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2 Banks have been opening accounts for clients since they started trading. And yet particularly in wealth management - what was once a simple way to formally welcome a client has become complicated and often clumsy. Regulation has driven much of this change with the latest refinements of Know Your Client rules, Anti- Money Laundering, FATCA, automatic exchange of information and investment suitability requirements. For clients these new rules mean more forms to complete. For banks masses of data to capture, store, review and update on a regular basis, plus more complex reporting. In addition, the information captured at account-opening drives the fundamental logic at back-end. Is the client opting for execution-only, advisory or discretionary? How does this impact their risk profile? The client s jurisdiction or domicile also has a say in the treatment of transactions, reporting and tax. Done well, onboarding is an easy, unobtrusive and positive client experience. Handled badly, it s repetitive, time-consuming, unreliable and can damage brand relationship.

3 Clients select banks they trust. They want confidence and peace of mind. But when wealth managers request information sporadically or account opening takes longer than expected and procedures get in the way of processes, client experience suffers. execution. Meeting these expectations means developing innovative systems, platforms and applications. Major players are likely to be launching their own comprehensive digital private banking platforms in the near future. Paperless is not only cool but practical, safe and fit for 21 st century. A good relationship manager anticipates client s expectations and reactions and explicitly acts on them in good time. However, when most relationship managers struggle to stay on top of the ever-increasing regulatory demands, is it any wonder that the standard deviation for account opening is more than twice the average opening time? No. Every client relationship should be re-examined regularly, to identify opportunities for greater understanding, enhanced wealth creation and greater share of wallet. The onboarding process should extend to reboarding, so that increased value can be generated from existing clients too. Cost pressures, consolidation opportunities and the race to keep up with policy-makers has driven wealth managers to invest in standardizing or even outsourcing their back-end platforms. This is the ideal time to invest in upgrading client-facing processes which ultimately impact back-end environment. Be aware also that this is more binding than discretionary client relationship good practice now. Changes in the regulatory framework such as MiFID suitability and best execution stipulate client folder review for classification Retail or Professional as well as periodic monitoring of key areas. This includes risk profile, investment strategy and asset allocation. And any inaccuracies during the onboarding process can cause evidential problems for classification later on. UHNW clients are often by definition global, but for global institutions onboarding is a dual challenge of ensuring consistency across locations while respecting local regulations. How can you equip relationship managers in all corners of the world with legal and compliance knowledge to collect all necessary information from the start? Beyond that, how do you create an onboarding process which does not penalize the easy-to-onboard clients with excessive control, but provides sophisticated reviews for the more complex ones? Clients demand swift and accurate handling of their sensitive data, in a discreet manner, at all times. For complex, high-risk accounts, where relationship manager, legal, compliance and senior management may all need to be involved in onboarding approval, there can be considerable logistic challenges to connect documents, clients and advisors. International jurisdictions compound the matter, creating the need for signatures to be captured in certain locations. Regulation is important but it is not the only driver. Continuous adjustments to the onboarding process can leave clients feeling that the request for additional data is never-ending and unjustified. This is particularly true in the case of complex accounts which require specialist skills on behalf of relationship managers. A seamless onboarding and account management process can help facilitate mutual understanding and re-assure clients that the bank has high standards for compliance, risk and control. The more robust the process, the more solid the bank. There is no ignoring that complexity of financial entity structures, trust accounts etc. will demand that lawyers validate documentation and the identity of the underlying beneficial owners. This will not always be straightforward, given that trust fund managers may be based in different geographies/jurisdictions and there can be additional factors to consider, such as power of attorney. In addition, regulations now state that key aspects of services received, for example costs and charges, along with inducements disclosure, are to be reported on an annual basis. Investment institutions and research managers will need to have excellent documentation processes in place, to demonstrate their practice and charges to clients and policy-makers. In addition, many mass affluent clients now expect the convenience of anytime anywhere access to account information and transaction

