Investec self-service onboarding removes the pain points for business clients

Investec Corporate and Institutional Banking recently piloted a self-service onboarding process for clients.  Where previously businesses would need to send through the required information for manual inputting by Investec, they will now have a digital platform to do so. Information is housed online and feeds into Investec’s operational systems.

“Any business will know that manual onboarding can be time-consuming and prone to mistakes, creating frustration for clients because of having to go back and forth to update or correct information,” says Wouter Kielblock, Chief Operations Officer, Investec Corporate and Institutional Banking.

This move towards digitisation is a trend that’s been accelerated by the Covid-19 pandemic with businesses having to adapt to the imperative to work from home. To make this happen, firms have had to ensure their staff are able to access networks and be able to service clients remotely.

The lockdown has also changed mindsets, particularly when it comes to automation and the reduction in paperwork. What were once nice to haves for clients and businesses, are now considered imperatives, and more businesses are looking at which of their processes they can migrate away from the traditional way of doing things. 

Client onboarding is one activity that fits this bill. For many businesses, onboarding is a key component in building a positive client experience from the outset. An adverse experience at the onboarding stage is likely to affect the relationship for the future, while an experience that is quick and efficient can help build trust between both parties.

“Globally, there is a fundamental shift underway towards self-serviced business processes. Self-service is regarded as more convenient and empowering for clients, while also speeding up processes and reducing the number of mistakes. We believe this is valid for onboarding as well,” Kielblock adds.

Self-service onboarding allows Investec’s clients to complete their client identification and verification (CIV) online. The system provides an efficient way of recording details efficiently and safely, with intuitive steps determining the fields required to be completed, in line with regulatory, operational, legal and credit requirements.

All the necessary company and individual documents are uploaded through the platform, eliminating the use of paper, thus keeping all processes ecofriendly. From Investec’s side, self-service onboarding expedites the process, allowing the client to start transacting soon after signing up.

“Onboarding can be one of the main pain points for a client. By speeding up the process, clients feel more in control of the process from start to finish,” says Kielblock.

Investec partners with private, institutional and corporate clients, offering international banking, investments and wealth management services in two principal markets, South Africa and the UK, as well as certain other countries. The group was established in 1974 and currently has approximately 8,700 employees.

In 2002, Investec implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. In March 2020, the group successfully completed the demerger of Ninety One (formerly known as Investec Asset Management), which became separately listed on 16 March 2020. Investec’s current market capitalisation is approximately GBP1.6 billion.