Following the COVID-19 pandemic, the financial services industry has undergone a massive digital transition as a result of changing client expectations.
The onboarding journey is emerging as a key phase in the client relationship, and banks and other financial institutions are creatively rebuilding themselves around consumer experience across the full lifecycle of a product, including the onboarding trip.
Even though digital onboarding automates several tasks, such as introducing new customers to products and keeping them up to date on product changes, many of us fail to see that onboarding clients are a multi-stage process rather than a simple procedure.
Decoding the digital onboarding process
The process of registering consumers and granting them access to the financial institution’s products is known as onboarding. It’s the official beginning of a mutually beneficial relationship with a consumer.
As a result of giving information that allows them to be identified and gain access to the platform’s products and services, the customer will be formally registered.
Thanks to specialized, thorough technology and security safeguards, this entire process, which used to be an in-person operation, has now been digitized and can be completed online, using any device and from anywhere.
The Growing Movement: Key Drivers for Digital Onboarding Adoption
The sector has been completely revolutionized by digital identification. Customers’ requests have been recognized by banks, NBFCs, and other financial institutions, which have transformed their operations to deliver a seamless and transparent onboarding experience.
Remote onboarding is achievable with the same certainty and safety as the physical process, saving not only time but also money. Furthermore, the Covid-19 pandemic acted as a crucial accelerator, accelerating the onboarding process.
The bigger question is why are companies prefer digital onboarding?
# Increased client satisfaction
A happy customer can become a brand ambassador for a financial institution; the value of a positive customer experience in reputation maintenance and building cannot be emphasized.
# Fraudulent activity has decreased.
Digital onboarding makes it simple to verify a customer’s identity, which helps financial institutions improve security and reduce fraud.
# Enhanced operational effectiveness
Using digital onboarding services may reduce the number of time-consuming activities; it removes the need for branches, lowers operating costs, and helps reach a larger audience.
What the future may bring?
It is critical for a financial institution to adopt technology innovations to provide a seamless customer experience.
It’s time to take a closer look at the company, figure out what needs to change, and focus on the smartest and most intuitive methods to engage with customers, promote financial inclusion, and improve their experience at every stage.
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