We work closely with large financial institutions to implement digital strategy focused on account opening. In the industry, we refer to it as digital onboarding. It’s an option for account opening that customers have sought for years. After years of industry experience focusing on the customer journey, here’s what we have found:
Most customers want digital onboarding in banking.
If customers can get almost anything delivered in a digital format, they expect their financial institution to deliver that same level of service. Gone are the days of waiting in line in a physical office, taking a seat, and filling out paper applications while exchanging small talk and documents with bank officers. A Harris Poll survey revealed 80 percent of customers preferred to manage their money entirely without a bank branch. Many customers are dumping their banks for competitors like FinTechs and neo or challenger banks who offer a better digital onboarding experience.
Banks need to speed up their process.
Let’s say your bank does offer digital onboarding. You’ve solved only half the battle. The problem: your processes are clunky and killing the customer experience. Customers attempting to open new accounts online often give up due to the overwhelming number of clicks and information it takes to complete the process. According to Temenos, an average of 70 percent of prospects who start applying for an account drop out before they finish the process. Therefore, if you’re willing to rethink your bank processes, including the digital onboarding experience, you can stay in the game by keeping your customers happy.
4 Ways Digital Onboarding Improves Your Customer Experience
1. Digital onboarding keeps up with customer expectations.
Today’s customers want banking delivered through their smartphones. Digital onboarding delivers the Uber-like experience your customers have come to expect. Disruptors over the past two years created the need for digital onboarding and the desire for the remote experience is here to stay.
2. Digital onboarding puts control into the customers’ hands.
Banks have traditionally been rigid in the timeframes they service customers. This inflexibility and lack of a customer-first mentality can annoy prospects and lose potential customers. With digital onboarding, customers have the power to choose when they start, resume, and submit their applications at any given time, and all from the mobile device of their choice.
3. Digital onboarding saves customers valuable time.
Digital account opening could take a record-breaking 90 seconds or less by automating parts of the application process. This saves the customer, and ultimately your institution, valuable time.
4. Digital onboarding shapes customers’ future actions.
Customers with a swift and easy onboarding experience perceive your institution in a positive way. Each click leaves an impression on your customer: good or bad. A favorable onboarding experience opens the door for repeat business as customers sign up for additional products and services.
Accutive: We’re here to make it all happen.
We’re here to partner with you every step along the customer journey. Working with us means partnering with a team of experts who bring the knowledge and support you need to design and implement new products, platforms and solutions. All to help nurture compelling customer experiences from the very first click with the power of digital.
