Customers than 5 minutes. If your onboarding process still

Customers expect speed, ease, security and
convenience in every activity nowadays, be it online or offline. This also sets
a standard for their expectations from the digital experience and customer onboarding
offered by banks.

However, it seems that the banks are falling
short of fully meeting their customers’ requirements in this regard. A research conducted by Digital Banking Report
(DBR) shows that an average time to complete a website or mobile application is
up to 10 minutes, with only 14% of the respondents stating that they manage
with less than 5 minutes. If your onboarding process still lasts for hours or
days (hopefully not weeks), you may be on the losing side unfortunately. Especially
if you take into account the rise of omni-digital
consumers (PwC’s 2017 Digital Banking Consumer
Survey) who
have cut their ties with traditional channels and tend to bank only using their
mobile phones, PCs and tablets.

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“Onboarding new customers is your
first opportunity to win them over and set the stage for the entire
relationship going forward. Your onboarding process needs to be as fast,
seamless and painless as possible. Customers who feel your initial onboarding
and activation is too difficult or time-consuming are likely to walk away.”

Jim Marous Owner and Publisher,
Digital Banking Report

 

Make or break the new
relationship

It’s true when they say that the first
impression is made only once. If your potential customer is struggling to open
an account with your bank, you don’t have to think twice whether they would be
willing to take out a loan, deposit personal savings or enter into any other
arrangement. This moment, the first touch, the initial experience they gain,
has a great impact on how the relationship proceeds. Don’t make it a breakup at
first sight. Cut down on unnecessary details, repetitive information, excessive
scrolling, keystrokes customers don’t have time for. Focus on building trust,
on establishing a firm foundation. That’s what the onboarding is all about.

 

One version of the
truth across channels

When it comes to ease and convenience, it
appears that less than 50% of the banks offer ‘save and resume’ your website/mobile application, according to the DBR research. And, in most cases, customers need to
complete the process in a branch for various reasons (ID verification,
signatures, supporting documentation, etc.). Is this what the true digital
customer onboarding should look like? Is this what the digital natives are
willing to put up with? When recreating your processes, the guideline you
should follow is:

 

Mobile-first design &
customer-first onboarding experience

The kick-off won’t be that difficult. Start small. Begin with what you
know is frustrating customers and slowing down onboarding – legacy systems,
paper-based interactions and manual intervention. Use an automated, integrated
platform allowing customers to interact with your bank through any channel at
any time, with consistent information and no disruption. At the same time, you
should provide assurance that your system is compliant with the regulatory
requirements of Know Your Customer (KYC), Anti-Money Laundering (AML), PSD2
Strong Customer Authentication, eIDAS, to name a few.

The good thing is that once you’re on the road to digital onboarding, you’ll never look back or
go astray. We can help you achieve what’s necessary the right way.

Schedule a free
consulting hour or email us for more information.

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