Implementing new standards – Online Customer Onboarding

The Banking industry is currently under tremendous pressure to update its mindset, processes and offerings to a digital age. The digital interactions customers enjoy on a multitude of channels have set new standards in quality and service, standards which banking companies must meet and preferably surpass to ensure customer satisfaction.

One of the critical processes shaping customer acquisition and experience is undoubtedly client onboarding. Thinking of it as the entire process customers go through when becoming clients of a bank or financial institution, it’s easy to understand how much it can influence client relations, retention and loyalty. Furthermore, this inherently complex process is now becoming fully digital, allowing customers the possibility to access, register, configure and use their financial products from a distance.

Creating a seamless digital onboarding experience

With traditional onboarding processes being overly bureaucratic and taking anything from 2 up to 12 weeks (Forrest Consulting), the chances of building a positive client relation are heavily compromised. Furthermore, the multiple touch points and departments involved in the process cost banks around 28,5$ million, not accounting for another 15$ billion in regulatory violations of client onboarding gaps (Thomson Reuteurs).

Online onboarding platforms not only allow for huge savings on system and operational costs for banking institutions, they are also the best solution for banks to improve client relations and revenue (with reported increases of up to 3% – Mckinsey).

Digital onboarding solutions are quick and practical, allowing customers to open accounts or subscribe to specific financial products or services through their browser or mobile phones. In a time when connectivity and accessibility are core concerns, online onboarding delivers banks the opportunity to stay at the digital forefront and adapt their acquisition methodologies to customer needs and demands.

Make it easy with ebankIT’s solutions

ebankIT inferfaces allow clients access to a fully digital, structured solution, able to process digitalized client information, documentation and contract issuing, including product subscription, analysis and approval with back office processing of the workflow. This results in:

The whole process is seamless and intuitive and can be carried out remotely in only 15 minutes, through 4 major steps: 

• Know Your Customer (KYC) – Client Identification
• Customer Data – Account/document information
• Process Validation
• Cross – Selling