Customer Onboarding: Make a great first impression

2 min read

Understanding the customer is a critical step for financial institutions to meet their needs and requirements.

At the beginning of July, ebankIT and OMDIA co-organized a webinar on Customer Onboarding. Jamaica National Bank case, as our client, was highlighted and part of the speaker’s panel. Jamaica National Bank partnered with ebankIT to deliver simple customer onboarding solutions. Technology has facilitated the automated transformation of back-office processing from legacy operational to control and monitor in nature.

Customer onboarding is a term typically used to describe the process users go through, from the start of their journey to become a customer and beyond. It encompasses a variety of interactions and engagements with your brand, typically created to enhance the customer experience and influence the ongoing relationship your customer has with your brand and product.

Rethinking the onboarding process is a customer-driven exercise, aiming to meet their demands and digital habits, allowing for quick and seamless account opening and product subscription. Additionally, it also presents an extremely appealing opportunity for financial institutions to reduce costs and increase revenue, all while providing the best customer experience. Bearing this mutually beneficial dichotomy in mind, a closer look into the ever-evolving landscape of current banking clients is in order. 

As the first point of contact with potential customers, onboarding has an unparalleled impact on the relationship that will follow. With only one opportunity to make a great first impression, banks must go the extra mile to ensure the customer experience is both stellar and sets a positive tone for all future interactions.

According to a Groove study, A lot of people think that that moment—the signup—is when they’ve “won” the customer. But the reality is that in a world where 40-60% of software users will open an app once, and never log in again, that’s simply not true.

Capturing customer loyalty often happens at the very early stages of a customer’s journey, as the first point of contact will leave a lasting impression of the brand. Businesses that optimize customer onboarding are more likely to encourage customer retention and brand loyalty.

Like what is happening in many other industries, financial institutions will have to think mobile-first to keep up with this growing trend.

This mindset translates to several drastic changes for banks, who must now rethink and redesign their services, products, and processes prioritizing the mobile experience. 

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