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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.
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:
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!