How financial institutions such as banks can become more effective at helping to get clients settled into their new arrangements – a process known as “on-boarding” – is discussed by consultants Celent in a new study.

The report, Institutional Client On-Boarding in the Financial Industry: Time to Move to the Industrialization Phase, says that tougher new regulations on firms mean it becomes even more critical for them to make sure that clients’ details are easily captured and available if a regular asks for them.

Among other findings, the Celent report shows that the on-boarding process should be uniform and global in nature for firms operating across a number of different countries.

And companies should make first impressions count to boost the chances of selling more services and products to clients later down the line, the report said.

“The crucial period in which the new customer attrition is the highest is the first four months of the relationship. Similarly, the possibility of cross-selling is especially high in the first month, tapering off in the months after that,” the report said. But the benefits of a good impression are not just in the short run, it continued.