Offering clients optimal advice and support is a top priority for LGT. Since its founding, LGT has grown from a small regional bank to an international private bank employing over 3,400 staff in more than 20 locations worldwide. Despite its continuous growth, LGT remains an independent family company that provides clients with a unique, bespoke service.
Having internationalized rapidly, LGT saw the opportunity to harmonize their front-office processes across the globe to improve the overall client experience. In doing so, they wanted to remove any unnecessary administrative burden on their client facing teams and ensure that client onboarding and Know-Your-Customer (KYC) processes were at the highest levels of compliance.
Digital processes that scale, saving time and effort
FNZ’s onboarding team partnered with LGT to determine the client workflows that fulfilled the needs of the local relationship management teams and the compliance and booking center stakeholders. The solution was completely digital and integrated into LGT’s app landscape to give an immediate business benefit and allow for optimization.
Once embedded, the onboarding workflows were rolled out globally. The FNZ team provided consultancy through multiple deployment phases as different local requirements were incorporated. By doing so, the FNZ team were able to meet LGT’s objective of providing a better client experience with harmonized global workflows.
Asking the right questions and picking the right forms at a given stage in a process had become a challenge for our relationship managers. Guided processes help us avoid unnecessary ping-pong with the customer.
Incorporating regulatory compliance requirements into a seamless experience.
A key objective of the harmonization project was to digitize the large number of regulatory requirements for each jurisdiction. The global compliance teams worked closely with FNZ to ensure confidence that all audit and compliance processes would run swiftly, smoothly, and accurately.
The FNZ solution now provides workspaces and workflows that support the seamless regulatory review and due diligence processes. The workflows connect multiple systems and third-party services so that the reviewer can quickly assess a situation and react accordingly, saving time and reducing the possibility of errors or oversight.
The FNZ solution now provides workspaces and workflows that support the seamless regulatory review and due diligence processes. The workflows connect multiple systems and third-party services so that the reviewer can quickly assess a situation and react accordingly, saving time and reducing the possibility of errors or oversight.
A great solution! Now I have complete oversight of the questions that I need to ask my clients and the documents they need to sign. The whole process becomes much more efficient and faster.
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.