Transform Wealth Management Client Interactions with Digital Onboarding and E-Signatures

Transcription

1 Transform Wealth Management Client Interactions with Digital Onboarding and E-Signatures Michael Pupil, Sales Manager, esignlive by VASCO Glenn Bolstad, General Manager North America Appway Date Amruta Dongre, Senior Engagement Lead, Appway

2 OUR PARTNERSHIP End to End Digital Customer Onboarding with Appway and esignlive increase productivity reduce errors and costs improve customer experience Appway is global leader in client onboarding esignlive is a global expert in electronic signatures and transactions.

3 APPWAY BUILDING THE DIGITAL FUTURE TODAY At organizations around the world, Appway is transforming the way people and technology relate to business. 81% Annual Growth 225+ Clients Users Worldwide

4 ABOUT Global leader in e-signatures and authentication NASDAQ VDSI 23+ years e-signature experience Process millions of e-signed documents worldwide Two factor authentication More than 10,000 customers in 100 countries 11 of the top 20 banks in North America + preferred e-signature for CUNA 6,200 Credit Unions Single platform supporting cloud and on-premises Multiple, global cloud locations E-signature behind world s most trusted & security-conscious organizations More than half of world s top 100 banks 11-year 21% CAGR 17+ global offices; 500+ employees

5 ARE YOU READY? SETTING THE COURSE FOR DIGITALIZATION Large banks spend 2x as much time & budget on IT as other industries 62% cited mobile as High or Crucial Priority 45% anticipate full digitization for 2017

6 THE CORE CHALLENGES ORGANIZATIONAL LEGACY ORGANIZATIONAL COMPLEXITY ORGANIZATIONAL INERTIA COST PRESSURES TALENT & KNOWLEDGE SILOS

7 REDUCE UNNECESSARY BUSINESS COMPLEXITY In the age of the customer, business has become hyper-connected. Organizations using traditional approaches respond inadequately and too slowly to market requirements and business moments in the Digital Age.

8 Appway Studio Appway Workspac e THE GOALS OF DIGITALIZATION Visual Language Scalability High Availability Distributed Development Extensions Integration

9 OPERATIONALIZE THE CUSTOMER JOURNEY Customer-centricity means customers choose how to interact with the business along the entire journey. Ensure a cohesive user experience and fully integrated end-to-end orchestration across all modes.

10 Quality onboarding drives loyalty Quality onboarding drives referrals Time it takes to onboard a client Digital onboarding vs. paper-based

11 APPWAY ONBOARDING Onboard, update and offboard your clients in full compliance. End-to-end tracing Activation & data distribution Re-keying reduction Localization Data gathering Approval routing Product proposal Multilingual Risk rating Contract generation Paperless Location-based Services Client Servicing provides outstanding experience Automation yields efficiency Legal and Compliance reduces risk Withholding Tax Collaboration Self-servicing CRM2 US Patriot Act FATCA Compliance Concierge E-Signature CRS UBO AML Dodd- Frank KYC ID Verification PEP MiFID I MiFID II Investment Profiling ensures transparency Suitability Due diligence Background Risk

12 THE APPWAY ONBOARDING EXPERIENCE Flexible and agile, the award-winning solution Appway Onboarding offers a seamless digital experience for the financial services. Data Gathering Document Set Generation Approval Activation PD F Client Signature Mobile Digital Physical Profiling KYC Suitability Products FATCA Rule-driven Contractual Documents US Set UK Set SG Set 4-eye Checks and Approvals Integration CRM Core Banking Portfolio Mgmt. Archive

13 CUSTOMER EXPERIENCE & SECURITY Achieving the best of both worlds Customer Experience Security Overly complex processes lower adoption significantly Forrester Research

14 WHAT IS AN E-SIGNATURE? Like it s paper equivalent, an e-signature is a legal concept. It is about having a lasting record of someone s intent. Is it legal? Yes. Under the landmark ESIGN Act legislation in 2000, e-signatures have attained parity with paper. Similar laws in other regions such as the EU (eidas), Australia (Electronic Transactions Act), etc. Today, there is no longer any question about whether e-signatures are legal. Legal FAQ webcast recording: 13

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16 E-SIGNATURE WORKFLOW Access Authenticate Present Data Capture Doc Insertion Sign Deliver Link from Portal Username/password invite SMS text code Challenge-Response 3 rd Party ID Provider DIGIPASS On-screen On-paper Text box Checkbox Mandatory & Optional Ancillary docs (e.g. drivers license) Mandatory & Optional Click-to-Sign Click-to-Initial Handwritten signature Mobile signature capture Secure download attachment Call Center Account Team Web Self-Service Data Capture Document Template Downstream Processing Retail Branch Archive Mobile 15

17 E-SIGNATURE BUYER STUDY FINDINGS 16

18 CRITERIA #1: SCALABILITY Deployment Options Multi-Language Support Shared Service Options Global E-Sign Laws Data Residency Authentication Options 17

19 CRITERIA #2: EASY TO USE Easy for both senders and signers Customers, suppliers, partners, employees, managers, executives, and so on Must-haves: Intuitive, responsive UI Mobile-optimized signing experience Support for bulk sending Support for templates & layouts Advanced workflow customization

20 CRITERIA #3: THE ROLE OF AUTHENTICATION Reducing risk with e-signatures and digital transactions Fraud That s not my signature! Evidentiary It s not admissible! Repudiation That s not what I signed! Compliance That wasn t shown to me! Authentication Factors: Something You Know / Have / Are 19

21 Buying Journey CRITERIA #4: DOCUMENT SECURITY & AUDIT TRAILS Comprehensive Audit Trails: History of signing experience as experienced by signers Faster & less costly to prove your compliance and legal case 20

22 CRITERIA #5: WHITE-LABELING

23 CLIENT INTERACTIONS ACROSS CHANNELS 22

24 TOP BUSINESS CASE JUSTIFICATION CRITERIA PAPER HANDLING COSTS COST OF ERRORS RISK (NON-COMPLIANCE) COST SAVINGS $1 million in scanning and imaging costs annually by top bank (26 million pages/1 LOB) Eliminated 80% of document handling costs at branch (green bags, Q&A re-keying, admin) $10 per online transaction (courier, paper, servicing) $7.50 per loan in branch (paper, print cartridges, mailing and staff costs) 90% reduction in exceptions on loan documents in branch 3-4X cost reduction with electronic account opening between fund producer & broker-dealer 2 hours to redo account application paperwork when error is discovered 6,000 lost documents per year in wealth management >$500 million at risk due to incomplete paperwork/nigo Average court cost $100,000 - $300,000 in legal fees Class action law suits: $5M to $450 million or higher Significant penalties including prevention of business in a specific state $98.2M annually across a top bank once all forms are digital (based on the cost of printing, scanning, transferring, storing and destroying paper) $8M annually (labor, paper, administration, errors) $5-10 million annually (labor, customer service, paper, risk)

25 LIVE DEMO

26 MEET US AT BOOTH 200 & 204 Appway esignlive Contact Us Appway Onboarding Wealth Management Study Digital Onboarding for HNWI Top Use Cases in Banking Wealth Management Ebook Quick Demo Glenn Bolstad Amruta Dongre Michael Pupil

27 Q&A