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  "documentTitle": "Wealth and asset management 4.0",
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      "text": "Wealth management firms should consider turning their attention instead to those areas most important to clients.",
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      "text": "Digitization rate: 34%",
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      "text": "The top pain points for investors in opening a new account are providing authorizations and transferring funds from outside accounts, but currently only about one in five providers have digitized these processes—and less than a third plan to do so within two years.",
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      "text": "So far, providers have chiefly addressed their own top pain point—digitizing regulatory know-your-customer (KYC) checks—as well as digitizing basic procedures for opening an account online. Only 36% can open multiple accounts online simultaneously, and even fewer can digitally conduct fraud checks, add account features, and fund new accounts. Firms have seldom digitized conducting business verification and ultimate beneficial owner (UBO) checks.",
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      "text": "Providers will ramp up their efforts to digitize onboarding over the next two years in some areas, particularly adding account features, conducting UBO checks, and adding managed account proposals. But of those, only adding features to accounts is currently a major pain point for investors. Wealth management firms should consider turning their attention instead to those areas most important to clients.",
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      "text": "PQ18. Which parts of the client onboarding process are currently digitized at your firm? Which do you expect to be digitized in the next two years?",
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