Digital Banking: How Onboarding Procedures Can Influence Consumer Satisfaction Factors

The onboarding process is the formal starting point of direct and consensual correspondence with a consumer. During the onboarding process, the client registers data that allows its identification and finally accessing the contracted products/services.

This article shows how to make sure that the client onboarding process is swift and smooth without compromising necessary data protection and security measures.

Digital Banking Transformation For Customer Satisfaction

For years many traditional banks are continuously investing in digital transformation. Moreover, the need for a seamless transition to digital onboarding processes has accelerated during 2020, as more and more businesses are closing their physical doors. This resulted in a number of new fintech players coming to market, creating greater competition. It is believed that the majority of banks will have shifted their sales operation to online platforms by the end of 2021. Clients desire to apply for banking services with ease and to get a great user experience. However, transforming the customer experience is not only about moving everything to digital — it means leveraging data to understand how your customers want to receive information, and what processes work best for them. 

The complicated or lengthy onboarding process can result in consumers opting out before completing the new account application. According to the Digital Banking Report in some online banks, the form abandonment rate can be as high as 90 percent. Furthermore, 43 per cent of consumers said a complicated account opening experience would result in them “definitely or probably” switching banks. In particular, Millennials have higher digital expectations, therefore, banks risk losing them at higher rates. Thus it is crucial to implement the right techniques of creating satisfactory experiences for potential clients. 

BankLaunch Onboarding Procedure 

Traditionally onboarding procedures are challenging and time-consuming. Obstacles originate from the starting point, which solemnly influences conversion rates and the cost of acquisition. The time-consuming manual processes, application approval, visiting bank branches and passing information through a series of systems requires considerable time investment from consumer and human resources from the banking services provider.

BankLaunch digital onboarding approach significantly reduces time-to-market and increases cost-effectiveness. Ready-made onboarding module provides a pleasant user experience and easily integrates with the core banking, back-office, and 3rd party service providers. BankLaunch offers a “plug and play” option with existing partners in addition to a possibility to develop an API connection with providers outside of its partners’ network. 

Integrations with partners such as GetID and MarkID helps to magnify the quality of the overall onboarding process. Due to these partnerships, BankLaunch can easily integrate identity verification, document verification, electronic signatures, ID document validation and AML screenings. These tools are compatible with the requirements of the majority of compliance regulations around the world. Fully automated KYC/AML processes help to reduce operational costs and increases the efficiency of fraud detection.

The Next Step For Your Customer Onboarding Experience 

Around the world companies in the financial sector have benefited from the revolutionary onboarding technologies and new legislative framework. Digital onboarding makes a time-consuming process of joining a bank into an immediate and fluid one. Therefore the choice of the right digital onboarding solution can improve conversion rates dramatically.

BankLaunch’s mission is to build long-lasting relationships with clients and partners. The team is dedicated to providing you with the latest innovations to the financial market. Start a confidential discussion about your ideas with BankLaunch specialists without initial commitment and explore the BankLaunch’s functionalities and features. To know more about BankLaunch’s digital onboarding and other propositions, you can schedule a complimentary session.