Onboarding in Corporate Transaction Banking: Prioritizing Investments for Reducing Friction
Celent has released a new report titled Onboarding in Corporate Transaction Banking: Prioritizing Investments for Reducing Friction. The report was written by Susan Feinberg, senior analyst in Celent’s Corporate Banking practice.
The report defines the various components of onboarding; examines the impact of external forces including regulation, competitive pressures, industry initiatives, and technology evolution; and identifies opportunities for improvement, with a focus on the client experience.
Onboarding improvements could provide a wide range of benefits to financial institutions offering transaction banking services:
- Enhance client satisfaction.
- Improve the quality of their risk management practices.
- Provide transparency to staff, clients, and regulators.
- Differentiate their offerings.
- Gain a larger share of their clients’ business.
- Reduce expenses.
- Free up sales and service personnel to perform more high-value tasks.
- Accelerate revenue.
”Our thesis is that improving the onboarding process should be a priority. Whether establishing a new relationship or assisting a client in expanding an existing one, implementing transaction banking services in an efficient, timely, and transparent manner can be a key demonstration of a bank’s commitment to client-centric innovation,” comments Feinberg.
“No doubt, banks will continue to respond to ongoing changes in regulation. Banks that continue to focus only on ticking the compliance and risk check boxes will find themselves at a serious competitive disadvantage as increasing numbers of global and regional competitors take a client-centric approach,” she adds.