Custom Integration Development in Singapore

Financial Services / Wealth Management

A Singapore wealth management firm (MAS-licensed Capital Markets Services licence, managing SGD 2.8B AUM for 4,200 high-net-worth clients, 85 relationship managers) operated a client onboarding process that was manual, slow, and frustrating for both clients and relationship managers. The onboarding process: a new client opening an investment account requiring 23 steps across 6 systems — CRM (Salesforce — where the RM recorded client interest and initial information), compliance screening (World-Check via Refinitiv — AML/CFT screening of client name against sanctions and PEP lists), KYC documentation (client providing NRIC/passport, proof of address, source of wealth declaration — uploaded as scanned documents to a document management system), suitability assessment (the RM completing a financial needs analysis questionnaire with the client — recorded in a separate suitability assessment tool), account creation (the operations team manually creating the client account in the portfolio management system — Avaloq), and custodian notification (notifying the custodian bank (DBS or OCBC) of the new account — via email with account opening documents attached). The problems: time to onboard (average 14 working days from initial client meeting to account ready for trading. For high-net-worth clients accustomed to premium service — 14 days was unacceptably slow. Competitor firms with better digital infrastructure onboarding in 3-5 days — the firm losing potential clients during the lengthy process. An internal survey found 8% of prospective clients withdrew during onboarding, citing the time and document requirements), manual data entry (client information entered manually into each of the 6 systems — name, NRIC, address, contact details, employment, source of wealth — each system requiring slightly different formats. A single client onboarding requiring approximately 3.5 hours of operations team time for data entry across systems. Error rate: 12% of new accounts containing at least one data discrepancy between systems — name spelled differently, address format inconsistent, NRIC digit transposed), compliance screening delays (World-Check screening performed manually — the compliance analyst copying the client name into the World-Check portal, running the search, reviewing results, and documenting the outcome. For common names generating many potential matches — the review taking hours. Screening not initiated until all KYC documents were received — adding sequential delay. The firm processing 35-50 new client onboardings monthly — each screening taking 45 minutes average), document handling (KYC documents: scanned/photographed by clients and emailed to the RM, who forwarded to the operations team, who uploaded to the document management system, who shared with the compliance team for review. Documents frequently: poor quality (blurry photos of NRIC), incomplete (missing pages of bank statements), or incorrect (outdated address proof). Each document issue requiring a round-trip to the client for correction — adding 3-5 days per issue), and MyInfo opportunity missed (the firm aware that MyInfo could provide verified client data — eliminating much of the form-filling and document submission. But MyInfo integration had not been implemented because the IT team considered it complex (SingPass/MyInfo having specific technical requirements) and the business case had not been formally justified).

