at Financial Technnology Year
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Features in Client Onboarding Solutions
for Client Services
Digital platforms streamlining the account opening process, including KYC (Know Your Customer), AML (Anti-Money Laundering) checks, and documentation management.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
AML (Anti-Money Laundering) Screening
Tools and rules for automated AML checks as part of onboarding compliance.
- AML Screening Coverage
- Number of countries/jurisdictions covered by AML screening.
- Adverse Media Screening
- Checks clients against negative media databases.
- Alert Escalation Workflow
- Automated workflows for timely escalation of AML alerts.
- Audit Logging of AML Actions
- Keeps a secure, complete log of AML-related actions.
- Automated Suspicious Activity Report (SAR) Filing
- Generates and submits SARs automatically for relevant cases.
- Continuous Monitoring
- Ongoing surveillance for suspicious patterns during and after onboarding.
- Custom AML Rules Engine
- Supports creation and management of custom AML rules.
- Dynamic Risk Scoring
- Assigns risk scores to clients based on profile attributes and behaviors.
- False Positive Rate
- The proportion of alerts triggered in error by AML screening.
- Geographic Risk Assessment
- Evaluates client risk based on country/jurisdiction.
- Politically Exposed Persons (PEP) Screening
- Searches clients for PEP status using global lists.
- Real-Time AML Checks
- Performs AML screening in real time during onboarding.
- Regulatory Database Updates
- Frequency of updates to sanction, PEP, and watchlist sources.
- Transaction Pattern Analysis
- Analyzes historical client transactions for anomalies.
Account Creation & Onboarding
Core features for digital account setup, client data entry, and onboarding task management.
- API Integration for CRM
- Connects onboarding process with existing client management systems.
- Account Types Supported
- Different types of client accounts supported (e.g., individuals, corporates, trusts).
- Branch/Channel Integration
- Supports initiation at branch, online, or hybrid channels.
- Bulk Onboarding
- Enables onboarding of multiple clients in batch.
- Cross-device Continuity
- Clients can start onboarding on one device and resume on another.
- Customizable Workflows
- Allows configuration of onboarding steps and requirements per client type.
- Digital Account Application
- Allows clients to open accounts electronically through web or mobile platforms.
- Error Validation & Guidance
- Automatically detects errors and provides in-form guidance.
- Multi-currency Support
- Supports accounts across various currencies.
- Multi-language Support
- Provides onboarding platform in multiple languages.
- Onboarding Time
- Average time to complete an account opening process.
- Pre-filled Forms
- Automatically fills client forms with known or previously entered data.
- Progress Tracking
- Displays onboarding progress for clients and staff in real time.
- Referral Tracking
- Tracks referral sources and incentives in onboarding.
Analytics, Reporting & Monitoring
Insights, dashboards, and auditing for continuous improvement and compliance monitoring.
- Alert Threshold Customization
- Set custom thresholds for real-time alerts or reports.
- Audit-Ready Logs
- Maintains audit logs for all major actions/events.
- Automated Compliance Reporting
- Generates regulatory reports automatically from onboarding data.
- Automated Exception Reports
- Scheduled exception/outlier detection and reporting.
- Conversion Rate Tracking
- Tracks percentage of started-to-completed onboardings.
- Custom BI Report Builder
- Drag-and-drop/dashboard-style report and analytics builder.
- Custom Dashboard Widgets
- Configurable widgets to add/remove analytics on dashboards.
- Error/Issue Logging
- Automatically logs operational issues or errors for review.
- Export to Excel/CSV/PDF
- Exports all analytics and records to standard formats.
- Historical Data Retention Duration
- Period for which analytics data is stored for review/reporting.
- Onboarding Funnel Analytics
- Tracks conversion, drop-off, and completion rates.
- Real-time Reporting
- Instant access to live onboarding metrics.
- Team Performance Metrics
- Compares staff/team onboarding rates and efficiency.
- Time to Approval
- Measures average time from submission to approval.
Compliance & Regulation
System features to maintain and document adherence to brokerage, privacy, and financial regulations.
- Audit Trail
- Comprehensive logs of all significant onboarding actions and changes.
- Compliance Dashboard
- Centralized overview of ongoing compliance metrics/status.
- Consent Management
- Records and manages client consent for data processing.
- Encrypted Data Transmission
- All data transfer encrypted end-to-end.
- Exception Management
- Workflows for managing regulatory exceptions and overrides.
- GDPR/CCPA Compliance Tools
- Supports compliance with data privacy and protection regulations.
- Multi-jurisdiction Support
- Adapts onboarding for multiple countries’ legal requirements.
- Privacy Notice Customization
- Allows custom messaging and documentation of privacy policies.
- Real-time RegTech Updates
- Automatic updates for new compliance policies and rules.
- Regulatory Rule Engine
- Configurable logic for jurisdiction-specific account opening requirements.
- Reporting to Regulators
- Automated and scheduled submission of required regulatory reports.
