Transforming Banking with Digital Customer Onboarding

The era of lengthy forms and inconvenient branch visits is gone. Digital customer onboarding in banking is revolutionising how customers start their banking relationships, offering convenience, security, and a seamless experience right from the start.

Digital customer onboarding has changed how we get our customers interested in using our products, for them being the first to be approached by the company among all other clients. So, how exactly does digital customer onboarding work, and why should you care?

What is Digital Customer Onboarding in Banking?

This refers to a simplified digital-first approach banks use to incorporate new users into their systems. It starts with opening an account and goes through things like completing Know Your Customer (KYC) checks, learning about available offers, and setting up necessary services – everything online, round-the-clock, anywhere.

A recent survey by European ID technology provider Signicat revealed that up to 68% of individuals had abandoned the digital onboarding process for a banking product by 2022, a notable increase from 63% recorded in 2020.

Why Traditional Onboarding Needed an Upgrade

Remember the last time you opened a bank account? Did you spend ages filling out forms in person? Did you have to bring a pile of papers to prove who you are? For you and the bank, customer onboarding has historically been characterised by slowness and tedium. The reasons it required some improvement include:

• Consumes time: A lot of hours can be taken by endless paperwork and waiting in lines.
• Error-prone: Delays and annoyance might result from manual data entry, leading to mistakes.
• Accessibility constraints: Some people lack the opportunity or capacity to access any physical branch during work hours.
• Personal touch missing: The one-size-fits-all approach does not consider individual needs.

The Benefits of Digital Onboarding

The whole process of digital customer onboarding in banking has become more streamlined. What to expect:

• Convenience at Your Fingertips: No more long lines just waiting or filling out ad infinitum forms. The banking journey is now at your own pace with digital customer onboarding in banking, whether it is during your lunch break, on your way, or at home.
• Enhanced Security: Your private information remains safe with robust digital security measures. From encrypted transmissions to multi-factor authentication, banks prioritise your safety while ensuring compliance with stringent regulatory requirements.
• Personalised Experience: Imagine receiving a personalised welcome message when you start onboarding. With digital tools, banks can tailor the onboarding experience to your needs, offering relevant product information and guidance at every step.

The Journey of Digital Onboarding

Step 1: Getting Started

You decide it’s time to open a new account. You initiate the digital customer onboarding process with a few simple clicks on your bank’s website or mobile app. No paperwork, no hassle—just straightforward steps to begin your banking relationship.

Step 2: Identity Verification Made Easy

Verifying your identity used to mean presenting documents at a physical branch. Digital identification has revolutionised this process with secure online methods available today that prove who you are, from document uploads to biometric verification.

Step 3: Exploring Products and Services

During digital customer onboarding in banking, you’re introduced to various products and services tailored to your financial needs. Whether you’re interested in savings accounts, credit cards, or investment opportunities, everything is accessible.

Step 4: Personalised Assistance

Have questions about a specific product or service? Digital onboarding platforms offer personalised assistance through chatbots or customer service representatives. Get instant answers and guidance before leaving the onboarding process.

Step 5: Completing the Journey

Once you’ve explored your options and made your choices, finalising your account setup will be seamless. Funds can be transferred electronically while all necessary documents are securely signed and stored using digital signatures.

The Future of Banking Onboarding

Technology is envisaged to impact the future of digital customer onboarding in banking heavily. Banks will conduct deeper analyses using enhanced data to gain insights into their client’s individual preferences, which will further customise the services provided. In the coming days, we will see a banking experience that is speedier, more intuitive, and purely client-focused, from instant approvals to real-time updates.

Digital customer onboarding is the future of banking. It’s a win-win situation for both parties involved, customers and banks. Better still, it would allow the bank to create a more convenient, secure and personalised customer experience, resulting in stronger relationships and increased customer satisfaction.

Conclusion

Digital customer onboarding in banking has significantly revolutionised interaction with financial institutions. Through digitisation, banks can reduce costs, improve operations and increase the level of satisfaction among customers, thus enhancing their engagement rate with financial institutions.

Whether opening your first account or exploring new financial opportunities, digital onboarding ensures a seamless and secure journey from start to finish.

Transform your banking experience today with digital customer onboarding in banking. Embrace the future of finance—one click at a time.