Leading Regional Bank accelerates Client Onboarding by 37% for Private Wealth Management Companies

A leading regional bank was facing delays in onboarding accounts, and this was an impacting experience especially in Private Wealth Management (PWM) clients. To open high-value customer accounts, extensive KYC, due diligence, and documentation checks were essential before customers access wealth platforms and transfer assets. The existing onboarding process was slow and documentation-heavy, which led to continuous delays. Altimetrik helped streamline their journey by building an AI-enabled document for extraction and rules-based validation led by SLA tracking processes.

The PWM client onboarding process was breaking down

Onboarding PWM clients was a complex, documentation heavy process that varied by account type and customer entity. Multiple validation steps and frequent back and forth communication increased turnaround times and created friction in the customer experience.

Operations teams, particularly those handling due diligence and profile enrichment, faced significant pressure due to manual processes and interdependencies. The absence of a streamlined, end to end onboarding flow resulted in delays, higher operational effort, and longer wait times for customers.

Key challenges included:

• Extensive documentation requirements and repeated follow ups for customer information
• Delays in due diligence, document validation, and profile enrichment
• Dependencies on tax and GST reviews, slowing access to wealth applications
• Increased operational workload and longer onboarding cycles

Building a streamlined Onboarding for better process visibility

Altimetrik delivered an onboarding solution that introduced guided workflows, extraction support, and rule-based validation to reduce manual efforts. The new approach helped improve consistency and reduced dependencies around document handling. 

• A document portal, with structured document checklists and approval of workflows, was designed based on the type of customer entity and state requirements.
• Extraction modules and triage portals were included to support the receipt, validation, and collation of documents.
• Rules based validation was introduced for Customer Identification Program (CIP) updates and creation of customer profiles.
• A human-in-the-loop (HITL) model was introduced for handling exceptions, triage and follow-ups to update the document portal.
• SLA tracking and reporting provision for account opening timelines, waiting periods, approvals, and review stages.

By the amalgamation of automation, workflows, and controlled human oversight, Altimetrik helped the bank create a proper structure to the operations and bring more speed into a previously fragmented onboarding process.

Improving Speed, Efficiency, and Compliance at Scale

The implementation of the new onboarding process brought about measurable outcomes:

• Improved account opening speed by 37% with reduction in delays due to multiple follow-ups with customers and brokers.
• CDD (Customer Due Diligence) and KYC (Know Your Customer) efforts were reduced by 27% through rules-engine integration and earlier checks on the exclusion list before customer profile creation.
• Through intelligent insights and enhanced reporting, the Bank had better visibility into delays and process gaps 
• Compliance adherence by ensuring approvals, fee setup, risk review, and e-signatures were completed consistently.

Enabling a More Efficient and Compliant Onboarding Experience

With an automated and intelligent onboarding framework in place, the bank noticed decreased delays owing to inconsistent documentation processes, repeated follow-ups, and delayed due diligence validation. Altimetrik’s solution with a combination of an AI-assisted document portal, extraction support, and rules-based CIP/KYC validation enhanced both speed and control. The result was a more efficient onboarding process, lower operational effort, stronger compliance, and better visibility into process bottlenecks.