With this technology, advisors can close deals within minutes, clearly see and address delays and spend less time routing paperwork. It comes down to spending quality time with clients rather than wrangling with the logistics of onboarding.
Chattanooga, Tenn. (PRWEB) June 11, 2014
On June 5, technology experts from SIGNiX, Pershing LLC and CEB TowerGroup presented a panel discussion called “Making First Impressions Last—Optimizing the Client Onboarding and Account Opening Experience” at Pershing’s INSITE 2014. The session stressed the importance of digital signature technology in creating an impressive online onboarding experience.
Despite the importance of digital signatures, research presented by CEB TowerGroup showed that only 10 percent of financial advisors have adopted e-signature technology.
“It’s funny that we’ve spent all this money and time implementing 21st century electronic solutions, but then still rely on paper and pens to finish the process,” John Harris, director of product management at SIGNiX, said during the session. “Clients simply expect to be able to close business on the same device they use to keep track of Twitter and Instagram.”
Many wealth management executives have implemented some type of technology to improve client onboarding, but most still don’t offer digital signatures to help complete the process. Research by CEB TowerGroup showed that 70% of clients said they still had to sign paperwork on paper before their account could be opened.
“Poor onboarding experiences require clients to have to go through many manual steps in a process to open an account and become a client,” Darrin Courtney, a research director in CEB TowerGroup’s Wealth Management Practice said during the session. “Clients that receive an excellent onboarding experience are far more willing to recommend or refer their wealth management firm compared to those who have a fair or even good experience.”
The benefits of online onboarding go far beyond client satisfaction—technology can improve advisor experiences too. Many advisors spend a significant amount of time tagging paperwork to be signed, tracking down documents and resending incomplete paperwork. All of that can be simplified by switching to a digital process.
“With this technology, advisors can close deals within minutes, clearly see and address delays and spend less time routing paperwork,” Harris said. “It comes down to spending quality time with clients rather than wrangling with the logistics of onboarding.”
When it comes to onboarding technologies, clients are looking for a product that is secure and simple to use, according to CEB TowerGroup research.
“An effective onboarding experience will not only tighten security and reduce errors which is important to clients, but it will also provide the ease and convenience that clients are demanding,” Courtney said.
The digital onboarding process can help in both areas, making the onboarding process more secure and easier at the same time.
Though the client onbarding process is not a terribly risky process, Pershing’s Michael Nesspor warns that e-signature services and other digital tools used for onboarding will eventually be adapted for other uses.
“The groundwork that we are introducing here is going to be used to authorize transactions like cash disbursements from an account,” Nesspor said. “Trust me, security trumps convenience every time when we’re talking about a person’s money.”
SIGNiX, the most trusted name in digital signatures, makes signing documents online safe and secure. SIGNiX offers the only independently verifiable cloud-based digital signature solution, which combines convenience with best-in-class security. SIGNiX’s products help the world’s leading companies become more efficient, decrease risk and boost profits. For more information, visit http://www.signix.com.