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GLEIF Research: The Pitfalls of Onboarding

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GLEIF Research: The Pitfalls of Onboarding

As illustrated in the research report ‘A New Future for Legal Entity Identification’ published by the Global Legal Entity Identifier Foundation (GLEIF), the process used for the onboarding of new legal entities is characterized by inefficiencies for many businesses in the banking sector. The research, which surveyed over 100 senior salespeople in the banking sector in the UK, US and Germany, revealed that 50% of financial institutions use, on average, four identifiers to help identify client organizations.

In reality, what does this mean for these senior salespeople, what is the impact on the broader business, and what can be done to improve the situation? To answer this question, we have summarized some of the key findings identified with the survey here. These are also highlighted within the GLEIF infographic shown below.

Download as PDF: GLEIF Infographic – The Future of Legal Entity Identification: Why a Standardized Approach is the Way Forward

Gleif website, https://www.gleif.org/en/lei-solutions/lei-in-kyc-a-new-future-for-legal-entity-identification/gleif-research-the-pitfalls-of-onboarding, published under GLEIF's website terms (CC0 unless a document is marked otherwise). Found through KERISSE. The abstract, the level and the labels on the catalog entry are the KERISuite Knowledge Base's own, CC BY 4.0.