Singapore
Financial Services
10-50 employees
Before Clustdoc came into play, every step of OpenEden client onboarding process was managed manually: lengthy email exchanges, client reminders, manual verifications, time-consuming interactions with the various team members.
Brian Liau, the Operations Lead, and his team were looking for an all-in-one tool that would enable them to focus on the core added value of OpenEden: building the bridge to a new financial system.
What changed with Clustdoc?
Get to know OpenEden: building the bridge to a new financial system
OpenEden was launched in 2022, with a mission to bring real-world assets on-chain to unlock trillions of dollars in value. The company is a BVI professional fund that provides investment to high net worth investors, by tokenizing treasury bills and offering to professional investors.
OpenEden offers a range of open-ended fund products suited to everyone, from individuals, to established institutions with
billions under management.
Beginning 2023, the Global company found itself rapidly growing, yet struggling to catch their onboarding processes up to speed. Clustdoc was key to scaling up and optimizing their KYC management tools and systems.
KYC Onboarding at OpenEden: reinforcing customer onboarding process
Before implementing Clustdoc at OpenEden, the team onboarding process was relying on traditional methods, mostly using emails and managing manual and repetitive tasks.
Traditional solutions were showing some functional limitations at this level :
– juggling with several tools to collect client documents (emails/paper documents/print etc.)
– a lack of centralized system for managing client information
– no real visibility over client submissions
– unclear internal approvals for their KYC process
– poor customer experience
As Brian said:
“We used to manage new client onboarding in a traditional way: will do it through emails, which is a very outdated and hard-to-track method.”
Their process as it was, became a real bottleneck for OpenEden, impeding their ability to streamline workflows and provide a seamless onboarding experience for their customers.
Another priority for the team was to significantly simplify the customer experience. With their initial process, clients frequently struggled to manage oversized attachments and the process of scanning, signing, and returning or uploading forms.
“We had numerous documents that clients had to complete for approval. The onboarding process relied heavily on paper documents and forms and continuous back-and-forth communication, ultimately proving to be a time-consuming process for everyone.”
This is how Clustdoc has occurred as the ideal solution to secure their business and to optimize the customer onboarding.
Reinventing the onboarding experience
Brian and his team use Clustdoc as a reliable tool to request and collect customers’ information. Indeed, the secure onboarding platform allows the team to streamline the tedious part of document collection: from online forms, supporting documents, to signing contracts, everything is being centralized in their digital client checklist.
“I think Clustdoc offers a more extensive set of features, with the e-signature module stranding out as the most valuable. It significantly streamlines our processes by allowing us to handle signatures and documentation online. Instead of dealing with contract papers, which is very useful.”
And it’s even easier for the customers:
“Rather than having our customers print out the documents, waiting for the information, and then having to scan a copy for us again, Clustdoc helps them save a lot of time in completing their onboarding steps. So for the onboarding flow, it helps a lot.”
Using Clustdoc, OpenEden can deploy a self-service onboarding portal on their website to automate the submission of customer’s applications while making sure that all compliance documents are properly captured.
Clients can also very easily submit documents, and communicate with OpenEden’s team through the portal.
2x
in productivity switching to Clustdoc
Superior
digital onboarding experience for investors
Zero
errors during KYC
checks
Reinforcing KYC approvals and team collaboration
As a modern, digital company, OpenEden relies on a wide range of tools to achieve the level of performance they aspire to. But managing and reviewing all the customers’ legal documents manually was not an easy task before Clustdoc.
Clustdoc has helped the team members to manage upcoming applications from a single platform, as they can easily see when clients have completed their task and check documents easily.
“Everyday we check whether there are new customers coming in through the portal, we track their progress, send reminders if needed, check their documents and more. Basically we can do the whole end to end onboarding flow – and as we can instantaneously notify customers about missing or non-compliant documents, it helps us speed up the whole onboarding process”
Furthermore, using the smart Identity Verification module, the team can easily add a new identity verification step to their onboarding process.
“The KYC module helps us a lot in terms of dealing with individual clients because now they don’t have to get certified documents, we can just rely on biometric verification. Instead of getting a certified true copy, they can just perform a live biometric identification.”
With this specific onboarding step, OpenEden can provide a smooth customer experience while reducing the risk of fraud and optimizing their internal team productivity.
OpenEden found in Clustdoc an intuitive and easy-to-use KYC onboarding platform to work smarter and engage new customers in a systematic and compliant way.
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