We designed and implemented an integrated digital onboarding platform over 12 weeks: MyInfo integration (weeks 1-5): eliminating manual data collection. SingPass authentication: the RM sending a secure onboarding link to the client via WhatsApp or email. The client clicking the link, authenticating with SingPass (using their existing SingPass credentials — no new account needed), and consenting to share MyInfo data. MyInfo data retrieval: 28 verified data fields automatically populated — full name (as registered with ICA), NRIC number, date of birth, nationality, residential address, email, phone, employment (employer name, occupation, industry), income (declared to IRAS — with client consent), CPF contribution history (indicating employment stability and income level), property ownership (HDB, private property — from SLA records), vehicles (from LTA), and education (from MOE/ICA records). Data validation: MyInfo data verified by government sources — no manual verification needed for these fields. The onboarding form: pre-filled with MyInfo data. The client reviewing the pre-filled data, adding any information not available through MyInfo (source of wealth narrative, investment objectives, risk tolerance), and submitting. Total client effort: 8 minutes (vs 45 minutes for manual form-filling plus document gathering). Automated compliance screening (weeks 3-7): real-time screening integrated into onboarding flow. World-Check API integration: as soon as the client's name and identifying information are captured (from MyInfo), the compliance screening runs automatically — no manual copying into the World-Check portal. Screening running in parallel with the client completing the rest of the onboarding form. Results: immediate for clear cases (no matches — 72% of screenings). For potential matches: automated pre-filtering using NRIC, date of birth, and nationality to eliminate obvious false positives (reducing potential matches by 65%). Remaining potential matches: routed to compliance analyst with pre-populated analysis template — the analyst reviewing and documenting the decision, not performing the initial search and filtering. PEP (Politically Exposed Person) screening: integrated into the same flow — PEP status from World-Check and supplementary sources checked automatically. Negative news screening: automated search of adverse media related to the client — results summarised for compliance review. Total compliance screening time: from 45 minutes to 5 minutes for clear cases, 15 minutes for cases requiring analyst review. System integration (weeks 4-10): connecting all 6 systems into a unified onboarding flow. Event-driven architecture: each onboarding step publishing events consumed by downstream systems. When the client submits the onboarding form: Salesforce CRM automatically updated with verified client data (opportunity status changed, client record enriched with MyInfo data), compliance screening triggered automatically (results flowing back to the onboarding workflow), suitability assessment pre-populated with client financial data (income, assets, investment experience — from MyInfo and the onboarding form), document management system populated with the MyInfo verification record (replacing scanned document uploads for government-verified data), Avaloq account creation triggered automatically once compliance screening is cleared and suitability assessment is approved (account parameters derived from client data — no manual entry by operations team), and custodian bank notification sent automatically via API (DBS/OCBC — structured message with account opening details). The RM: seeing a single dashboard showing onboarding progress across all systems — which steps are complete, which are pending, and what (if anything) requires their action. Suitability and risk profiling (weeks 6-10): integrated assessment. The financial needs analysis questionnaire: presented to the client digitally (responsive web form — works on mobile). Client financial data from MyInfo pre-populating relevant sections (income, assets, CPF). The RM adding professional observations and recommendations during the client meeting (tablet-based — the RM completing the assessment while sitting with the client). Risk profiling: automated scoring based on questionnaire responses — Conservative, Balanced, Growth, Aggressive — with the algorithm documented and validated per MAS FAA requirements. Product suitability: the system recommending suitable products based on risk profile, investment horizon, and stated objectives — the RM reviewing and adjusting recommendations before presenting to the client. Digital signature: the client electronically signing the account agreement, suitability declaration, and FATCA/CRS declarations — DocuSign integration with the onboarding flow.

The platform launched after 12 weeks. Onboarding time: from 14 working days to 1.5 working days (89% reduction). Breakdown: client form completion from 45 minutes to 8 minutes (MyInfo pre-fill). Compliance screening from 45 minutes to 5 minutes (automated, parallel processing). Operations data entry from 3.5 hours to 15 minutes (automated system population — operations team only reviewing edge cases). Suitability assessment from 2 days (scheduling, paper form, transcription) to same-day (digital form completed during RM meeting). Account creation from 3 days (manual Avaloq entry, custodian notification) to 4 hours (automated once compliance and suitability cleared). Client experience: prospective client withdrawal rate from 8% to 1.5% (the faster process retaining clients who previously dropped off). Client satisfaction survey (post-onboarding): 4.7/5 — with MyInfo and digital signing cited as the most appreciated features. RM comment: "Clients are impressed that we know their information already from MyInfo — it feels premium and modern, not like filling government forms." Data accuracy: data discrepancies between systems from 12% to 0.8% (MyInfo providing single-source verified data, automated population eliminating transcription errors). The remaining 0.8%: edge cases where manual data entry was still required for non-MyInfo fields. Compliance efficiency: compliance screening time from 45 minutes to 5 minutes per client (clear cases). False positive reduction: 65% fewer analyst reviews needed (automated NRIC/DOB matching eliminating obvious non-matches). Compliance team capacity: from processing 35-50 screenings monthly (fully loaded) to handling the same volume in 40% of the time — freed capacity used for enhanced monitoring of existing clients. Operations efficiency: operations team onboarding effort from 3.5 hours per client to 15 minutes — a 93% reduction. The 3-person onboarding operations team: reduced to 1 dedicated plus 1 backup — 2 staff redeployed to client service roles. Monthly operations cost saving: SGD 18,000 (staff redeployment). Business impact: the accelerated onboarding directly impacting revenue — faster onboarding meant faster time-to-first-investment. Average time from onboarding start to first trade: from 21 days to 4 days. The firm estimating that faster onboarding contributed to 15 additional client acquisitions in the first 6 months (clients who would have been lost during the 14-day process). Average AUM per new client: SGD 1.8M. Management fee: 0.8% annually. 15 additional clients × SGD 1.8M × 0.8% = SGD 216,000 additional annual revenue. Financial summary: implementation cost: SGD 280,000. Annual operations savings: SGD 216,000. Additional annual revenue: SGD 216,000. First-year ROI: 54% (operations savings alone). Including revenue impact: 154%. Compounding: each subsequent year adding new clients at the accelerated rate — the revenue impact growing annually.