This briefing session aims to focus on potential challenges during the institutional client onboarding process and highlight the unique features of the solution to address those challenges..
Happiest Minds offers a comprehensive LCAP based nimble yet scalable and agile customer onboarding and KYC automation solution that elevates the overall client experience during the onboarding process. The KYC sub process within the customer onboarding journey accounts for almost 22% of the time consumed for the entire process. Hence it makes sense to automate the KYC process to make a significant difference to the operational efficiency of the entire process. The solution caters to 2 sub-processes within the institutional customer onboarding process. The solution automates the process of validating the LEI and sanctions screening during the customer onboarding process. The solution uses open API to perform the following actions in real time. i. Validate if the details provided by the customer match with those in the LEI database. In case of any mismatch a customer outreach may be required to remediate the same. ii. Ensure that the customer is not on any sanctions list. The onboarding process cannot proceed if the customer is found on any sanctions and an enhanced due diligence process may need to be followed. To automate the institutional client onboarding process, our approach involves the following steps:
Solution Components :
Power Apps : Used for the interface design for the customer onboarding solution, UI will interface with API to exchange data related onboarding
Power Automate : Power automate has been used connect with multiple source systems/API to invoke the open LEI validation and sanctions screening
Data Storage : Provide multiple option to store data in SharePoint, Data Verse and Azure blob etc.