North American Broker-Dealers Cut NIGOs by 80% with Purpose-Built Onboarding Solution, Forrester Report Reveals

North American Broker-Dealers Cut NIGOs by 80% with Purpose-Built Onboarding Solution, Forrester Report Reveals

New study reveals time saving, CX improvement, and efficiencies of Appway's broker-dealer client onboarding solution

PR Newswire

NEW YORK, Oct. 25, 2021 /PRNewswire/ -- Appway, the leader in onboarding solutions in financial services, today announces the results of a Forrester Research study entitled The Total Economic Impact of Appway's Client Onboarding for Financial Services: The Broker-Dealer Segment. The research shows a staggering 80% reduction in Not In Good Orders (NIGOs), a primary source of inefficiencies and of client frustration, alongside increased productivity and client experience enhancement benefits.

The study, based on real deployments by North American financial institutions with well-established broker-dealer units, analyzed a number of critical pain points such as NIGOs, advisor productivity, front-to-back-office inefficiencies, training, and environmental impacts. In particular, NIGOs – a term used to describe documentation submitted with errors or omissions that need to be sent back to the advisor for recompilation – can be almost entirely cancelled out by introducing new market-specific onboarding workflows. Fewer inaccuracies mean accounts are opened and funded faster, improving cash flow and client satisfaction at the critical "first impressions" stage.

Key findings also show:

  • 75% faster onboarding times
  • Greater than 70% reduction in staff time devoted to onboarding
  • Up to an 80% reduction in advisor training time
  • 1 hour of advisor time saved per new account opened
  • 29 tons fewer greenhouse gas emissions due to paperless workflows

The study critically highlights how onboarding can often prove to be a time-consuming sticking point, diminishing not only client good will but also financial institution resources; in fact, after introducing the new solution, work previously carried out by 35-40 staff can be successfully completed by a mere 10, highlighting that imporant efficiencies can be achieved. With less time spent amending documents, clients are onboarded faster and resources freed up to focus on more constructive tasks such as building trusted client relationships and winning new business.

Training new staff, especially in a dynamic M&A market, can also consume significant time and resources so reducing that onus to a fifth is clearly an exciting prospect for high-growth businesses.

"The results from this study confirm the critical role played by onboarding in financial businesses today," explains Hanspeter Wolf, Founder & CEO, Appway. "Solving the bottlenecks helps realize many efficiencies: Advisors are no longer bogged down by paperwork, are far more productive, compliance is guaranteed, and employees are more engaged and efficient. At the same time, the wealth management sector is rapidly addressing its digitalization gap with consumer industry businesses that are able to promptly deploy solutions that offer a smooth, hassle-free customer experience."

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About Appway

Appway is the leader in onboarding for financial services businesses. Every 30 seconds a new client relationship is created with Appway. Appway offers certified, secure, Cloud-based software for client onboarding, servicing, and reviewing to firms from bespoke wealth managers to the largest global financial institutions.   

Appway software is proven to rapidly deliver unparalleled client experiences, a 90% reduction in onboarding time, a 10% increase in margin per client, and a 225% ROI.    

Appway's built-for-purpose business solutions are based on the expertise gathered over hundreds of deployments worldwide – from opening an individual investor account to onboarding a billion-dollar multi-jurisdictional entity. With an extensive ecosystem of partners, Appway allows customers to intelligently orchestrate the full range of client interactions of any complexity.  

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