Financial institutions no longer onboard clients; clients onboard THEM.
Let’s start by stating something we all know. We’re spoiled, really, really spoiled. If a website does not load in a split of a second, we grumble. If an app does not catch our attention the first time we use it, it is quickly uninstalled. If a website does not appear on the first four results of the search engine, it might as well be on a different astral plane. Unless we suddenly ascend into a higher form of consciousness, we will simply never get to it.
Everything in our world has to work and work fast and flawlessly, or we will simply not use it. “Customer is King”, proclaims the early 20th century saying. A hundred years later, the customers are not only kings; they are especially intolerant, impatient kings, offing the heads of websites and apps as if they were enemies of the crown.
All this, of course, does not sit well with the fact that financial institutions are required to carry out a careful meticulous KYC/AML process. Who wants to read long lists of instructions and answer dozens of questions born in
the minds of regulators ten thousand miles away, just to download another app or open another account? We open accounts on Google and Amazon and countless other websites all the time – two screens and you are done. Who has patience for more than two screens?
Patience is gone, and the world of slow onboarding is disappearing as well. Financial institutions are getting rid of lengthy onboarding processes, even for extensive due diligence, replacing them with fast, fully automated Straight-Through-Processes. It is 'survival of the smoothest'. Only the smoothest easiest most user-friendly KYC/AML onboarding process will win over today’s consumer. There is only one winner in the battle for customer experience, and that is whoever offers customers the same fast Straight-Through-Processes they are used to from other online accounts or mobile apps. That is the benchmark, other web services or providers not just other financial institutions.
Of course, the customer is also right. A smooth KYC/AML onboarding process can indicate to the clients what kind of financial institution they are dealing with: why should the client, for example, believe the financial institution is quick to respond to market changes when its onboarding process is slow? Or that it is in tune with the latest trends, when it can not keep up with, technologically, even governmental agencies?
That is the harsh reality that financial institutions are dealing with right now. They are no longer 'just' financial institutions. They are also mini tech-companies, online service providers and therefore measure against other tech-companies and online service providers. In the mind of the consumer, an account is an account, an app is an app. And the same way customers will not download a slow, non-user-friendly app; they will not download the investment firm’s app. Or, in other words, they will not onboard it onto their devices.
Like we said – financial institutions no longer onboard clients; clients onboard them.
Remonda Kirketerp-Møller is CEO and founder of Muinmos
Let’s start by stating something we all know. We’re spoiled, really, really spoiled. If a website does not load in a split of a second, we grumble. If an app does not catch our attention the first time we use it, it is quickly uninstalled. If a website does not appear on the first four results of the search engine, it might as well be on a different astral plane. Unless we suddenly ascend into a higher form of consciousness, we will simply never get to it.
Everything in our world has to work and work fast and flawlessly, or we will simply not use it. “Customer is King”, proclaims the early 20th century saying. A hundred years later, the customers are not only kings; they are especially intolerant, impatient kings, offing the heads of websites and apps as if they were enemies of the crown.
All this, of course, does not sit well with the fact that financial institutions are required to carry out a careful meticulous KYC/AML process. Who wants to read long lists of instructions and answer dozens of questions born in
the minds of regulators ten thousand miles away, just to download another app or open another account? We open accounts on Google and Amazon and countless other websites all the time – two screens and you are done. Who has patience for more than two screens?
Patience is gone, and the world of slow onboarding is disappearing as well. Financial institutions are getting rid of lengthy onboarding processes, even for extensive due diligence, replacing them with fast, fully automated Straight-Through-Processes. It is 'survival of the smoothest'. Only the smoothest easiest most user-friendly KYC/AML onboarding process will win over today’s consumer. There is only one winner in the battle for customer experience, and that is whoever offers customers the same fast Straight-Through-Processes they are used to from other online accounts or mobile apps. That is the benchmark, other web services or providers not just other financial institutions.
Of course, the customer is also right. A smooth KYC/AML onboarding process can indicate to the clients what kind of financial institution they are dealing with: why should the client, for example, believe the financial institution is quick to respond to market changes when its onboarding process is slow? Or that it is in tune with the latest trends, when it can not keep up with, technologically, even governmental agencies?
That is the harsh reality that financial institutions are dealing with right now. They are no longer 'just' financial institutions. They are also mini tech-companies, online service providers and therefore measure against other tech-companies and online service providers. In the mind of the consumer, an account is an account, an app is an app. And the same way customers will not download a slow, non-user-friendly app; they will not download the investment firm’s app. Or, in other words, they will not onboard it onto their devices.
Like we said – financial institutions no longer onboard clients; clients onboard them.
Remonda Kirketerp-Møller is CEO and founder of Muinmos
Remonda Kirketerp-Møller, a qualified solicitor and a renowned expert in RegTech, Fintech and regulatory matters in financial services.
She has held senior executive positions at two highly successful, fast growth global firms, Saxo Bank and CFH Clearing, where she gained first hand experience about the complexities involved in compliance and onboarding.
Remonda founded Danish RegTech company, muinmos ApS in 2012 after spotting a gap in the market to use technology to automate highly complex legal and regulatory challenges in financial services, specifically in client onboarding.
With Remonda at the helm, Muinmos has won multiple awards for its innovative automated. AI-based onboarding solution and has been selected for the prestigious RegTech 100 for the last five consecutive years.
Remonda is also co-author of ‘The RegTech Book’ , published by Wiley in Summer 2019.
Taurex's Former Executive Jeffrey Navarro Moves to AvaTrade
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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