New online share trading system and trading app reduces onboarding to 10 minutes, as retail trading trend increases

Momentum Securities has unveiled a proprietary e-onboarding capability as part of its upgraded trading platform and app launch.

The trading platform offers clients an effortless way in which to manage their trades online. This includes the ability to view all instruments in one place, link multiple portfolios to one profile, calculate the cost of a trade before placing it and electronically request payments. The platform is easy to navigate and enables access to client statements and content online as well as via their mobile device.

The e-onboarding platform promises to simplify the client onboarding process too, keeping the whole process paperless.

Another attractive feature is the platform’s ability to conduct a needs analysis in one sitting. Momentum Securities has streamlined this process significantly.  

Efficient e-onboarding

According to Steven Schultz, CEO at Momentum Securities, the most frustrating aspect of onboarding a new client is the verification process that’s needed to comply with the Financial Intelligence Centre Act (FICA).

This piece of legislation governs anti-money laundering and counter-terrorism financing in South Africa and requires that financial institutions know certain details about whom they are doing business with.

“While FICA verification is a necessary and important part of onboarding a new client, it can be a cumbersome process,” he adds. “As an individual it requires that you present verified copies of your South African ID and proof of residence in order to apply for an investment or stockbrocking account.

“Momentum Securities is steering the drive to make it easier to verify the identity of clients for FICA purposes online. We’ve used leading technology to streamline and simplify the process.”

The system also allows advisors to sign clients up online.

A 10 minute verification process

Schultz walked through how individuals would need to go about onboarding themselves. “Our verification process is the simplest in the industry. The whole thing takes less than 10 minutes and can be done on your phone via our app,” Schultz noted.

“The first step is to take a picture that’s clearly showing your face, holding up your barcoded South African ID,” he said. “Then you drag this picture and drop it into the online form you’re completing. Next, it’s a case of uploading your proof of banking details. This could be a bank statement or a letter from your bank.”

You will also have to input your South African tax number, he added. After this, the terms and conditions need to be agreed to and the application has to be signed (which can be done using a mouse or a touchpad).

Once submitted, a member of the Momentum Securities team will get in touch with the applicant to conclude the account opening within 48 hours.

Clients are able to open multiple products in one application including opening an offshore account with Momentum Securities’ partner Swissquote.

“Product innovation and client service is a top priority for us at Momentum Securities. We’re constantly looking for ways in which to deliver both, especially through digital channels, and this innovative new platform is an example of how we’re doing this. We believe it will add genuine value to our stockbroking clients,” he concludes.

The platform and app is now live. Please visit the Apple or Google app store to download the app.  For further information please get in touch with the Momentum client services team on 011 550 6270.