Corporates are complex – particularly in the banking, insurance and financial services world. Numerous UBOs to track down, various directors and signatories to catch up with, tricky organizational structures to map out: all of it adds up to make onboarding a corporate customer a thorny challenge. Is true customer-triggered self-service possible in the context of today’s ever-more-stringent compliance requirements?
The short answer: yes, it’s completely possible. That being said, it isn’t simple. Regulatory requirements are complex, corporate customers are black boxes and there can be a large number of stakeholders to identify and get in touch with.
“To offer a digital onboarding experience, a number of different workflows and communication tracks must be flowing concurrently,” explains Thomas van Maele, CEO at Harmoney. “Digitalizing these tracks and linking them up in real time requires not just parallel workflows, but also checks against public databases and sanctions lists.”
Harmoney has solved these issues by embedding compliance requirements into the core of its end-to-end, fully digital onboarding and continuous compliance platform.
“From the moment a corporate customer wants to engage with your financial services business – not the other way around – the platform is configured to handle the process in a frictionless way,” Thomas continues.
“Harmoney is fully integrated with all external databases and registries and handles automated checks in real time. This makes it possible to process corporate information through parallel workflows to, for example, identify all of the UBOs of an enterprise in the same moment. The platform automatically invites each of them to participate in the workflow without any manual intervention from your relationship management team.”
Digital onboarding with Harmoney: the benefits
Harmoney transforms a tangled web of compliance requirements, communication flows and checks from a linear, time-consuming, stop-and-go process into a sort of digital symphony in which all stakeholders participate in real time. Onboarding corporates will never be the same.
Thomas van maele
CEO at Harmoney
With more traditional digital solutions, before the onboarding process ever begins, the bank or financial services company has to first create a file for the prospective corporate customer.
“That’s where most players offering such solutions for the financial sector fall short,” Thomas emphasizes. “In most cases, the onboarding process is still institution centric: it is configured to rely on some action taken by the relationship management team to trigger it, and requires intervention at certain moments in the workflow. Although solutions like these reduce complexity to some extent, they don’t facilitate an end-to-end digital process, and they still take up valuable time and effort.”
Ready to offer your corporate customers the smoothest onboarding experiences possible – while ensuring continuous compliance? Get in touch for a demo of our platform.