Client Onboarding Solution Market Scope
Client onboarding is the process of welcoming new clients into the business, addressing their questions and concerns, and ensuring they understand the services available to them. Client onboarding is an important aspect for any customer acquisition team, providing effective risk management for new clients. Companies are required to perform due diligence for clients who are not present. It’s essential to carry out all the necessary checks to ensure that they are a trustworthy business partner. Financial institutions leverage these tools to provide their customers with a streamlined, digital process for signing up for financial services.
Xerox Corporation (United States), NexJ Systems Inc. (Canada), Smartwave Technologies (Canada), Onboard Software, Inc. (United States), Cognizant (United States), Kofax (United States), Integrify (United States), Robocloud (United Kingdom), Doxim (Canada) and Fenergo (Ireland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Mindtree Ltd. (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Client Onboarding Solution market by Type (Automated and Non-automated), by Application (BFSI, Healthcare, Information Technology and Others) and Region with country level break-up.
On the basis of geography, the market of Client Onboarding Solution has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Client Onboarding Solution contains prebuilt rules that can be updated as required to ensure adherence to the wide array of financial services regulations. Digital customer onboarding solutions ensure regulatory compliance with financial regulations which include KYC, AML/CTF, FATCA, CRS, Dodd-Frank, EMIR, and MiFID II.
Market Trend
- Integration With Digital Banking Platforms and Core Banking Software
- Automated Client Onboarding Platform Using RPA (Robotic Process Automation)
Market Drivers
- Increasing Demand for Client Onboarding Solution from Financial Sector
Opportunities
- Digital Customer Onboarding Tools Using AI-Powered Features to Secure Live Proof of Document Possession
Restraints
- Availability of Open Source Software
Challenges
- Lack of Knowledge about Onboarding Solution
Key Target Audience
Client Onboarding Solution Provider, Software Developers and Integrators, Business Houses, Financial Institutions & Banks, End-Use Industry and Others