Digitally transforming the corporate client onboarding process: where to start?

  • Josje Fiolet Jorrit Penninga
  • OnboardingTransformationKYCCorporate Client OnboardingCorporate BankingFintechCorporate Onboarding

Technology has enabled innovation, but Financial Institutions (FIs) are not using its potential to improve their corporate client onboarding processes. This is contrary to what we see in the retail market, where the digital transformation is proceeding at full speed.

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Banks will lose when not changing their perspective on how to realise customer centricity

Becoming customer centric, means that traditional banks need to be in it for the long haul and go through a long, disrupting and often uncertain transformation. It is therefore imperative to balance long term spend with effective short term results. Therefore, contrary to conventional approaches, Innopay advises to start with establishing an activity-based view of the existing operating model to enable banks to deliver these short term results. This is the only way to face competition, deal with regulation and safeguard and sustain client relationships.

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