Brute force can’t solve onboarding. Machine learning can. Here’s how.
Throwing headcount at the ubiquitous client onboarding problem hasn’t worked. It’s still a mess. Offshoring just sweeps the mess under the rug, and the expression, “misery loves company” is a good way of describing the impact of utility plays. Every onboarding solution on the market today just shifts the burden and expense of data analyst headcount to different places and P&Ls, and because every bank has a slightly (or very) different onboarding process, there will never be a single off-the-shelf solution for every bank. The key to reducing the risk and cost of onboarding is automating the manual, repetitive human work within every unique process. Are we suggesting that every financial institution kick off its own enormous custom IT project? Certainly not. That’s a well-worn page from 1998’s playbook. Cloud-based machine learning is the answer in 2015, and it’s radically improving the way data is collected, validated, and enriched.