Founded in 1805, Pictet is a multinational private bank and asset manager which builds responsible partnerships with its clients. Its enduring history provides Pictet with a unique perspective gained from serving clients over the long-term. While their strategy has always focused on continuity, stability, and sustainability, Pictet has always been ready to adapt to changing circumstances for its clients' advantage. Pictet wanted its clients to benefit from the latest digital innovations and so decided to transform the way it onboards its wealth management clients globally across its international locations. In doing so, Pictet wanted to overcome the challenge of processing an enormous amount of client documents, many of which were needed for regulatory purpose, that were causing concerns in relation to the efficiency and focus of their operations teams.
To tackle these challenges, the FNZ team partnered with Pictet to implement a digital onboarding workflow. The new solution could be fully configured for local requirements and rapidly deployed in all regional entities. It provided the ability to orchestrate and manage all client onboarding activities, across all global channels, through a unified digital workspace. Onboarding features were also included, such as automated document management and the digital processing of Lombard credit requests.
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.
Managing the complexity of compliance
Our partnership also addressed Pictet's processes in managing extremely complex client situations, often involving bespoke services and multi-faceted relationships. Their sophisticated compliance processes meant that FNZ’s digital solution incorporated a range of high-end requirements. These included full client-lifecycle management, digital binding of legal document sets, and monitoring multiple legal and natural beneficiary relationships. Additionally, the new solution streamlined reviews of Know-Your-Customer requirements, portfolio risk suitability and other formal compliance needs.