Client:

The client is a US-based private investment firm.

Challenge:

The Vice President of the client’s Onboarding team was facing significant delays and inefficiencies within the firm’s existing Know Your Customer (KYC) outreach process. The onboarding process was taking 45 days, far longer than the industry standard of 20 days, resulting in frustrated clients and potential revenue delays. The complex and manual onboarding process, which relied heavily on data entry and form filling, was causing customer dissatisfaction, with duplicate records in the system further complicating the process.  

The firm’s outdated KYC system also lacked the functionality to schedule periodic reviews based on risk parameters, leading to compliance challenges and slow onboarding for new corporate clients—a key growth area for the firm. 

Solution:

eClerx collaborated with the client to conduct a comprehensive analysis of their existing processes, regulatory requirements, and customer mapping challenges. The solution proposed by eClerx included migrating customer data from legacy systems into the Compliance Manager tool, a platform designed to streamline KYC processes and enhance compliance capabilities.  

A revamped operational model was implemented, where associates focused on high-priority linked cases, reducing backlogs and speeding up case closures. Weekly governance meetings with business stakeholders were introduced to track progress and ensure that cases nearing deadlines were prioritized. 

Additionally, dashboards were developed to provide transparency on the movement of cases across various stages, and standardized outreach templates were created to optimize customer responses and minimize redundant information requests. This consolidation enabled multiple functions to be administered from a single platform, improving risk rating accuracy and automating the scheduling of periodic reviews. Dynamic subscription forms were also introduced to minimize manual dependency and improve the overall onboarding experience. 

Impact:

The solution delivered significant efficiencies and exceeded the client’s expectations: 

• A 30% reduction in the due diligence cycle timeline. 

• 135 cases that had been pending for over 60 days were completed within four weeks. 

• The backlog of 600+ pending cases was reduced to 155. 

• A 35% reduction in cost per case. 

The streamlined onboarding and periodic review processes enabled the client’s teams to focus on growth and strategic initiatives, while also ensuring compliance with regulatory requirements. The Vice President was highly satisfied with the results, leading to his recognition as Innovation Manager and his subsequent promotion to Director of Client Lifecycle.  

This collaboration with eClerx not only improved operational efficiency but also enhanced customer satisfaction and positioned the firm for future growth.