In today’s rapidly evolving financial landscape, banks face numerous challenges when onboarding corporate clients.
The integration of automated Corporate Digital Identity (CDI) systems promises to revolutionise this critical process. A recent series of reports by Chartis and Encompass highlights how embracing CDI can address these challenges effectively.
CDI systems target the primary pain points in the client onboarding journey, offering significant improvements in efficiency and client satisfaction. By automating identity verification and due diligence, CDI enables banks to reduce the operational burdens traditionally associated with manual processes.
The advantages of implementing automated CDI systems extend beyond simplifying procedures. Banks that have adopted CDI report operational time savings of up to 32% across the end-to-end onboarding process. This not only speeds up the onboarding but also enhances the overall client experience, fostering better client-bank relationships.
Moreover, the impact of CDI on banks and their clients is profoundly positive. It streamlines the onboarding process, reduces errors associated with manual data entry, and ensures compliance with regulatory standards. This transformation leads to cost-effective and sustainable practices within financial institutions.
To delve deeper into how CDI is reshaping bank onboarding practices, Chartis and Encompass invite interested parties to download their second report. This detailed analysis is part of a trilogy that explores the challenges, solutions, and best practices for implementing successful and long-term CDI systems.
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