Client Onboarding in Banking: Using RPA to create a seamless experience for your corporate clients

In starting new relationships with corporate banking firms, clients often spend weeks just waiting to be onboarded by the bank, due to an end-to-end onboarding process that is stringent, thorough, and manual in nature. RPA can dramatically reduce processing times, not only in onboarding, but throughout the entire client management lifecycle - allowing banks to focus on their main objective: helping clients achieve their business targets without unnecessary waiting and delays.

The Bot in a Nutshell:

The client onboarding request is initiated from the Front Office (FO) and passed onto the client onboarding team to begin the processing. The bot can firstly help to detect any missing information and documents that are required to proceed with onboarding, and then, send timely reminders to follow up with the client.

Once the necessary information and documents have been submitted by the client, the bot can assist the client onboarding team in KYC and AML checks by scanning and analyzing the client data, and validating them against databases, government agencies, or other verified third-party sources. For any issue that warrants further investigation, the bot can also send automatic notifications to clients should they require submission of additional information and/or documents.

Once the checks are complete and client information fully validated, the credit team will conduct credit analysis and establish client credit limits. Then, the legal team will draft, seek approvals, and execute approved agreements. When finished, the bot steps back in to complete the onboarding by setting up the client and account(s) into all the relevant banking systems. The bot can also send an automated notification to FO that confirms onboarding completion.

In managing the client lifecycle, the bot can also automatically trigger any periodic reviews or updates as required. The bot can also conduct static data maintenance, by automatically updating all relevant systems should there be any changes to client or account setups.

The more seamless the process, the sooner the client can start engaging in business with the bank as needed.

Main Functions:

  • The Bot can scan through numerous documents quickly and extract and validate the relevant data, enter data into the relevant banking systems, thereby reducing manual input, processing time and data quality errors

  • The Bot can promptly and diligently send notifications to clients whenever they are still missing information and/or documents

  • Employees can focus on value-added tasks, such as complex investigations or managing clients who require special handling

High-Level Plan

Main Benefits:

  • Customer satisfaction

  • Cost & scalability

  • Process reliability

  • Data quality

Hands-On Considerations

Pain points targeted:

  • Long waiting time for clients before they are onboarded

  • Time-consuming and repetitive manual processes

  • Data quality issues resulting in regulatory penalties

Challenges to expect:

  • Variation in format of documents

  • Client specificities and complexities

What will the bot do?