To stand out in today’s increasingly digital world, enterprises need to adapt to change by tapping into market, understanding the trends and anticipating what’s next. This digital world is not just technology, strategy and business, but cultures that are changing rapidly.
This is the age of the customer and onboarding is the first impression of your service. Make your first impression the best one since you do not get a second chance at it. Enterprises are transforming their processes to match customer requirements; customer is the king as your competitors are just a click away. Give your customers a convenient automated method to onboard faster thereby improving your customer experience and loyalty.
According to a recent survey published in The Wall Street Transcript, 98% of global banks have lost deals and revenue due to poor onboarding process. Around 20% of respondents indicated a loss of 25 – 50% loss of new business opportunity. This devastating lifetime customer value impact is due to long and non comprehensive view of the client onboarding process. The onboarding process has manual workarounds and lacked basic workflow automation. Primary reason for slow onboarding is snail background checks that lead to impatient customers dropping out in the middle of the process.
Onboarding was a background process where marketing executives would sell products and onboarding team would come into picture when the customer is ready to come aboard. Therefore 80% of client acquiring activity was done by marketing and 20% was done by onboarding team. Onboarding was never developed and enterprises did not see onboarding as part of customer experience.
Demand for Digitalization
Customers want to spend less time in onboarding and more time using your service. Wants to be treated like a king and have your services at the tip for instant satisfaction and interaction. Various channels of communication with transparent transactions and unified silioed approach. At the end customer centric onboarding is what is expected by every customer.
Advantage of Digitalization
Effective onboarding will mainly automate data entry to reduce operational costs, faster turnaround time, promote go green initiative and100% compliance. Other benefits are reduction of client attrition, improves cross-sell up-sell and increase brand loyalty. A happy onboarded customer would share the experience that is nothing but an indirect marketing of your brand.
With the increase in client onboarding processes, digitalization is part of transforming an enterprise into customer centric business to catch up with your customers. This world of diminishing margins, increasing regulatory pressure, increased capital requirements and stress on speeding time to revenue can get a digitally transformed high quality first impression.
Originally posted on PRODUCT NATION on 19/06/2014