Real solutions to the challenge of client onboarding


Monday, August 24, 2020 | By David Moffat, Chief Client Officer

Real solutions to the challenge of client onboarding

Onboarding new customers challenges asset and wealth managers globally. Manual processes for Know Your Client (KYC), anti-money laundering (AML), Countering the Financing of Terrorism (CFT) and sanctions screening checks on investors and distributors can lead to compliance failures resulting in fines, criminal sanctions, or even jail terms.

In addition to the risk of compliance failure, manual processes make for a lengthy onboarding experience. In the UK, onboarding can take anywhere from 24 hours to 10 weeks because fund managers, transfer agents and fund platforms all ask investors to supply physical documents certified by the signature of a trusted third party. SS&C uses two-factor authentication to allow low-risk investors to prove their identity and submit documents entirely online. With universal onboarding, customers can register in a single sitting, and data is automatically populated or entered by the customer (reducing keying errors).

SS&C is partnering with a few strategic global clients to expand open innovation to minimize those obstacles, improve the customer experience and create value for our clients and their customers. SS&C is uniquely positioned to provide both behavioral and technology insight as we work with a client to create a global roadmap. Our human-centered design methodologies shape better experiences, inform our strategy and reduce code debt.

The collaboration with clients removes silos and costly manual interactions. We design reusable components and services to allow us the ability to make changes more quickly. We deliver new features and products quickly through established services and a common design language. Our digital Global Servicing Platform helps you optimize operations to reach new markets, investors, members and participants for your products.

SS&C recently published a whitepaper KYC and AML Screening for the Funds Industry – A Solution to the Problem, which explores how the industry is looking to improve efficiency without compromising compliance.



Alternative Investments, Asset Management, Wealth Management


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