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Automated Onboarding in Banks & Financial Services: Exceeding Expectations & Adhering to Regulations

Technological advances mean that consumers are increasingly expecting instant answers and 24 hour access to services. Onboarding can present a challenge as regulatory requirements need to be met, but slow service during the customer onboarding process can result in customers giving up and going elsewhere.

As the first touchpoint in the customer journey it is crucial to ensure a smooth customer experience. A Digital Banking Report in 2017 found that 42% of customers opted out of their application because account opening took too long to complete.[4] Today, as expectations increase and instantaneous results become the norm, this can result in huge losses of potential business.

A 2019 survey, showed that customers reported lower positive experiences in the initial steps of the customer journey. The majority of Generation Y customers considered mobile apps to be an important channel, but only 32.9% reported a positive experience using them.[1]

‘Poor experience at both the initial touchpoints and more complex transactions in a customer’s journey can lead to missed revenue opportunities and call for a creation of a robust omnichannel strategy’.[2]

Digital customer onboarding in banks such as Monzo and Nationwide offer same-day account opening[3]. As we get accustomed to doing more online, improving onboarding is becoming increasingly important for customer acquisition.

End-to-end digitalisation of the onboarding process can ensure that AML and KYC checks are thorough and accurate, while also providing a streamlined service:

It is vital that organisations consider transformation of back-end processes in addition to putting customer portals or apps in place. Automation and AI can be harnessed to make the process both faster and more accurate, with decisioning tools able to make or augment informed decisions.

At Maximise IT we specialise in helping organisations automate complex processes. We help provide seamless customer experiences and first-touchpoint resolutions. Talk to us to find out how we can help you to rapidly transform your onboarding processes.

[1] [2] [3] [4]

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