Elixirr helps Apex build onboarding solution for corporate clients

23 March 2021 Consultancy.uk 4 min. read
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Elixirr and Elixirr company Den Creative have designed and built a digital onboarding solution for corporate clients for financial solutions provider Apex. The project took just five months from concept to launch, and has since been lauded by the annual Drum B2B Awards.

The financial landscape was already shifting drastically before the coronavirus crisis. Regulatory changes had seen organisations digitalise in response, to ensure formerly lengthy, manual processes could be fast-tracked for the convenience of companies and customers alike. As they look to adapt to ever-changing regulations – such as the Know Your Customer (KYC) onboarding process – financial institutions are now placing greater focus on developing new and innovative solutions to replace outdated, conventional services – enabling firms to cut costs, increase capacity, attract new customers and improve customer experience, ultimately driving value and revenue.

Apex is a global financial solutions provider for asset managers, allocators and financial institutions. As the organisation sought to respond to the evolving demands of KYC, Apex was looking to simplify and digitise its client onboarding experience, starting with its banking services. Its onboarding process had been found to be overly complex for clients and internal onboarding teams – resulting in protracted account opening times and a poor experience for clients and staff.

As the firm looked to modernise its processes, Apex turned to global consulting firm Elixirr for help. In less than five months, this saw the professional services firm deliver a solution that removed all physical paperwork from Apex’s onboarding process, and reduced account opening times from weeks to days.

Elixirr had three key objectives during its design of the onboarding process. It aimed to simplify the client experience, making it quick and easy to provide the right information, first time and completely paper-free. At the same time, it sought to help Apex find internal efficiencies by implementing in-built workflows, differentiated user permissions and automated client communications. Finally, it looked to satisfy regulatory requirements through the use of dynamic, automated business logic and integration with third-party screening services.

Being dissatisfied with the customer experience focus of what other providers had created to cater to the corporate KYC space, Elixirr worked to create a bespoke solution responding to these objectives. With the help of Den – which Elixirr acquired for its House of Brands design wing in 2017 – the consultants built and designed an entire platform end-to-end, while leveraging innovative solutions for key components of the journey, such as risk screening and ID verification.

Apex Group IT Director in Corporate Solutions, Matt Gorman, commented, “Elixirr, with Apex, designed and developed a new digital onboarding system that demonstrated innovation, professionalism and rigour. What was originally a very manual and paper-heavy process has now been transformed into a portal that redefines our position in the market, placing us far beyond our competitors and putting our clients’ needs first.

Award winning solution

According to a release from Elixirr, the resulting system has created an efficient and seamless journey, allowing for significantly faster onboarding – targeting five working days rather than several weeks or months – and boosting client experience, productivity and capacity for Apex as a result. Meanwhile, Elixirr continues to work closely with Apex’s team to further enhance the onboarding experience and digitising further aspects of its overall client experience, such as payments.

The quality of Elixirr’s work with Apex was also recognised at the 2020 Drum B2B Awards. The Drum is a global media publication focussed on marketing, design and digital communications, and its B2B Awards recognise the firms delivering the most innovative and transformational solutions across all industries. Elixirr and Apex’s project scooped the ‘Digital Transformation Initiative of the Year’ prize – two years after the firm was named as a winner the Drum Marketing Awards for its ‘Challenger Consultancy’ marketing strategy.

Speaking on the firm’s latest Drum triumph, Anthony Potter, Partner at Elixirr, stated, “Elixirr was founded to help businesses innovate and stay ahead of the game in their industries. The strategic rigour and agile thinking employed in our team’s work with Apex Group epitomises this business philosophy. This is a well-earned award, and we are looking forward to continuing our relationship with Apex Group moving forward.”

David Rhydderch, Global Head of Financial Solutions at Apex Group, added, “The digital onboarding solution has been a valuable driver of growth for Apex Group. It is a malleable solution, designed to evolve as our business needs develop in the future. We were thoroughly impressed with the quality of Elixirr’s outputs on the project and are pleased to have our partnership recognised in this way by The Drum. Congratulations all for this richly deserved recognition.”