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You Cannot Successfully Migrate Customer Data Without This Client Onboarding Tool. Here’s Why

Reading time: 4 min   |  By Sonia Chopra   |  Published in Articles,

First impressions are everything, especially for financial firms operating in highly regulated industries. Potential clients want to be sure that their data is handled in the most secure, “white-glove” manner. Therefore, successfully onboarding new customers is a critical first step in building any long-term and successful business relationship. Firms must prioritize implementing an effective client onboarding tool.

In reality, laws surrounding AML, KYC, and GDPR often prevent quick data migration, due to lengthy verification and regulatory processes. But the biggest obstacle to efficient onboarding remains low-quality data. Not only do customers experience delayed time-to-market and missed SLAs, but also reputational damage, regulatory fines, and overall client dissatisfaction.

Current Challenges with Customer Onboarding

Evolving technologies have vastly improved the process of new customer migration, however, firms currently still experience key challenges with client onboarding tools. These include:

Poor compliance and higher risk: Migrating high-quality data is a critical requirement to reduce risk and meet regulatory requirements.

Decreased revenue: Low-quality data and complex processes result in additional resources and project costs. Additionally, go-live delays lower profitability.

Delayed customer go-live dates and time-to-value: Traditional and current data migration have traditionally been iterative and time-consuming, as firms must manually fix inaccuracies from any low quality migrated data. This delays time-to-market, resulting in missed SLAs and poor client experience.

The Solution: PeerNova’s Cuneiform Client Onboarding Tool

Cuneiform® Client Onboarding is a zero-code solution that monitors data quality issues in real-time to help firms migrate client data quickly, effectively, and accurately every time. The client onboarding tool enables users to monitor data quality metrics, identify high-impact exceptions, and perform faster root-cause analysis across internal and external datasets in real-time. Firms experience reduced costs, improved efficiency, and expedited go-live dates.

The platform provides the following benefits:

Data Quality Metrics
Continuously measures data quality and ensures completeness, correctness, consistency, and timelines.

Business Value Impact Scorecards
Automatically calculates and prioritizes data quality errors, providing firms with the total business value impact of all issues.

End-to-End Visibility
Provides a complete view of integrated information to easily identify and resolve any data quality issues.

Business Workflow Lineage
Offers real-time Business Workflow Lineage™ with traceability and auditability of data.

Data Quality and Business Rules Engines
Enables firms to rapidly define and deploy data quality rules and controls across their migrated data.

Machine-Generated Code for Business Rule Creation
Provides a self-serve, drag-and-drop interface to dynamically create, configure, and execute business rules without significant coding knowledge.

Don’t let poor data quality be the bottleneck to efficient and streamlined onboarding. With PeerNova’s client onboarding tool, firms can quickly reduce their overall costs, expedite customer go-live dates, and improve client satisfaction.

We are already working with Broadridge to streamline their customer onboarding process when implementing its international post-trade processing solution.

Ready to experience the platform for yourself? Request a demo today!

By Sonia Chopra

Sonia Chopra is PeerNova's Product Marketing Manager for the Valuation Risk product line. She has nearly a decade of marketing experience and has been with PeerNova for eight years. She specializes in crafting content and campaigns that address the complexities of product and valuation control, such as market volatility, asset pricing discrepancies, and regulatory compliance issues. Her ability to articulate the intricacies of these challenges, enables her to develop highly effective product marketing strategies that meet the evolving needs of the industry.

Want to see our platform in action?

By leveraging the Cuneiform Platform, you can obtain and use more accurate, data-driven insights through effective data quality monitoring. Learn more about how we can help you with your important tasks.