Since the early lockdown period in March, Auckland-based fintech, Invsta, has noticed a significant surge in demand for digital onboarding, including digital AML and the functionality for customers to invest online.
“We’ve noticed that Covid-19 has forced many financial service providers to compress years of digitalisation into months.” says Rachel Strevens, CEO and Founder of Invsta. “It’s been an incredibly exciting time for us, as we’ve been working closely with a growing number of companies to implement digital solutions that automate and streamline both the onboarding and investment process.”
Strevens announced that they are currently in the process of going live with an online investment solution and digital onboarding for Mint Asset Management, which includes switching clients over to the new and interactive client portal. Having worked closely with Mint, Invsta were able to deliver a customised solution that supports their strategic growth objective of increasing their retail customer base.
“To assist financial advisers and those New Zealanders wanting to invest directly into Mint, it was important that customers could easily create an account and make an online investment.” explains David Boyle, Head of Sales and Marketing at Mint Asset Management. “We knew that we weren’t able to achieve our strategic goals with our current manual processes, so we approached Invsta to help us create an engaging and compliance-driven digital onboarding for Mint. The focus was on creating an interactive investment experience for our clients that also improves the administration efficiencies for our team.”
Strevens indicated that digital onboarding tools which facilitate client self-functionality will not only escalate efficiencies but will also empower clients to engage with their investments on a more personal level. She predicts that self-functionality tools will be a key driver of acquisition and retention for the next generation of investors. It also has the potential to increase sales, as clients are able to make direct investments through online investment functionality.
“It’s not only retail-focused financial service providers that are looking to scale up their digital offerings. We’re also starting to see wholesale-focused companies actively looking to implement digital onboarding solutions and engaging client portals.” Strevens emphasises. “These companies have realised that difficult, manual processes are a barrier to potential investors. The loss of one customer has a big impact on their bottom line.”
Strevens disclosed that a leading property investment group has recently come on board with Invsta to put automated systems in place to help streamline processes and improve the customer experience. They are specifically looking at digital processes that will simplify and automate their current confusing and long-winded application forms by making it easier for clients to invest and complete AML processes online. Not only will this provide a better user experience, but it will also help reduce the time it takes to process applications, helping to reduce the administration burden on employees. The company also wanted to centralise and maintain a higher security standard by using Invsta’s biometric authentication module to incorporate facial recognition into their onboarding process. Biometric authentication serves as a powerful compliance tool to enhance AML processes and protect against fraud. These features can be seamlessly integrated into the onboarding process through Invsta’s customisable white label solutions, ensuring a smooth and consistent process for customers.
“There is no doubt that Covid-19 was a resounding wake-up call for financial service providers. As companies start to experience the benefits of implementing emerging technology, we expect to see a rapid increase in key elements and processes of the client service model becoming digitised.” says Strevens.
With advancements in artificial intelligence and biometrics, the onboarding process will become a seamless, digital experience that not only improves customer satisfaction but also meets compliance requirements through eKYC and eAML. It’s evident that this will be a key process to automate as it saves both time and money in processing new clients.