Automated onboarding isn’t just about eliminating paper
Onboarding is often an unpleasant process for both clients and advisors. The forms are tedious, asking the same questions repeatedly. Even before the digital revolution, wealth managers noticed a loss of business due to incomplete applications and advisors leaving for firms with better onboarding technology.
Automated onboarding, which uses automation to streamline the process, reduces the challenges for advisors and clients. It goes beyond converting paper to digital formats, focusing on efficiency by eliminating repetitive tasks. This results in saved time and valuable insights for clients throughout the process.
Five benefits of automated onboarding
| Strategies | Case Example | Benefits |
|---|---|---|
| 1. Optimize your intake process | Trilogy Financial automated client intake, improving data control and creating a comprehensive client profile. | – Reduced onboarding time Enhanced client data collection Increased trust from day one |
| 2. Attract the employees you want | RBC Wealth Management’s upgrade to automated onboarding reduced onboarding time, increasing satisfaction and lowering abandonment. | – Attracts top talent Personalized and integrated onboarding process Universal adoption and lower compliance risk |
| 3. Deliver better client service | Edelman Financial Engines streamlined onboarding with electronic forms and e-signatures, providing a seamless experience for clients. | – Faster case resolution Increased agent productivity Personalized client experiences |
| 4. Improve regulatory compliance with trusted data | Digitizing KYC processes with automation enhances data integrity and builds trust, meeting regulatory compliance standards. | – Enhanced trust between clients and advisors Reduced risk of errors in compliance processes Better interactions with clients |
| 5. Boost margins | Automated onboarding in wealth management saves time and money, lowers compliance costs, and leads to cleaner, more integrated data. | – Direct impact on the bottom line Cost savings from streamlined processes Cleaner data for more profitable practices |
These strategies showcase the benefits of leveraging data, AI, and CRM to enhance various aspects of wealth management, from client onboarding to employee recruitment, client service delivery, regulatory compliance, and overall improvement in profit margins.
Automated onboarding: The first step to a good first impression
Automated onboarding not only gives a positive first impression but also leaves a lasting impact on both you and your clients. The use of the right onboarding technology shows your clients and employees that you appreciate their time. By automating the process through data and AI in your CRM, you eliminate tedious manual tasks. This allows you to focus on discussing what truly matters to your clients and employees – ensuring a secure future.
| Strategies | Description | Benefits |
|---|---|---|
| 1. Refine the Messaging to Boost Engagement | AI-driven copywriting tools, like Glue Up Copilot, help create clear, precise, and actionable messages for member onboarding. AI can learn from user feedback, allowing for content that resonates with the audience’s tone and style. | – Improved engagement through clear communication<br>- AI learns from user feedback for more resonant content |
| 2. AI-Powered Virtual Assistants for Seamless Onboarding Support | AI-powered virtual assistants offer 24/7 guidance through the onboarding process, providing instant support and addressing FAQs. They streamline onboarding, offer human-like interaction, and ensure a smooth experience, reducing drop-off rates. | – Enhanced onboarding support<br>- Human-like interaction for member support |
| 3. Using Sentiment Analysis to Improve Digital Onboarding | Sentiment analysis, powered by AI, optimizes the digital onboarding process by understanding member sentiments. It efficiently analyzes quantitative and qualitative data, identifying pain points and enabling proactive solutions for a seamless user experience. | – Proactive addressing of pain points<br>- Enhanced user experience through sentiment insights |
| 4. Understanding Member Needs through AI-Driven Surveys | AI-driven surveys help understand member preferences, expectations, and pain points. By analyzing survey data, organizations can tailor the onboarding process, predict individual preferences, and deliver a personalized experience that fosters belonging and value for each member. | – Tailored onboarding based on member preferences<br>- Predictive personalization for a sense of belonging |
| 5. AI-Enhanced Gamification for Engaging Onboarding | AI-powered gamification makes the onboarding process enjoyable and engaging. AI algorithms create personalized challenges, quizzes, and rewards, motivating members to complete milestones and fostering a strong community spirit. | – Increased engagement through gamified elements<br>- Community building among members |
| 6. Personalized Onboarding Content with AI | AI-based tools analyze member data to create personalized onboarding content. This tailored approach, including interactive videos, informative articles, and personalized emails, keeps members motivated and excited throughout the onboarding journey. | – Customized content delivery for individual needs<br>- Enhanced member motivation during onboarding |
These strategies leverage AI to optimize various aspects of member onboarding, from refining messaging and providing seamless support to understanding sentiments, conducting personalized surveys, incorporating gamification, and delivering tailored content for a more engaging and satisfying onboarding experience.
