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Mint moves to new digital onboarding platform

Mint Asset Management is currently in the process of going live with the digital onboarding and online investment solution, which includes switching clients over to the new and interactive client portal.

Monday, August 31st 2020, 8:18AM 2 Comments

Mint is working with Auckland-based fintech, Invsta to deliver a customised solution that supports its strategic growth objective of increasing their retail customer base.

“To assist financial advisers and those New Zealanders wanting to invest directly into Mint, it was important that customers could easily create an account and make an investment online.” Head of Sales and Marketing David Boyle says.

“We knew that we weren’t able to achieve our strategic goals with our current manual processes, so we approached Invsta to help us create an engaging and compliance-driven onboarding and investment experience for our clients that also improves the administration efficiencies for our team.”

Strevens indicated that digital onboarding tools which facilitate client self-functionality will not only escalate efficiencies, but will also empower clients to engage with their investments on a more personal level. She predicts that self-functionality tools will be a key driver of acquisition and retention for the next generation of investors.  It also has the potential to increase sales, as clients are able to make direct investments through online investment functionality.

“It’s not only retail-focused financial service providers that are looking to scale up their digital offerings. We’re also starting to see wholesale-focused companies actively looking to implement digital onboarding solutions and engaging client portals.” Strevens emphasises. “These companies have realised that difficult, manual processes are a barrier to potential investors. The loss of one customer has a big impact on their bottom line.”

Strevens said that a leading property investment group has recently come on board with Invsta to put automated systems in place to help streamline processes and improve the customer experience. "They are specifically looking at digital processes that will simplify and automate their current confusing and long-winded application forms by making it easier for clients to invest and complete AML processes online."

"Not only will this provide a better user experience, but it will also help reduce the time it takes to process applications, helping to reduce the administration burden on employees. The company also wanted to centralise and maintain a higher security standard, and will be using Invsta’s biometric authentication module to incorporate facial recognition into their onboarding process. Biometric authentication serves as a powerful compliance tool to enhance AML processes and protect against fraud.

“There is no doubt that Covid-19 was a resounding wake-up call for financial service providers. As companies start to experience the benefits of implementing emerging technology, we expect to see a rapid increase in key elements and processes of the client service model becoming digitised.” says Strevens.

With advancements in artificial intelligence and biometrics, the onboarding process will become a seamless, digital experience that not only improves customer satisfaction, but also meets compliance requirements through eKYC and eAML. It’s evident that this will be a key process to automate as it saves both time and money in processing new clients.

 

Tags: Invsta Mint Asset Management

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Comments from our readers

On 1 September 2020 at 4:27 pm mike6156@gmail.com said:
Sharesies have been successfully onboarding clients digitally for sometime now. Pleased to see Mint are also adopting a similar process. Advisers will also have to rethink their value add offerings to also keep up.
On 1 September 2020 at 9:26 pm Gordon Gecko said:
Simplicity's model is based on a digital platform and onboarding and has been going since 2016 with great success.

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