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The Future of Customer Onboarding in Banks

Client Onboarding,Digital Experience,Mobile Banking Applications

In today’s world packed with pressure and stiff competition, every interaction with a customer is important and crucial. It is where the bank leaves an everlasting impression and the first step towards building a relationship as well. There are quite a few businesses out there that channel all their energies towards customer satisfaction by offering innovative products and services.

For 70% a positive customer experience is the biggest challenge during onboarding.

76% of the respondents said that the entire onboarding process could be completed online. [Source PWC]

Why should banks consider moving towards client onboarding?

Client onboarding is the process where a user starts his journey as a client/customer of a bank/ financial institution. When it comes to customer onboarding, each bank has their own processes and protocols to follow, most of which are paper based and quite complicated, and take time.   

Generally, the customer onboarding process consists of multiple stages – evaluation of customer’s requirement, submission of documents for KYC, followed by background check and due-diligence, completion of legal formalities, opening an account, and finally making it operational. During the onboarding process, there are several customer touch points within the various departments that are required to complete all formalities to close the entire onboarding process. 

One thing to remember is that customer onboarding is not a one-time event; it will happen every time the customer reaches out for an additional product or service.

Why there is a need for shift in the entire onboarding process

The COVID-19 pandemic has been the wake up call many businesses needed to redefine their processes.  

With the global markets facing extensive digital disruption, the only thing to remain constant is the importance of getting the basics in place:
1. Improving customer experience
2. Strengthening processes and systems
3. Optimisation of cost
4. Simplifying processes
5. Building a strong relationship with customers and thereby earning their trust.  

Customers today have high expectations from all businesses, including banking and financial institutions. They seek digital experiences, omnichannel presence, instant support and real time updates. The banks are under tremendous pressure to meet these evolving needs, and to offer seamless experience across all activities. Banks have understood the value of offering short streamlined onboarding, and quite a few have already adopted technology that facilitates the same. 

Five ways to improve the client onboarding process

  1. Replace Paper-Based Processes: Time to adopt automated and integrated systems to speed up data gathering and extraction of relevant data from the documents provided by the customers. This will improve overall efficiency and make it easier to move to the next stage. 
  2. Products & Services: Customers today expect to obtain information, and complete all transactions related to bank products and services online. Public and private banks and financial institutions today ensure their website and app carries information across all offerings. Current accounts, consumer finance/investment, credit cards are among the most frequently sought after products.
  3. Going Digital: Today nearly all consumers access services, make purchases through their mobile or other hand held devices.  Banks need to offer web based and mobile banking applications that customers can use, that can be accessed anytime and from anywhere.  Similarly, when a customer opens an account, they need to be able to upload necessary documents online for instant verification and processing. 
  4. Digital Distribution Channels: Analyse the various customer touch points to provide real time updates is essential. Adopting the omni channel approach is the way forward, considering customers seek seamless experience all through the journey across devices. It also pays to understand the various channels customers use, the possible roadblocks at an early stage.  
  5. Leverage Data: The data gathered from customers needs to be made available on the cloud so it can be accessed, analysed and necessary action taken without any delays. Similarly, data analytics tools to be integrated to help offer personalised products and services to customers. 

Study has shown that having a strong and efficient customer onboarding process leads to increased customer satisfaction, improved customer retention, more referrals and selling opportunities, as well as increased sales. Banks need to remember that  nearly 75% of all cross-selling happens within the initial few months of onboarding. Make sure to create a memorable first impression. 

The finance industry has seen how platforms that have been linked using low code have become core assets,assisting with vital areas such as linking the API infrastructure, data services,fraud prevention and mitigating credit risk. By using low code to tailor their own front-end capabilities and utilisingAPI services, financial institutions have the ability to pick the best industry suppliers and create unique experiences for their customers.

The top 5 advantages of Neutrinos low code platform solutions:

  1. Minimal human error and complete audit trail.
  2. Faster processes and streamlined systems with data security feature integrated.
  3. Lower operational costs. 
  4. Less dependency on the IT department. 
  5. Reduced risk & improved compliance.

Leveraging on inherent technical experience and expertise along with a deep understanding of client requirements, the Neutrinos banking solution is a robust, high impact solution – one that is both effective and efficient and resonates with the need of the hour. Let us help work with you in the digital transformation of your banking business through our low code solutions. Talk to our experts today!

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