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The Future of Customer Onboarding in Banks

Client Onboarding,Digital Experience,Mobile Banking Applications

In today’s world packed with pressure and stiff competition, every interaction with a customer is crucial. It is where the bank leaves an everlasting impression and is the first step towards building a relationship. Only a few banks channel all their energies towards customer satisfaction by offering innovative products and services.

70% of survey respondents answered that the biggest challenge during onboarding is providing a positive customer experience.

76% of the respondents said an online entire onboarding process is possible.

Client Onboarding in Banking

Banking client onboarding refers to a user’s journey as a customer of a bank or a financial institution. When it comes to customer onboarding, each bank has its 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 a background check and due diligence, completion of legal formalities, opening an account, and finally making it operational. 

During the onboarding process, several customer touchpoints within the various departments are required to complete all formalities to close the entire onboarding process. 

Customer onboarding is not a one-time event, as it will happen every time the customer reaches out for an additional product or service.

The Need for a Digital 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:

  • Improving customer experience
  • Strengthening processes and systems
  • Optimization of cost
  • Simplifying processes
  • Building a strong relationship with customers and 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 offer a seamless experience across all activities. Banks understand the value of streamlined onboarding now and are aware of the technology that facilitates streamlined onboarding. 

Top Five Ways to Improve the Client Onboarding Process

  • Replace Paper-Based Processes

It is time to adopt automated and integrated systems to speed up data gathering and extraction of relevant data from the documents provided by the customers. It will improve overall efficiency and make it easier to move to the next stage. 

  • Products & Services

Customers today expect to obtain information and complete all transactions related to bank products and services online. Public and private banks and financial institutions today ensure their website and app carry information across all offerings. Current accounts, consumer finance/investment, credit cards are among the most frequently sought-after products.

  • Going Digital

 Today, most consumers’ access services make purchases through their mobile or other handheld devices.  Banks need to offer web-based and mobile banking applications for customers to access anytime and from anywhere.  Similarly, when a customer opens an account, they should be able to upload necessary documents online for instant verification and processing. 

  • Digital Distribution Channels

Analyze the various customer touchpoints to provide real-time updates. Adopting the omnichannel approach is the way forward, considering customers seek seamless experience across devices. It also pays to understand the various channels customers use, the possible roadblocks at an early stage.  

  • Leverage Data

The data gathered from customers needs to be made available on the cloud to be accessed, analyzed and necessary action taken without delays. Similarly, data analytics tools to be integrated to help offer personalized products and services to customers. 

A study has shown that having an efficient customer onboarding process leads to increased customer satisfaction, improved customer retention, more referrals, and 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. 

Banking platforms using low code have become core assets, assisting with vital areas, such as integrating with the API infrastructure, data services, fraud prevention, and credit risk. By using low code to tailor their front-end capabilities and utilize API services, financial institutions can pick the best industry suppliers and create unique experiences for their customers.

Advantages of Neutrinos Low-Code Solutions

  • Minimal human error and complete audit trail.
  • Faster processes and streamlined systems with data security features integrated.
  • Lower operational costs. 
  • Less dependency on the IT department. 
  • Reduced risk & improved compliance.

The Neutrinos low-code banking product is a robust, high-impact solution leveraging inherent technical experience and expertise with a deep understanding of client requirements. It is effective and efficient.

Click here to learn more about Neutrinos Fintech Solutions.

Read our blog, “Banking amid the Pandemic” to know more about digital banking platforms and solutions. 

Let us help work with you in the digital transformation of your banking business through our low code solutions.

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