Let's Remove All Paperwork From Onboarding

For decades, onboarding processes have remained the same. Manually done and prone to errors, this crucial step in a customer's journey is often a frustrating one—but onboarding is essential in anti-money laundering and know-your-client regulations, as well as in the Foreign Account Tax Compliance Act.

Onboarding seems, at its root, a simple task: gather the correct information from a prospect, check it with the correct regulations, and make sure that the risk of onboarding him or her does not hinder the firm's wellbeing. However, in the context of cyber threats, new regulations, new technologies and products employed by competitors, and the high stakes of data breaches, onboarding loses much of its simplicity.