Customers today have high expectations of a flawless experience, enhanced efficiency and sharp responsiveness while interacting with a bank. Customer on-boarding, other than welcoming a new customer, is an opportunity to gather relevant information and learn about the customer and their concerns and interests. The first step towards improving customer experience is a fully digital on-boarding experience. Digital customer on-boarding have proven to reduce operating costs while also enabling banks to be nimble and more responsive to customer needs.
In the present financial scenario, it is crucial to for banks and other financial institutions to retain their current and old customers while acquiring new ones. Hence, today banks are seeking to provide an end-to-end digital purchase and contracting experience that is simple, personalized, and frictionless. Banking institutions are racing to keep up with an increasingly mobile and multi-device customer base.
It is important for financial institutions to establish and prove themselves in the beginning itself because a lot of high value customer relationships start from low-value small transactions like opening an account. E signatures have been successfully used by Banks, credit unions and other financial service providers to digitize lower value, high volume use cases like retail account openings. Now they are turning to higher value transactions – which are typically mediated scenarios with more complex workflows. With on-boarding platforms coming on the scene, for handling more sophisticated contracts and transactions, there is a shift to digitise more complex on-boarding transactions as well.
Customers expect convenience with over 90% of millennials using mobile banking. Both millennials and ultra HNW clients expect a mobile experience and take it for granted.
Digitization of details frees up the staff and allows them to instead spend time engaging customers in conversations which helps them to promote and cross-sell high-value, and often more complex, products and services. For example, because of a completely digital process, it is easier to upsell products like loan insurance, adding additional revenue.
The most direct way financial service providers can improve on-boarding is by ensuring the process remains fully digital. Digital Customer on-boarding is all about speed, tighter compliance, fewer errors, less manual work, and meeting expectations for a great modern day experience.