- Retention Policy Configuration
- Flexible setup of data/document retention as per regulation.
- Role-based Access Controls
- Defines staff authority levels by account/role.
- Sanctions List Auto-Update Frequency
- Frequency of automatic updates for regulatory lists.
Documentation & Data Collection
Centralized documentation handling, secure upload, and data capture during onboarding.
- Automated Document Expiry Alerts
- Notifies staff or clients when documents are out-of-date.
- Bulk Document Handling
- Processes multiple documents at once (e.g. corporate onboarding).
- Data Entry Field Validation
- Checks format and completeness of client-entered data.
- Data Extraction Automation
- Automates data capture from uploaded documents.
- Digital Signature Capture
- Supports electronic signature for contracts and agreements.
- Document Format Support
- Accepts a wide range of file types and sizes.
- Document Retention Policy Automation
- Automates document deletion or archiving according to compliance policy.
- Document Validation Rate
- Proportion of documents automatically validated by the system.
- Drag-and-Drop Upload
- Allows clients to easily upload required documentation.
- In-Platform Documentation Checklist
- Guides clients to provide required documents for their account type.
- Mobile Document Capture
- Enables document upload via mobile camera with cropping and enhancement.
- Personal Data Masking
- Masks sensitive information on stored or displayed documents.
- Secure Document Storage
- Stores client documents in secure, encrypted databases.
- Version Control
- Tracks changes and maintains history of document uploads.
Integration & APIs
Capabilities to connect the onboarding system with other platforms, services, or databases.
- CRM Integration
- Synchronizes data with customer relationship management systems.
- Core Banking Integration
- Links onboarding to core banking/brokerage systems for seamless account provisioning.
- Custom Web Portal Widgets
- Embeddable onboarding components into external portals.
- Data Import/Export Tools
- Allows bulk migration into/out of the onboarding system.
- Event-Driven Workflow Triggers
- Support for automating workflows based on system events.
- Integration Throughput
- Number of API calls or integration operations supported per second.
- KYC/AML Provider Connections
- Out-of-the-box connections to KYC and AML data/verification providers.
- Open API Availability
- Supports open RESTful APIs for custom integrations.
- Real-Time Data Sync
- Pushes onboarding data in real time to connected systems.
- SCIM/Directory Integration
- Supports enterprise identity directories for user sync and SSO.
- SSO/SAML Authentication
- Enables single sign-on for advisors and staff.
- Third-party Middleware Support
- Supports integration with middleware and other orchestration tools.
- Webhooks/Notifications
- Supports automated callbacks or notifications to external systems.
- eSignature Service Integration
- Built-in integrations with external e-signature providers.
KYC (Know Your Customer) & Identity Verification
Automated, robust processes for verifying identity, residency, and eligibility as per regulations.
- Age Verification
- Checks client meets minimum age requirements.
- Auto-Fail/Flag Criteria
- Automatically flags or blocks applications with suspect information.
- Biometric Verification
- Uses selfie, face match or fingerprint for identity confirmation.
- Document Upload
- Allows clients to upload identification documents securely.
- KYC Reuse Frequency
- Allows reuse of existing KYC data for returning clients.
- Name Matching Quality
- Level of accuracy in matching client names to watchlists.
- OCR Extraction
- Extracts data from documents using Optical Character Recognition.
- Proof of Address Handling
- Verifies and stores client proof of address.
- Real-time KYC Decision
- Gives instant pass/fail approval for KYC checks.
- Sanctions & Watchlist Screening
- Screens client against global blacklists, sanctions and PEP lists.
- Source of Funds Collection
- Collects data on the origin of client funds.
- Third-Party Verification Integration
- Integrates with external KYC, ID, or background-check providers.
- Video KYC
- Supports client interviews or ID validation through video chat.
- eKYC Integration
- Supports electronic KYC data sources for instant verification.
Scalability & Performance
Platform capability for high volumes, reliability, and growth as client base or regulatory complexity increases.
- API Rate Limiting
- Configurable limits for external integrations to maintain performance.
- Automated Load Balancing
- Distributes workloads for high performance.
- Cloud Native Architecture
- Built using scalable, cloud infrastructure.
- Concurrent User Capacity
- Maximum number of users supported at once.
- Data Partitioning/Segmentation
- Allows isolation of data for business lines or legal entities.
- Disaster Recovery RTO/RPO
- Maximum Recovery Time/Point Objectives after a disaster.
- Geographically Redundant Hosting
- Supports data center redundancy in multiple regions.
- Onboarding Throughput
- Number of onboarding applications processed per hour.
- Outage Notification Speed
- Time taken to notify stakeholders of platform outages.
- Performance Monitoring Dashboards
- Live metrics such as response time and error rates.
- Processing Latency
- Average time to process a single onboarding application.
- Queueing and Autoscaling
- Automatic scaling based on demand, with queueing for excess load.
- System Uptime SLA
- Guaranteed percentage of system operational time.
