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.
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.