Grouping Module – streamlining requirements based on lifecycle

March 28, 2022

You never get a second chance to make a great first impression and since onboarding a new client is the first main contact between your company and your new client, the experience should ideally be neither confusing nor frustrating. The onboarding experience is often viewed as the foundation for what dealing with your company will be like, so having a trustworthy and streamlined onboarding system should be any organisations top priority. It doesn't matter whether you're an accounting practice, business consultant, wealth management firm, or any other client-focused business—your onboarding process is incredibly important.

KYC and client onboarding processes are becoming increasingly complex, so how can these be conducted accurately, efficiently, and without overburdening already stretched teams? The GROUPING module in KYC Portal allows the organisation to select which Fields, Documents and/or Questionnaires should be displayed to their end client during the onboarding process, as well as your internal teams, depending on the status of the application. 

A large percentage of clients go through a long and tedious onboarding process. Presenting them with never-ending fields to fill in may result in their switching to a competitor. In today's fast-paced world, people lose concentration and can get overwhelmed very quickly. Dropping a ton of information on them during the initial onboarding very often has a negative impact.



With the GROUPING module in KYCP, it allows you to section and define the fields and document requirements, depending on the status that the application is in, based on the lifecycle as defined by your compliance team.
This module allows you to tweak what is presented to the users (both external and internal) in a way whereby during the initial onboarding process, they will only be presented with the most important set of fields and documents. You can then define which fields should be presented at each stage of the lifecycle. For each step, the system allows you to decide which fields are editable, as well as which are to be either visible (in read-only mode) or hidden. Based on the real-time risk evaluation in KYC Portal, you can also determine which status the client needs to move to next, based on the information provided. Depending on such status, KYCP will then present the fields and documents that you would have linked.  This feature helps in streamlining the data collection on subjects based on the real-time risk as well as the grouped sections that have been defined.
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Targeted For Compliance and Operations Teams
Status LIVE
Keywords client onboarding, stepped approached, client lifecycle management
Direct Benefits Grouping module in KYCP allows for a streamlined approach