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In March, we invited senior leaders from top financial institutions in the UK to gather at the iconic Shangri-La Hotel in London and explore the future of commercial onboarding.
Key discussions centred on the challenges, opportunities, and innovations shaping commercial onboarding. This session brought together senior leaders and industry experts to explore the latest trends and strategies in streamlining the onboarding process. The purpose of this discussion was to identify best practices, challenges, share insights, and foster a collaborative environment where participants could learn from each other's experiences.
Key Challenges Identified
Process Inefficiencies
Inefficient onboarding remains a critical bottleneck, with half of the respondents citing "repetitive manual touchpoints" as their top concerns, including:
- Extended Onboarding Times: Manual processes frequently push onboarding beyond 30 days. As one participant noted "Everything we do runs off Excel spreadsheets and risk assessments… our average onboarding time, just for KYC, is over 30 days."
- Repetitive Data Entry: Even with digital tools, manual input persists. One participant reported, "We send out digital PDFs, but there's still someone in the background retyping them into the system."
Regulatory Compliance vs. Customer Experience
Balancing compliance with a seamless customer experience also remains a key concern. For example:
- Adapting to Evolving Regulations: Financial institutions face ongoing pressure to keep pace with regulatory shifts while maintaining operational efficiency.
- Auditable Automation: Automation must not only improve efficiency, but it must also meet stringent audit and compliance requirements.
Data Quality & Integration
Fragmented systems and inconsistent data continue to create roadblocks, such as:
- Ultimate Beneficial Ownership (UBO) Identification: Gaining full visibility into UBOs and their market exposure remains a complex task.
- System Fragmentation: Disconnected technologies across departments make data integration a persistent struggle.
Evolving Customer Expectations
As financial institutions prioritise scaling faster with fewer resources, reimagining the onboarding journey is essential. Digitalisation not only enables scale, but more importantly also ensures a seamless customer experience and meet expectations.
- Seamless Digital Journeys: Clients now expect onboarding to be as intuitive as their everyday digital interactions.
- Transparency and Speed: Even when processes take time, customers demand greater visibility. Speed is no longer just an advantage; it’s a necessity.
Introducing nCino Onboarding, Powered by FullCircl
The nCino Platform, powered with Commercial Onboarding and supercharged with FullCircl capabilities, directly addresses these challenges:
- Unified Platform: Integrates 2.5 billion data points from 40+ official and third-party EMEA sources, automating decision-making with business rules.
- Digital Verification: Eliminates manual document processing with real-time digital verification.
- Intelligent Automation: Automates key manual workflows, including: Document Collection and ID Verification, KYB/KYC Checks, Client Data Collection & Approvals and Workflows.
Our vision is clear: a seamless, end-to-end solution connecting acquisition, onboarding, origination, and customer lifecycle management, all within a single platform.
The event concluded with a unified commitment to overcoming the biggest challenges in financial services onboarding. The nCino Commercial Onboarding solution is set to revolutionise the process, driving efficiency, ensuring compliance, and delivering a seamless customer experience.
Ready to transform your onboarding? Learn more about nCino Onboarding, powered by FullCircl today.
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