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Liechtenstein-based private bank, VP Bank, has selected a client onboarding solution from Swiss software firm Appway. The bank is replacing manual processes with the vendor’s pre-configured onboarding tool, which will integrate with its core banking system from Avaloq.

VP Bank

VP Bank, Liechtenstein

VP Bank in Liechtenstein has taken a client onboarding solution from Swiss software supplier, Appway. The vendor will install a pre-configured version of its onboarding solution, as well as enhancing support services across the private bank’s front, middle and back office. The project is expected to last between four and six months, says Paco Hauser, COO and director of professional services at Appway.

Hauser explains that VP Bank had several incentives to move away from manual processing for client onboarding. ‘The main drivers for the bank were cost reduction, streamlined and more efficient processes and also data quality. Whenever you have people working on different back-end systems, they enter the data two or three different times, and you can get inconsistent data,’ he says.

The Appway customer onboarding solution provides four components. The first is the automation of the initial processes, the second is around compliance and regulation (such as FATCA and KYC), then there is customer profiling, where the customer’s risk appetite and investment preferences can be tracked and incorporated, and finally there are functions such as electronic documentation and self-service, where clients can manage their account themselves. On the support side, VP Bank is automating processes such as human resources and internal finance and approvals.

The vendor also has a business activity monitoring tool which comes with the platform, incorporating a management dashboard to provide transparency through the onboarding cycle.

Hauser says that the Appway software is built using modern development tools, and integrates with a number of different core banking systems. In the case of VP Bank, there is integration with the bank’s back office from Avaloq, but the vendor also has a partnership with Temenos and has a number of instances of integrating with TCS Bancs (Banque Louis and Investec Bank in Switzerland) and ERI’s Olympic (ABN Amro Switzerland). ‘We have web services and a REST framework which are the most common interfaces and technologies we are using,’ says Hauser. ‘At the user end everything is web-based, you can integrate modern technology and we are mobile capable for any device.’

By Jan Metcalf

 

by Darshana Adanwale
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