New banking customers are expecting to open a new checking or savings account remotely by using their laptop or mobile device. According to the special report published by BAI three-quarters of Millennials say they would switch banks for a better mobile experience by 2020, while Gen Xers’ appetite to use digital methods to open bank accounts for savings and loans is rising.
Mobility goes to the next level, and it is becoming critical to deliver a competitive onboarding process. Users need to be able to open a bank account on any device, whenever they want. However, an issue might arise because of this. Most banks will need to acquire a new level of technical flexibility. To provide bank personnel with a 360-degree customer view, data must be accessible through APIs, systems, and form fields that are easy to use.
The various banking departments need to communicate in real-time, and silos must be broken down. Due to their design, large legacy systems are frequently unable to integrate with such an ecosystem. Technical support is required to bring all the pieces together and provide a consistent onboarding experience.
Is Digital Onboarding delivering to the bottom line of the bank or is it an extra cost?
The digital customer onboarding process becomes paramount for the competitiveness of the bank when delivering the customer experience, thus increasing conversion rates. Additionally, investment in a modern onboarding process can potentially offer cost-cutting, improve efficiency, and eliminate obstacles and response time whilst adhering to some of the most severe restrictions with ease.
What are the advantages of making an investment in digital onboarding?