Xynon, an Australian fintech firm, has launched an AI tool aimed at streamlining the client onboarding process.
The software is designed to automate data collection, identity verification, meeting records and client engagement documentation – parts of client onboarding that, per Xynon’s statement, represent “least-discussed productivity problems” in the advice process.
“Much of the industry conversation about adviser productivity has focused on the cost and complexity of producing statements of advice. Xynon says the problem starts earlier,” Xynon co-founder Shantanu Jha explained.
He continued: “Many advisers and support staff are still manually collecting client information, conducting identity verification, meeting … obligations under the AML/CTF Act, preparing engagement documents and writing up records after client meetings have already finished.
“That work happens before the advice process begins, and it adds up to hours each week across a practice.”
To address this, Xynon’s tool uses AI to capture and collate client information, bringing the above processes – identity verification, meeting records and so on – into a single workflow. This results, Xynon said, in a “a compliant client file without the manual follow-up, duplicate data entry, and post-meeting administration that typically follow.”
“Onboarding should result in a complete record, not a backlog of work,” Xynon chief product officer Wes Hall said,
“Too often, practices are left pulling information together manually after meetings have already happened. What we are trying to do is tighten that process from day one, so advisers can spend more time with clients and less time chasing paperwork,” he added.
