Financial Services Firm Elevates Client Acquisition by 43%
How a digital transformation of the client onboarding process led to significant improvements in conversion rates and operational efficiency.
The Challenge
Our client, a leading wealth management firm, was struggling with an outdated client onboarding process that was causing significant friction in their client acquisition funnel. The existing process involved:
- Paper-based applications requiring manual data entry
- Multiple in-person meetings required to complete documentation
- Lengthy processing times leading to client abandonment
- No visibility into application status for clients or advisors
The firm was losing an estimated 62% of prospects between initial contact and account establishment, representing millions in potential revenue annually.
Our Solution
We developed a comprehensive digital onboarding platform that:
- Digitized the entire application workflow with intuitive forms
- Integrated with existing CRM and compliance systems
- Provided real-time status tracking for both clients and advisors
- Implemented secure document upload and e-signature capabilities
- Created automated workflow routing based on application type and client needs
Implementation Approach
Discovery & Planning
Conducted extensive stakeholder interviews and process mapping to identify pain points and opportunities.
Design & Development
Created an intuitive interface with progressive form completion and real-time validation.
Integration
Seamlessly connected with existing systems while maintaining security and compliance requirements.
Training & Rollout
Implemented a phased deployment with comprehensive training for staff and advisors.
Results & Impact
Increased Efficiency
Reduced application processing time from 2 weeks to 3 days on average.
Higher Conversion
43% increase in successful application completions.
Cost Savings
Reduced operational costs by eliminating manual data entry and paper handling.
Improved Experience
92% client satisfaction rate with the new onboarding process.
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