4 Client trust & satisfaction KYC & AML suitability Revenue generation Operations cost management Relationship based approach Reputation management Onboarding succes KPIs Investment mandates & traceability Profitability tracking Scalability and digital tooling Cross-selling & tracking Risk controls & audit reviews Capco has over a decade of experience working with wealth managers globally to transform client onboarding into an integrated experience. We leverage Lean Six Sigma techniques and incorporate the latest workflow and automation tools. The key is a profound shift in focus to a much more client-centric view. It s also important to realize that good onboarding is not exclusively a question of driving up new client volumes, at any cost, but also knowing which clients not to onboard. We can support financial institutions in determining whether a prospective new client represents the right profile of business for the bank concerned. Reputation management and protection issues are at stake here. Fines will be incurred inevitably if banks fail to take sufficient care to make sure visibly that appropriate steps were taken during onboarding to ensure the correct choices of client business, underlying account structures etc. Capco can help create a smooth, modern and compliant onboarding experience that satisfies all stakeholders. Successful onboarding, no surprises, starts with good design, planning and educating relationship managers. A robust operating model can adapt to new regulatory changes without significant overheads, taking advantage of internal centers of excellence. There also needs to be a highly effective knowledge framework in place, so that relationship managers and other key front-office staff know exactly the right onboarding process for each client profile, account structure and service style. And, of course, this does not just happen. It must be enabled by back-office operational readiness and process that is fully fit for purpose. The chosen design should use a repeatable and comprehensive approach, factoring in key issues such as online and offline customer experience, regulatory requirements, technical specifications, data definitions, services and interfaces. Onboarding planning should be a standardized process that includes clearly delineated project plans, achievable timelines, testing criteria, and a defined organization to manage the process in practice. Nothing stands still. So all plans should be scalable, depending on the profile of the services involved and likely account type complexity and type of service offering (for example, discretionary or other). Positively transforming onboarding has many impacts across an organization some of them challenging. Often, highly committed frontoffice professionals become frustrated at the time taken by compliance teams to perform documentation checks. Yet this is a core element of satisfactory onboarding. What is key here is not how long the process takes, but accurately estimating the time and managing client experience accordingly. Successfully combining thoroughness and accuracy with good client experience and commercial growth is certainly possible. Achieving this desirable state requires institution-wide systems that are consistent, optimized and centrally supported on a single, robust platform. This means relationship managers no longer have to waste time and risk inaccuracies and erosion of client goodwill, as they navigate between complex and disparate system interfaces. The optimum is a fully integrated solution; one which enables a relationship manager to have totally accurate, dashboard-based visibility of current status of document completion and submission. This is not the cheapest option. But it is the most desirable for a holistic approach, all the way from optimum client profile identification to a smooth, accurate, compliant and unobtrusive right first time onboarding experience.

5 Capco has extensive expertise in customer experience design, Lean Six Sigma process optimization and developing and implementing projects to positively transform the onboarding experience. This includes partnership with market-leading onboarding solutions from client acquisition to electronic documentation management. We are working successfully across retail, HNW, UHNW and family offices, in delivery areas from simple trading accounts to highly complex mandates. Capco s expert practitioners can support financial institutions all the way; from business and technical analysis, through operating model and architecture design and implementation, testing planning and execution, program management and full business readiness. Capco works exclusively in the financial industry combining local focus with global reach. Our broad, deep and cutting-edge knowledge starts with a real understanding of investment management operations. We use best of breed, robust tools and methodologies and we adapt them where necessary for the closest fit with your needs and preferences. This way, we manage risks, accelerate onboarding and secure greater predictability of excellent outcomes. We also have the global capability to work and to deliver across borders and continents. Highly successful onboarding transformation for a range of international financial institutions supported by digitalization, efficient operating models and metrics to manage service quality. As part of our proven approach, we apply targeted prioritization of key process issues within a robust modular framework. This means the key issues are identified and improved quickly.

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7 Natasha Leigh Giles Philippe Andermatt Aaron Anton Capco an FIS TM company is a global business and technology consultancy dedicated solely to the financial services industry. We work in this sector only. We recognize and understand the opportunities and the challenges our clients face. We apply focus, insight and determination to consulting, technology and transformation. We overcome complexity. We remove obstacles. We help our clients realize their potential for increasing success. The value we create, the insights we contribute and the skills of our people mean we are more than consultants. We are a true participant in the industry. Together with our clients we are forming the future of finance. We serve our clients from offices in leading financial centers across North America, Europe, Africa and Asia Amsterdam Antwerp Bangalore Bratislava Charlotte Chicago Düsseldorf Frankfurt Geneva Hong Kong Johannesburg London New York Orlando Paris San Francisco Singapore Toronto Vienna Washington DC Zurich To learn more, contact us in the UK on , in Continental Europe on , in North America on or visit our website at CAPCO.COM 2015 The Capital Markets Company NV. All rights reserved. T EU

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