European banks behind global trend for smooth corporate client onboarding
Global research into corporate banking by digital business and IT services leader NTT DATA has found that European banks are behind the global trend in making the onboarding process “fast and seamless” for corporate clients. On average, more than a third (39%) of clients from LATAM, APAC, and the US reported a smooth onboarding process. In contrast, just over a quarter (27%) of clients in Europe reported the same.
NTT DATA’s report, Global Research into Corporate Banking’s Future, surveyed 330 banking and 550 enterprise respondents from across the globe and examined the state of corporate banking following the Covid-19 pandemic. The client onboarding process formed a significant part of the report as banks continue to rationalise their portals.
Although Europe lagging behind is in part due to stricter KYC/AML (know your customer/ anti-money laundering) requirements in the region, there is still a need for the region to catch up with the global trend. The report suggests that technology offers European banks the best of both worlds: a smooth onboarding process and rigorous and robust testing to ensure the regional requirements are met.
Miguel Mas Palacios, director of global corporate banking at NTT DATA, explained: “Onboarding is pivotal to a long-term working partnership and making sure that process is as smooth as possible from day one. Positively, banks are prioritising this.
Refreshingly, 2022 sees optimism in both the market again, and in a world where changes brought in to deal with the Covid-19 pandemic are longer lasting than anticipated. Still, it’s been proven that business can change fast, and that fresh thinking can come through at speed.”
Read the full report here.