Digital is percolating into all walks of life and reshaping almost every process across sectors. Digital-first advocates are penetrating the market with radical new offers, disruptive innovations, and setting a bar for customer interactions through a high degree of personalization, enhancing customer experiences.
Banking and finance companies, too, are touched by the wave of transformation and are rethinking their future with a stronger focus on improving digital banking capabilities. In this new, upbeat digital world, customers are looking for secured, agile, and real-time experiences right from day one. The advantages of improved customer experience would be a fleeting thought unless the back-end operations are digitally sound.
Your customer’s journey starts right when they arrive at your digital doorstep. From that moment onwards, they are looking for exceptional and simplified experiences in all the critical areas.
Traditional customer onboarding
Most private banks and fintech firms offer prospective customers the ability to open a savings account online in a matter of minutes, digitally verifying their documents and checking their credit scores to offer suitable value-added services. Even new micro-loan applications are processed instantly.
On the other hand, public sector banks have come a long way, but they still don’t offer such a hassle-free experience. One of the largest banks still requires its customers to visit the branch for document submission, which are verified in anywhere between 3-4 days.
The major challenges with the traditional onboarding process that makes digital integrations mandatory are as follows:
- Silos in processes
Often there are breaks in communication between the internal teams which affect the fluid customer progression throughout their onboarding journey. Segregated and siloed teams and processes lead to ineffective communication between the onboarding and the validation team that complicates and elongates the process.
- Visibility of Customer’s Journey
Traditional onboarding processes offer limited visibility, where it is hard for the banks and financial services to track or manage customer’s progress. The customer, too, is left wondering about her onboarding status
- Security and Regulation
Even when banks offer digital onboarding services to simplify the customer journey, safety and security must be the top priority. High-end encryption and compliance need to be ensured when handling sensitive customer information. Two-factor authentication helps in stronger authorization, strengthening process security.
- Error-prone and Time-Consuming
Traditional onboarding involves banks acquiring a pile of documentation from the clients at multiple touchpoints. An even bigger challenge is to manage these documents manually, which demands a lot of time and widens the scope of errors.
Future Is Brighter with Digital
Due to the mentioned roadblocks, banks have started streamlining customer communication and building a secure relationship with all their clients. Digital onboarding is facilitated through the following advanced technologies to improve process efficiency and deliver a seamless customer experience:
- Cloud Solutions and Integrated SaaS Platforms
Bringing together connectivity, intelligence and support efficiency, cloud-based solutions secure your data exchanges. These solutions enable banks to offer their customers with fast and convenient support during KYC and document processing. Well-integrated SaaS-based platforms with other departments drive customer delight and loyalty.
- Data Services for Improved Decision Making
Digital banking ensures data services tailored to crucial processes. A well-knitted data service solution looks after scalable connectivity and quick internet access. From taking onboarding requests to verifying the documents submitted, banks and financial services make it affordable and easy to deploy smart solutions ensuring sustained performance.
- Cyber Security for a Tough Framework
A lot of data exchange happens during onboarding. Ensuring security checks matters at all the right touchpoints as there are numerous cyber threats doing their rounds on the internet. Implementation of end-to-end cybersecurity solutions helps in traffic monitoring and identifying breaches at the right points.
- Artificial Intelligence (AI) and Machine Learning (ML)
Applying for credit cards, loan requests, even opening and managing accounts has been made convenient with the help of AI and ML that, with the help of neural networks, function like humans. Banks can identify loopholes and devise effective strategies to enhance onboarding using these avant-garde solutions. Further, with ML, it is possible to automate and manage documentation minimizing chances of errors.
Better customer service and delivery are the pillars for customers to have a long-term relationship with the bank and financial institution. It all begins with customer onboarding and the emerging technologies have a great potential in reducing completion time, minimizing data duplication and redundant entries, and providing a good compliance score. In today’s day and time, delivering technological experiences through customized digital offerings, ranks a bank or financial institution higher in customer satisfaction score. Revolutionize banking services right from step one with digital onboarding!