As Marker expands its professional services solution and the number of firms using our specialist Platform increases, we take a look at how we helped one such firm change the game on new client onboarding.
When Maidenhead based specialist divorce and probate law firm Frances Lindsay & Co decided to reboot their approach to customer onboarding, it wasn’t just in order to save time and money. As partner Stewart Henderson puts it “Whilst much of the work we undertake is not ‘in scope’ of the regulations, we felt it was essential that we have robust procedures in place when it comes to client due diligence.”
The Marker AI Platform is built for adaptability to client needs, and so, once engaged, we worked with Stewart and his firm to help configure it to their own specification. This took a day or so and included, for example, making decisions about branding and signage, adapting practice areas, quote wording and client questions, incorporating the firm’s own terms and conditions and engagement letters and adjusting the built-in risk assessment tool to reflect their own risk policy and appetite.
The result was a fully adapted platform that was incredibly easy for both the firm and its clients to use, and which resulted in a significant reduction in the time taken to get clients onboarded. Platform data showed that in many cases, clients responded to their onboarding invitation on the same day, and for many, they were able to complete what they needed to do and return it almost straight away. Says Stewart Henderson “The length of time taken to onboard new clients wasn’t something that we really tracked, but Marker AI have made the process far easier.”
We were also able to respond to specific requests which the firm made. For example, we provided a paper-based version for older clients who were not comfortable or capable of onboarding themselves online, so that staff at the firm could easily create the client profile themselves using the completed form, and also upload it digitally as a document within the application as evidence of client sign-off. And – a great suggestion from Frances Lindsay – we inserted a new feature called “Export Entire Application” which summarizes all the key data and documents into one human–readable PDF file, which can now be used at management meetings for e.g. senior decisions on client acceptance or shown to auditors and regulators as evidence of compliance.
We’ll leave the last word to the client: Stewart Henderson again. “Marker AI have been nothing short of exceptional and have been an absolute pleasure to work with. They have taken note of our specific requirements, made various adjustments to their Platform and provided us with a tailored service that meets our needs perfectly. I would not hesitate to recommend Marker AI to anyone looking to improve their procedures when it comes to anti-money laundering and client due diligence.”
If you would like to speak to us about how we can help you, or if you just like to book a demo, then contact us here at will call us on 0345 0773202.