Digitization and operational efficiency have become even more important as we enter a global recession. Amongst the numerous areas ripe for both efficiency gains and customer experience improvements is corporate client onboarding. Today, it typically involves paper-based processes, a large number of participants at both the bank and the client, and redundant data collection. Improving data collection and reuse across participants have been major challenges for banks.

Distributed ledger technology (DLT) can be used as part of the digital transformation of onboarding. It can simplify the process of accessing and sharing client information as well as lower transcription error rates and provide strong security and audit trails.

everis NTT DATA Company recently briefed Celent about everis KayTrust Corporate, a blockchain-based identity solution for corporate onboarding, and showed a demonstration of the solution. This Briefing Note summarizes our key takeaways.