LEARNING LAUNCH    Challenge  Our company is specialised in tailored wealth management solutions for rich individuals  provided through our business partners (B2B). We identified that the onboarding process for  new clients was taking too long and was quite costly. Many of our clients have indeed  complex life situations which involves a lot of legal research and a lot of parties (lawyers,  inhouse wealth planners, etc.). This resulted in a long onboarding process and impacted  negatively on the company’s margins for each case. The speed of conversion for a client was  also dependent on the economical and political context: in countries or times of uncertainty,  potential clients would be less enclined to invest into wealth management solutions and would  then often postpone or delay their investment. Competition was also tough on pricing putting  an additional pressure on margins.   The challenge was therefore the following: to what extent could we speed up the onboarding  process, minimise its cost to preserve our margins and at the same time maximise conversion?   Was there any way or any situations where we could simplify our onboarding so that it  becomes a competitive advantage rather than a painful point?    Approach & tool selection  During the exploration phase, we identified a target group made of our key business partners  (4 in total). All these key business partners were financial advisors based in the UK and in the  Nordic countries. Their clients were international clients -from millenials to 55+- who had  made their fortune as entrepreneurs.     Internally, we defined a team of 6 people max., all coming from different departments and  with different levels of seniority. The objectives of the team were as follows:  1) meet and observe our key partners as they were having meetings with potential clients.  It was all about listening, observing and understanding interactions between the client  and the business partners.   2) lead individual interviews with these partners to understand their expectations, the  obstacles they faced and their potential frustrations when trying to onboard  potential  clients with us.  3) Lead individual interviews with some of the potential clients to understand their  expectations and objectives.  4) Identify and draw on a white wall the current internal onboarding workflow  5) Identify our key/mandatory legal and compliance requirements related to our  onboarding process.    Insights  The insights that were gathered as a result of the exploration phase were quite meaningful.  • The application form to fill in by a new client during the onboarding phase had not  less than 150 pages!  • In average our internal onboarding process took 5,2 months and involved between 6 to  8 teams.  • Our clients are often busy entrepreneurs who have little time and little interest in  searching for the best alternative for their wealth. Instead they prefer to rely on their  financial adviser. They have even less interest in all the admin required when putting  in place such solutions.  • For our clients human interaction is important when contracting a wealth management  solution. They want to get rid of the administrative burden but also want a face, a  name and some human advise when securing their solution.

Opportunity  During our brainstorming sessions, with all these data and insights available, it became  obvious that digital could help solving our problem. The route we decided to take was to  develop an onboarding application dedicated to our business partners so they can use it to fill  in all the clients details required for the onboarding .   • We gathered a team of developers internally who would fully focus on this application  over a 5-week cycle. The cycle would compose of 5 sprints of 7 days with the  objective to convert the 150-page application form into an easy-to-use, user-friendly  and compliant application for our business partners.     • Once ready, we approached our 4 key partners again so they could use and test the  application on their clients over another 4-week cycle.     Feedback from learning launch  The feedback we received was very positive. Partners adopted the application in its early  version quite rapidely.   • Frustrations from our partners during the initial onboarding phase were significantly  reduced as they now got full visibility online over the progress of the case for a  specific client. During the 4 weeks when our key partners used the app, queries to our  services team related to onboarding dropped by 30%    • By using the app, our partners realised they could spend more quality time with their  clients, advising them, listening to them. Filling in the application form was no longer  seen as time consuming and heavy task.  • Simply taking the paper app. form into the app was not sufficient. What was important  for our partners to be able to fill in the form online in a user-friendly manner was to  have a light and compact version of the text, in the language of their client. We could  not just copy the text from our application form and paste it online; the content had to  be totally twisted and reviewed so it fits the screen of an ipad and delivers a great user  experience on an ipad.  • Intuitivity, user-friendliness of the app were key and would contribute in giving us the  competitive advantage we were looking for, bearing in mind that none else on the  market had delivered such an application for their partners so far. Fast time-to-market  was crucial.       Prospects  The application was finally launched to the market only a few weeks later so our competition  did not have the time to catch up on our developments. The overall implementation of this  application from exploration to implementation took less than 15 weeks.  Following all the insights gathered during the learning launch, we decided to focus the app on  cases and clients whose situations was relatively straightforward. These straightforward cases  called “plain vanilla” in our jargon were those who could easily benefit from our digital move  and which could also maximise our margins during the onboarding.   Onboarding for complex cases turned more difficult to fully automate online. However   approx. half of the process could be fully digitalised, leading to significant savings on  administrative work, time and cost during the onboarding.


