Digital onboarding in banking, Part I: What's the industry standard?
The race to digitization is on. As banking institutions compete to keep up with an increasingly mobile and multi-device customer base, 2017 is being dubbed the year of digital onboarding. Customers are now accustomed to a high level of customer service and expect service to be fast, easy, and seamless.
While many banks have made improvements in customer experience, the digitization of onboarding new customers has proven to be a challenge. In an era where checkbooks have been replaced with tap-to-pay, why do pen, paper and fax continue to play a critical role in new customer applications?
We discuss these challenges in detail in Part I of our white paper, Digital customer onboarding: Building valuable customer experiences through digital bank channels. In it, we assess the state of the banking industry’s onboarding approaches, each with its own level of digital sophistication—or lack thereof.
We then outline approaches banks can take to reach a higher level of sophistication, using the current state of the industry as a benchmark.
Our experience has shown that the strongest onboarding experiences understand the customer’s goals and validate their understandings through research. By doing so, you can evaluate opportunities to invest in solutions by “thinking like a customer.”
Get up to speed on the state of the banking industry’s digital transition, plus ways banks can embrace customer experience over traditional (often outdated) processes to achieve success with an increasingly mobile and multi-device customer base.