Blanco – a Fintech and services company – is the first to launch a digital client intake (client-onboarding) module for asset managers in The Netherlands. This module will save asset managers a considerable amount of time, increase their customer conversion, lower their operational risks and create independence of custodians.
The product automates the complete customer onboarding process from collecting client information, Customer Due Diligence, Know-Your-Customer to the final signing; a process that takes hours or even days with current systems. After finalizing the registration, all relevant client information will be provided to one or more custody banks so an account can be opened for the customer; a possibility that previously was not available and that will increase the asset managers’ independence from custodians. As such, Blanco reduces a sensitive, time consuming and labor intensive process to a maximum of 60 minutes. The onboarding module is also available online, enabling asset managers to connect anytime and anywhere with a smartphone, tablet or computer. The need for such technology has proven to be high, given the agreements with more than 15 asset managers that were closed during the development phase.
Based on the Act on Prevention of Money Laundering and Terrorist Financing, asset managers are legally obliged to request, register and monitor detailed information about their customers (Customer Due Diligence). In addition they are required to know their customer (Know Your Customer legislation) in order to provide appropriate services. Lacking holistic systems for customer registration, asset managers often use a combination of outdated systems and paper files, which makes for a slow and expensive process. With the Blanco online client-onboarding software for asset managers, that procedure can now be reduced to a maximum of 60 minutes for clients that sign up for discretionary asset management or investment advice only. In addition, the product includes features that reduce the risk of errors, such as a link to the Chamber of Commerce database and the possibility to scan and read identity documents. In addition, customers are screened through international sanctions lists and a PEP (Politically Exposed Person) check will be done. Also, address information is linked and controlled by online databases such as Google Maps. A novelty is the digital signature – also for multiple signatures – by iDIN, the new online identification service of Dutch banks.
Joost Walgemoed, CEO of Blanco says about the technology: “We combine new technology with extensive specialist knowledge in the area of market, compliance, legislation and internal control/audit procedures within the private investment market. Therefore, we were able to develop a product that does not only save time and money for asset managers, but will also make it easier to comply with legislation. Customers who are in the onboarding process can now be monitored and edited online at anytime and anywhere, which has not been previously available for asset managers.
First and launching customer Index Capital saw the advantage of the Blanco onboarding software right away. Co-owner and managing director Hans Dubbeldam says: “Onboarding new clients has become a complicated and time consuming task in the recent years; precious time that we of course much rather spend on managing the asses of our clients. 60 minutes instead of hours and sometimes days was the deciding factor for us. Moreover, the user-friendliness of the onboarding tool is truly distinctive, which is good for us as asset manager, but also for our clients who will be using the tool themselves. After all, every prospect just wants to become a client in a comfortable, fast and user-friendly way, without unnecessary administrative hassle.”
Also for launching customer Sequoia asset management the big efficiency benefit was decisive. Managing director and co-owner Jos Scholer: “This product ensures that we can perform client research faster and more efficient which also applies to the Know Your Customer procedure. With Blanco’s onboarding software we are able to permanently stay up-to-date with legislation which saves us precious time. After all asset management is our core business and we want to stay fully focused on just that.”
With the onboarding software Blanco meets an increasing need for far-reaching digitization of the most critical business processes. Blanco develops technology which increases independence, reduces risks and makes asset managers more sustainable.