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Account onboarding is critical to the client experience and time to market, yet few asset management firms have embraced transformation.
In brief
- Global asset management firms report significant pain points in client onboarding, including lengthy onboarding times and a systemic lack of automation.
- Tech-enabled solutions can streamline the onboarding process, accelerating revenue generation and enhancing the client experience.
In June-August 2023, Ernst & Young LLP (EY US) conducted a select asset management institutional client onboarding survey across more than a dozen Asset Managers to understand the challenges facing EY clients and provide insights into how onboarding processes and technology are evolving. The primary concerns among the respondents included:
- Lack of automated and integrated onboarding processes and systems
- KYC (know your customer) processes that are often manual with little digitization
- A lack of electronic processes to collect and store tax data
- Inefficient investment guideline setup involving numerous stakeholder groups
Survey respondents cited an overwhelming need for a solution that considers automation and connectivity across multiple teams. By investing in a comprehensive onboarding experience, global asset management firms will increase client satisfaction while achieving greater revenue opportunities.
How EY can help
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Our KYC solutions help firms achieve automated operating efficiencies and a high quality customer experience.
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EY’s financial services tax team can help your business ensure data accuracy and reduce the operational burden. Find out more.
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EY Customer Tax Operations and Reporting Services team helps your business meet its customer-related regulatory obligations. Find out more.
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Michael Carletta, Michelle Ferrara, Alina Ehsan and Adam Gahagan also contributed to the article.
Summary
A key objective for global asset management firms is to reduce the time to onboard accounts. Investing in the digitization and automation of account onboarding will have a far-reaching impact on the delivery of services to clients and the overall client experience.
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