank that's doing that. You often have to provide a lot of information, more and more all the time, due to compliance and regulatory. There's big suitability, there's know your customer, which is a requirement under the Patriot Act.

We're not good at collecting this information very well. We often collect information for a particular compliance area that is also needed for a different compliance area. We collect it twice, so content management is really an important enabler of this process.

What Does Content Management Do For OnBoarding?

Well it does a number of things, one is it organizes the information in a repository for retrieval, later it allows you to build electronic forms for navigating the acquisition of data experience. One of the biggest pain points, the process management capability, the ability to provide basic status information to the person being on-boarded can be very frustrating when you don't know where you are in the process. It's crossing usually multiple departments at the financial services institution, so content management really allows you to smooth all that that out and provide a single multi-channel experience to the client that's being on-boarded. Interestingly, studies have shown that the experience of that is gained in the onboarding process is very highly correlated to the lifetime retention of that customer, so that experience is very very important.

The wealth management industry is starting to focus on it today and content management is along with workflow and process management, that all tends to be bundled together. That one sort of capability is really important for driving that to a much higher success rate than we have today.

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