- Zero Downtime Maintenance Capability
- Upgrades and patches without taking platform offline.
Security & Data Protection
Mechanisms and certifications to ensure sensitive client data is secured and privacy is ensured.
- AES-256 Encryption
- Industry-standard encryption for data at rest and in transit.
- Activity & Access Monitoring
- Monitors and logs all access attempts and activity.
- Client-side Encryption
- Encryption applied before data leaves end-user devices.
- Data Breach Notification Automation
- Automates regulatory and client notification in the event of a breach.
- Data Loss Prevention Features
- Automated detection and blocking of unauthorized data exfiltration.
- Field-level Data Encryption
- Sensitive fields (e.g., SSN, passport number) encrypted individually.
- ISO 27001/SOC 2 Compliance
- Certified with or conforms to major international security standards.
- Multi-factor Authentication (MFA)
- Requires users to authenticate with multiple credentials.
- Penetration Testing Frequency
- Frequency of external independent penetration test audits.
- SSO/OAuth Support
- Supports single sign-on and OAuth credentials.
- Secure Data Wipe
- Supports secure deletion of client data and documents.
- Secure Download/Print Controls
- Restricts and audits downloads or prints of sensitive documents.
- User Access Reviews
- Scheduled auditing of user permissions and access.
- Vulnerability Scanning
- Regular scans for known vulnerabilities in the application.
Support, Maintenance & Vendor Management
Ongoing operational features, SLAs, training, roadmap and vendor relationship management.
- 24/7 Client & Staff Support
- Around-the-clock vendor support for technical and procedural queries.
- Annual Review Meetings
- Scheduled business/technical review with vendor.
- Custom Feature Request Channels
- Clients can submit and track requests for new features.
- Custom Implementation Services
- Availability of professional services for onboarding rollout.
- Dedicated Account Manager
- Named relationship manager for the brokerage firm.
- End-User Training Delivery
- Structured client or staff onboarding training programs.
- Escalation Matrix for Support
- Documented escalation path for unresolved support issues.
- Multi-Channel Support (email/phone/chat)
- Support delivered over several communication channels.
- Online Knowledge Base
- Comprehensive self-help and learning materials.
- Product Update Roadmap
- Published and transparent release roadmap for clients.
- Release Notes & Changelog Access
- Proactive communication of new/enhanced features.
- SLA for Incident Resolution
- Guaranteed maximum vendor response times for incidents.
- Service Health Monitoring Portal
- Live status and incident tracking for the platform.
- Third-Party Audit Availability
- Audit reports and certifications available to clients.
User Experience & Accessibility
Features that ensure an intuitive, accessible, and inclusive onboarding experience for clients.
- Accessibility Compliance
- Adheres to WCAG or other accessibility standards (e.g., screen reader support).
- Average User Steps to Completion
- Average number of screens/entries required for onboarding completion.
- Dark Mode
- User interface supports dark/light visual themes.
- Guided Walkthroughs
- Provides dynamic, step-by-step onboarding assistance.
- Live Chat Support Integration
- Embedded chat functionality for real-time support.
- Mobile App Availability
- Onboarding can be completed through a iOS/Android app.
- Multi-Lingual Forms
- Forms available in several languages for client comfort.
- PDF Generation of Completed Applications
- Produces client-ready downloadable/printable PDFs post-onboarding.
- Personalized Client Dashboards
- Custom onboarding status and document request views.
- Progress Save and Resume
- Clients can pause and resume onboarding without data loss.
- Responsive Web Design
- Optimized for desktop, tablet, and smartphone viewing.
- Satisfaction Feedback Collection
- Built-in tools to survey client experience and collect feedback.
- Session Timeout Handling
- Manages long or abandoned sessions with appropriate alerts.
- Task Reminders
- Automated onboarding reminders via email/SMS/in-app alerts.
Workflow & Process Automation
Features that automate procedures, routing, approvals, and exception handling in onboarding.
- Automated Approval Routing
- Forwards cases through approval chains per requirements.
- Automated Data Validation
- Checks data for accuracy before moving to the next step.
- Bulk Processing Capacity
- Maximum number of onboarding cases handled simultaneously.
- Custom Process Templates
- Library of reusable workflow templates.
- Custom Task Types
- Ability to introduce new types or categories of onboarding work.
- Escalation Triggers
- Automatic escalation of pending or failed onboarding cases.
- Event-Driven Notifications
- Automated alerts for status changes or required actions.
- Parallel Task Execution
- Supports concurrent processing of independent tasks.
- Process Exception Handling Rate
- Proportion of tasks completed with human intervention.
- Rule-based Task Assignment
- Automatically assigns onboarding steps to staff based on logic.
- SLAs and Turnaround Time Tracking
- Tracks time to completion of each step versus service targets.
- Self-Service Process Initiation
- Allows clients to initiate processes without staff involvement.
- Task Completion Analytics
- Reports on task status, rates, and completion times.
- Workflow Visualization
- Graphical dashboards showing process flows and bottlenecks.