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.