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What You Need to Know About the Corporate Banking Onboarding Process


Gone are the days of lengthy onboarding processes for corporate banking customers. Today, banks are striving to provide a seamless and efficient customer experience when it comes to setting up their accounts.

For businesses looking to open a corporate bank account, this means that the process can be completed quickly and easily with minimal paperwork or delays. But what does this mean for banks? How can they ensure that their onboarding processes meet customer expectations while still meeting all compliance requirements?

In this blog post, we’ll explore how modern technology is transforming the traditional corporate banking onboarding process. We’ll look at why digital solutions are becoming increasingly popular among business owners and discuss some of the benefits associated with these tools. Finally, we’ll examine how banks can make sure their online services comply with regulatory requirements while still providing an enjoyable customer experience.

1. Introducing the Modern Corporate Banking Onboarding Process

In the modern world of onboarding, banks are looking to technology-enabled solutions for quick and efficient customer onboarding. This includes automated identity verification, digital document scanning, and the use of AI-based algorithms that can reduce the human effort involved in the process. By replacing manual tasks with digital solutions, banks can streamline their customer onboarding process while still meeting all compliance requirements.

Technology infrastructures are flexible on-premise or on the cloud.

On-premise technology infrastructures offer many advantages for both businesses and banks when it comes to corporate banking onboarding. Not only do they provide a more secure and reliable solution than cloud-based systems but they also allow customers to remain in control of their data. With on-premise solutions, businesses have access to their data and can ensure that it remains secure and confidential. There is less privacy obsession on commercial customers than private customers, however, corporate clients have secrets and businesses you want to protect. InvestGlass offers both of the best Worlds on-prem and on public cloud which will satisfy different banks.

Swiss servers
Swiss servers

Intelligent technologies are used to increase the speed of account opening. For instance, InvestGlass forms help to offer effective onboarding to companies with multiple signatures.

A company usually have multiple signatures which can be difficult to handle efficiently and in a cost-effective way. With the help of InvestGlass forms, banks can reduce the time and effort spent on manual paperwork while still obtaining the necessary information to comply with regulatory requirements. Moreover, customers are comfortable using digital solutions as they offer more convenience than traditional methods such as paper documents or face-to-face interviews. This is especially important for businesses as it allows them to quickly and easily open a corporate bank account without having to go through lengthy and tedious paperwork.

Forms facilitate upload documents which are securely stored and they ensure that the customer is providing authentic documents. This helps to reduce the risk of money laundering and other fraudulent activity, as banks can be assured that all documents have been verified correctly.

The entire process of digital onboarding is then stored into InvestGlass CRM. The CRM can be connected to your legacy systems if you don’t want to change CRM and just use the competitive advantage of InvestGlass Digital onboarding.

Using a digital solution prevents multiple meetings with bankers and therefore improves new clients’ onboarding.

3. Benefits of Using Digital Solutions for Corporate Banking Onboarding

Digital solutions for corporate customers provide many advantages over traditional methods. Some of these include:

• Increased speed and efficiency – Digital solutions can save both time and effort, allowing customers to open corporate bank accounts quickly.

• Improved customer experience – By offering a convenient digital solution, banks can make the account opening process much more enjoyable for customers.

• Reduced risk of fraud – Digital onboarding solutions can help to reduce the risk of money laundering and other fraudulent activity by ensuring that all documents are verified correctly.

• Automation and streamlined processes – Automated tasks such as identity verification, digital document scanning, and AI-based algorithms can reduce the human effort involved in the process.

• Increased security – Digital solutions are much more secure than traditional methods, as they provide banks with comprehensive access control and authentication measures.

The modern corporate customers’ onboarding process is becoming increasingly popular among businesses, as it allows them to open a corporate bank account quickly and with minimal effort. Banking services are made easy with digital know-your-customer forms. For KYC we like to use solution like Polixis ARDIS which is a cloud solution made for financial institutions looking to check the board members name, check anti money laundering, and key findings. We appreciate this solution as this offer a seamless exprience for KYB. We are also connected to Sumsub for this type of process.

Checking data integrity
Checking data integrity

4. Corporate banking onboarding and it’s the approval process

An approval process is digitalized to provide reliable customer onboarding and make sure that banks can verify the information provided by new customers. Approval process is fully customisable to match existing due diligence busines rules. This process generally involves a background check, identity verification, document scanning, and AI-based algorithms to determine whether the customer is a legitimate entity or not. The whole process takes place electronically and is much faster than manual verification processes.

The system is used for regulatory compliance, and it helps banks to effectively onboard new customers. This process is also beneficial for customers, as they can quickly open a corporate bank account in just a few steps.

In short, digital solutions are transforming the way that corporate banking onboarding is conducted. By streamlining processes, reducing risk and offering convenience, these tools are making it easier for businesses to open corporate bank accounts.

The use of digital solutions is invaluable in the corporate customers’ sector, and it has enabled customers and banks to quickly complete the onboarding process without any hassle. As such, this technology will continue to be used in the future as more banks embrace digital transformation.

Data integrity, customer convenience and security will remain the key focus points in corporate banking onboarding, so businesses should be aware of the benefits that digital solutions can bring to this process. With their help, banks and clients can successfully open corporate bank accounts quickly and with minimal effort.

man looking at InvestGlass
man looking at InvestGlass

5. After onboarding, the off-board and the KYC remediation

Banks have a risk apetite that can change based on political tensions such as the current war in Europe or in Africa. The overall process can cahnge based on customer segments risk.

The same onboarding tools can be used to verify the coporate customers data. If you don’t have enough people to collect the data, you can use the self service portal of InvestGlass to ensure data integrity. If local regulations are not respected, you can flag customer data and push them into a Campaign tool to stop onboarding for corporate customers, or even off-board them. Business rules are fully flexible into InvestGlass automation tool.

InvestGlass automation is using machin learning to identify any changes in the corporate customers financial profile. If there is any deviation, we can alert the Compliance department and run KYC remediation process to make sure that all regulations are still respected after onboarding.

Digital solutions have made corporate banking onboarding simpler and faster than ever before. They offer reliable customer verification tools, enhanced security measures, and a streamlined process for quickly opening corporate bank accounts. Moreover, data integrity checks, off-boarding tools, and KYC remediation processes help banks stay compliant with regulations and provide customers with the best possible experience.

InvestGlass is the perfect tool for corporate banking onboarding, offering a seamless and streamlined experience. With its automated customer verification processes, enhanced security measures, data integrity checks, off-boarding tools and KYC remediation process, InvestGlass helps banks stay compliant with regulations while providing customers with an easy and secure way to open their corporate bank accounts quickly. By leveraging the power of digital solutions, InvestGlass makes it easier than ever before for businesses to benefit from fast and reliable corporate banking onboarding services. If you’re looking for a simple yet powerful solution that will help streamline your coporate banking onboarding process – look no further than InvestGlass!

Corporate Banking Onboarding Process