We understand. Really, we do.
You need customers in order to make sales. And even once you have attracted a potential customer, you still need to onboard them.
We’ve written about it before, and you’ve read it before. Onboarding takes time. Too much time. Compliance regulations are becoming more stringent and that means you have more hurdles to clear before the customer can be successfully onboarded.
That makes it more likely that the customer will be left hanging, and therefore more chance of them walking away and going to a competitor.
RegTech solutions can help with the client onboarding process, speeding up onboarding times, automating process, freeing up resource, identifying PEPs, sanctions, ultimate beneficial owner(s), and adverse media.
So if you’re considering investing in a RegTech solution, what answers do you need to know before making a decision?
1 – How much time will automating process save, both internally and for the customer?
The amount of time saved will be determined by the customer, their jurisdiction and the level of risk attached to the customer. Encompass customers have told us that they have saved up to 40% in time manually onboard