LEARNING LAUNCH Challenge Our company is specialised in tailored wealth management solutions for rich individuals provided through our business partners ( B2B ) . We identified that the onboarding process for new clients was taking too long and was quite costly . Many of our clients have indeed complex life situations which involves a lot of legal research and a lot of parties ( lawyers , inhouse wealth planners , etc . ) . This resulted in a long onboarding process and impacted negatively on the company ’s margins for each case . The speed of conversion for a client was also dependent on the economical and political context : in countries or times of uncertainty , potential clients would be less enclined to invest into wealth management solutions and would then often postpone or delay their investment . Competition was also tough on pricing putting an additional pressure on margins . The challenge was therefore the following : to what extent could we speed up the onboarding process , minimise its cost to preserve our margins and at the same time maximise conversion ? Was there any way or any situations where we could simplify our onboarding so that it becomes a competitive advantage rather than a painful point ? Approach & tool selection During the exploration phase , we identified a target group made of our key business partners ( 4 in total ) . All these key business partners were financial advisors based in the UK and in the Nordic countries . Their clients were international clients -from millenials to 55 + - who had made their fortune as entrepreneurs . Internally , we defined a team of 6 people max . , all coming from different departments and with different levels of seniority . The objectives of the team were as follows : 1 ) meet and observe our key partners as they were having meetings with potential clients . It was all about listening , observing and understanding interactions between the client and the business partners . 2 ) lead individual interviews with these partners to understand their expectations , the obstacles they faced and their potential frustrations when trying to onboard potential clients with us . 3 ) Lead individual interviews with some of the potential clients to understand their expectations and objectives . 4 ) Identify and draw on a white wall the current internal onboarding workflow 5 ) Identify our key / mandatory legal and compliance requirements related to our onboarding process . Insights The insights that were gathered as a result of the exploration phase were quite meaningful . • The application form to fill in by a new client during the onboarding phase had not less than 150 pages ! • In average our internal onboarding process took 5,2 months and involved between 6 to 8 teams . • Our clients are often busy entrepreneurs who have little time and little interest in searching for the best alternative for their wealth . Instead they prefer to rely on their financial adviser . They have even less interest in all the admin required when putting in place such solutions . • For our clients human interaction is important when contracting a wealth management solution . They want to get rid of the administrative burden but also want a face , a name and some human advise when securing their solution . Opportunity During our brainstorming sessions , with all these data and insights available , it became obvious that digital could help solving our problem . The route we decided to take was to develop an onboarding application dedicated to our business partners so they can use it to fill in all the clients details required for the onboarding . • We gathered a team of developers internally who would fully focus on this application over a 5 - week cycle . The cycle would compose of 5 sprints of 7 days with the objective to convert the 150 - page application form into an easy - to - use , user - friendly and compliant application for our business partners . • Once ready , we approached our 4 key partners again so they could use and test the application on their clients over another 4 - week cycle . Feedback from learning launch The feedback we received was very positive . Partners adopted the application in its early version quite rapidely . • Frustrations from our partners during the initial onboarding phase were significantly reduced as they now got full visibility online over the progress of the case for a specific client . During the 4 weeks when our key partners used the app , queries to our services team related to onboarding dropped by 30 % • By using the app , our partners realised they could spend more quality time with their clients , advising them , listening to them . Filling in the application form was no longer seen as time consuming and heavy task . • Simply taking the paper app . form into the app was not sufficient . What was important for our partners to be able to fill in the form online in a user - friendly manner was to have a light and compact version of the text , in the language of their client . We could not just copy the text from our application form and paste it online ; the content had to be totally twisted and reviewed so it fits the screen of an ipad and delivers a great user experience on an ipad . • Intuitivity , user - friendliness of the app were key and would contribute in giving us the competitive advantage we were looking for , bearing in mind that none else on the market had delivered such an application for their partners so far . Fast time - to - market was crucial . Prospects The application was finally launched to the market only a few weeks later so our competition did not have the time to catch up on our developments . The overall implementation of this application from exploration to implementation took less than 15 weeks . Following all the insights gathered during the learning launch , we decided to focus the app on cases and clients whose situations was relatively straightforward . These straightforward cases called “ plain vanilla ” in our jargon were those who could easily benefit from our digital move and which could also maximise our margins during the onboarding . Onboarding for complex cases turned more difficult to fully automate online . However approx . half of the process could be fully digitalised , leading to significant savings on administrative work , time and cost during the onboarding .