Banks that fail to incorporate mobile and Web technologies into their client-facing onboarding processes will be left behind, according to research by Aite Group.
According to the research, young investors, including the future high net worth, are prepared to shift their assets to firms that can provide them with more convenient services and more online and mobile tools.
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Sophie Schmitt, senior analyst in wealth management at Aite Group and report co-author said: "Banks that fail to migrate paper-based onboarding processes to web and mobile platforms will be left behind in their efforts to improve the client experience, reduce costs and meet regulatory requirements."
Christine Pratt, senior analyst in wholesale banking and report co-author said that, regulators will require more documentation during the onboarding process, particularly in mortgage sales, to ensure lenders and buyers are not taking undue risks.
"Firms that are still distributing and storing key client documents in paper format will have trouble responding to regulators’ information requests cost effectively." Pratt said.
David Albertazzi, senior analyst in retail banking at Aite Group and co-author of this report said: "While banks may look to the myriad regulatory requirements and conclude that they cannot afford to allocate much to client experience initiatives, they must reconsider this assessment and identify initiatives that can both meet the needs of regulators and ensure their long-term competitiveness."
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