Digital Onboarding in Banking: There’s No Second Chance to Make a First Impression
The selected verification method must also ensure the easy updating of business rules, form boxes, and document requirements that result from legal and/or regulatory changes.
Meets High Security Standards
The provision of banking services requires the collection, processing, and storage of information from many sources. Therefore, the onboarding process must ensure that the documents and forms collected come from a safe environment – i.e. one that uses technologies like single-use passwords, audit paths, and HTTPS encryption.
Delivers a Great Customer Experience
In onboarding – as with many other solutions targeted at end users – an appealing and intuitive user interface is vital. Ensuring a good user experience increases the chances that users will complete the process and try other banking products and services in the future.
Integrates with Other Bank Systems
Your onboarding implementation must provide for full integration with your existing bank systems, including CRM and AML solutions. Moreover, an organization should have at least one data repository for client interactions to automatically transfer client data to all banking services.
An automated process helps reduce data duplication, ensuring data integrity and consistency. Also, adequate data management facilitates its re-use, meaning customers do not need to submit the same sets of documents while using other banking products.
Streamlines Employees’ Work
A well-designed and automated onboarding process helps optimize bank employees’ work; they no longer need to perform time-consuming and repetitive tasks and can focus on their core duties.
Yet, even though the entire process is very much self-service, the onboarding system should offer a way to contact an employee whenever the need arises. For this reason, the system should allow bank employees to:
- Browse data entered by the client in real time.
- Quickly check which documents and forms are required for a given client based on their category (e.g. business clients, high-risk clients, etc.). The automation of business processes can make requirements quite clear.
- Verify the client’s identity.
Utilizes and Supports Advanced Analytics
Onboarding is frequently the first opportunity to apply analytical or machine learning tools. The process may initiate acquiring user information from external sources (e.g. BIK) or be used interpret customer behavior patterns and preferences. This information will shape future offerings targeted at particular users.
Can Banks Meet Clients’ Digital Expectations?
A user’s first interaction plays a key role in building a long-term relationship. Banks that provide a good user experience to their prospective customers stand a much higher chance of attracting and winning clients. Simultaneously, the impression that an organization gives to the client at this early stage affects their future profitability.