“38% of customers consider UX as the key criterion when choosing a digital bank,” finds Deloitte.
No matter how amazing the functionality of a bank’s digital offerings is, and how lucrative its offline offers are, it’s all useless if the customer onboarding isn’t impressive. Digital customer onboarding is increasingly transforming new-gen banking relationships for the better. Before we move further,
What is Digital Customer Onboarding?
Customer onboarding continues to play a key role across banks and financial institutions. However, it is limited to the first-ever interaction with customers, data collection, and filling out a loan application in general. With digitization, onboarding has garnered significance as an opportunity to help existing employees try new services or products. The advent of digital onboarding has made the entire process of opening an account easy and comfortable.
Key Goals of Digital Customer Onboarding?
Digital onboarding is rapidly becoming a key process across the banking sector. Here are the main goals of digital onboarding:
- Enhances CX with intuitive navigation
- Eliminates the need for re-routing to physical channels
- Provides reliable online identity verification
- Autofill option removes the scope of same questions
- Fast-forwards the access to the account, once the completion process is done
Why is Digital Customer Onboarding Important?
It has become vital for financial institutions to not only establish but also prove themselves at the very initial stage of the customer relationship journey. This is because many highly valuable customer relations start from low-value small transactions, such as opening an account.
With customer onboarding platforms taking a center stage for handling highly sophisticated banking transactions, there is a shift to digitize more complex onboarding transactions. Digitization of details frees up the staff and gives them more time to build more meaningful conversations. This, in turn, will help them promote and cross-sell high-value and more complex services and products. This growing penetration of digitization in the banking sector has made it easy to upsell products, such as load insurance.
Key Benefits of Digital Customer Onboarding?
A digital process has emerged as the most direct way for financial service providers to enhance customer on-boarding. This can be attributed to the fact that digital customer on-boarding provides speed, eliminates human errors, tightens compliance, and meets expectations for a superb modern-day experience. Here’s how:
- A digital onboarding process promises a new customer at the end of the process.
- Efficiency is the key benefit of digital customer on-boarding as it minimizes internal handling effort, time and data error.
- It enables banks to take a client-centric route. Keeping a potential or existing client at the center of focus is the most sustainable way to grow a business by leaps.
- The entire digital customer onboarding process and the information involved are seamless to understand and follow.
- Instant gratification as a feature of digital onboarding is a big win for the financial institutions, as it allows banks to cut down on completion time.
To Sum Up
An increasing number of financial institutions and banks are enroute or have already taken up digital customer onboarding to seal more deals. This digitized process has been enabling banks move ahead of the competition curve. While others have already taken a digital flight to success, what are you waiting for? Start your digital transformation in banking journey to form stronger customer bonds with the Arttha’s best-in-class digital customer-onboarding services or stay behind. Arttha is a unified fintech platform that can redefine your business with its digital solutions.
- Unlock the potential of harmonized physical and digital channels in retail banking
- The Australian casino gaming industry is moving forward with the use of digital wallets and mobile payments.
- 5 reasons facial recognition tech is good for payments authentication
- Protect your bank against the 4 most common cyberattacks with Smart Onboarding
- Top AI use cases in Lending that Banks must know