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How RSM Ireland Streamlined New Client Onboarding with PlanetVerify
RSM International, branded RSM, is a multinational network of accounting firms forming the sixth largest accountancy professional services network in the world by revenue. As one of the leading innovators in the accounting space, RSM is constantly looking for ways to innovate and improve their processes.
Challenge
The area of client onboarding was an ongoing challenge for RSM. An overreliance on legacy processes and systems meant that client onboarding was creating a number of issues:
- Lost Productivity: Valuable time was being wasted chasing new clients for AML documents.
- New Client Experience: RSM wanted to ensure that new clients were communicated with in a highly professional, secure, and on-brand way. Ad hoc requests for onboarding documents and information was not part of the future vision.
- Security and Compliance Risks: Manual AML document collection processes like email are fraught with risks around security and data compliance.
- Multiple storage locations: AML documents get stored in a number of possible locations such as email inboxes, physical files, intranets, on-premise storage, and cloud storage services – making them difficult to find and access.
At a glance:
Challenge:
- Spending hours onboarding clients via email
- GDPR Compliance
- Collecting AML documents manually
Solution:
- Worked with the solution design team at PlanetVerify to implement a new client onboarding process leveraging the PlanetVerify platform as a secure onboarding hub.
Results:
- Major time-savings
- Automated AML document
collection - On-brand client onboarding
- GDPR compliance
- Secure and scalable onboarding
Solution
RSM engaged with the solutions team at PlanetVerify with the goal of transforming their client onboarding process with key improvement goals around efficiency, security, GDPR compliance, and enhancing the client experience.
The first stage for PlanetVerify was to take the time to develop a deep understanding of the current client onboarding process at RSM – including each required step and all the various stages, systems, personnel, and components involved. The next step involved the solution design experts at PlanetVerify working with Client Services leaders at RSM to develop a new client onboarding process leveraging the cloud-based PlanetVerify platform as the new onboarding hub.
What was once a time-consuming manual onboarding journey would be replaced with a digital, highly secure, and compliant process involving a number of key steps.
- Welcome Emails – New client welcome emails were created. These RSM-branded emails would form the basis of the new workflow and would contain a link for each new client to upload their AML documents and any other sensitive information.
- Secure Client Portal – Once a new client clicks the link in the welcome email, they are directed to an on-brand and highly secure portal area where they can upload their AML documents.
- Reminders – Automated reminders are sent via email and SMS until the client has uploaded all AML information.
- Dashboard – The team at RSM can manage all new clients from the centralized PlanetVerify dashboard with the status of each client visible.
- Multi-team setup – Teams were set up on the PlanetVerify dashboard and the team at RSM can assign client profiles to the relevant teams for approval and compliance checks.
Results
By partnering with PlanetVerify to develop a new and highly tailored onboarding process, RSM were able to achieve some big wins.
- Manual Process Elimination – Time-consuming legacy tasks such as collecting AML documents via email were eliminated.
- Streamlined Communication – New clients are now onboarded in a more structured manner. Ad hoc communication has been replaced with secure, on-brand, and professional onboarding communication.
- GDPR Compliance – The new onboarding process is built to meet evolving compliance requirements such as GDPR. The personal data of new RSM clients is now managed and stored in the highly secure and end-to-end encrypted PlanetVerify cloud platform.
- Lower Security Risks – By moving away from legacy onboarding processes, RSM were able to lower the security risks that manual tasks present.
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