UBS (formerly Credit Suisse) recognized that client needs and financial interests were diversifying quickly, and that preferences of new generations of clients would likely change how they interacted with their finances. They wanted to find innovative ways to tap into different segments of the markets to attract and better serve their clients in the future. FNZ worked with the team in Switzerland to design and implement a persona-driven onboarding capability, using the latest digital techniques. The guiding principle was that a new client must be able to onboard in less than 15 minutes.

Credit Suisse dashboard on mobile device

FNZ delivered a slick digital experience covering the core needs of setting up an account, with minimal online form-filling, e-signatures, and ID-checks. Critical compliance information was all collected within a few minutes. The new experience helped target client personas of ‘career starter’, ‘young professional’, ‘millennial parent’ and ‘experienced professional’ and provided a full multi-channel experience – with workflows connecting all key internal stakeholders and systems digitally. The scope was later extended to cover the complex needs of onboarding legal entities as well.

Our clients now have the possibility to open an account with us in 15 minutes from the comfort of their home

Aaron Mechelke
VP Digital Solutions and Delivery, Credit Suisse (now UBS)

Serving the digitally-savvy investor for the long-term

The project to attract and target new clients in Switzerland was part of a long-term collaborative relationship with FNZ. Over the last decade, FNZ has implemented multiple solutions in the US, European and APAC regions covering a range of segment, geographical and jurisdictional requirements. The desire for rapid digital onboarding and automated workflows was first addressed with the Private Bank APAC division a decade ago. The resulting capability has since been extended and rolled out globally.

The scalable platform provides a harmonized, joined-up experience for clients across the globe. The new digital processes have dramatically improved efficiency, with error rates and time processing documents in the mid- and back-office significantly reduced.

Our experience with the new digital onboarding process shows us that data quality has significantly improved. Compared to the conventional process, the error rate has dropped by 65%.

Marc von Widekind
Head of Process Digitization, Credit Suisse (now UBS)

Read Forrester's Total Economic Impact report on how wealth management firms and private banks have transformed their bottom line and increased margin by more than 10% through digital onboarding.