A 2015 study by PricewaterhouseCoopers shows that more than one-third (33%) of potential customers are lost due to complex and inefficient customer onboarding processes. The effort put in by sales and marketing departments in acquiring new customers is mostly lost in the process of onboarding the customers. The following are a few digital strategies that could potentially improve your customer onboarding process:
Only 10% of physical account opening forms get completed as it’s a time-consuming process and are prone to form filling errors. Going digital would solve this problem and also reduce the cost by 20 times compared to traditional paper-based processes. Most of the onboarding processes mandate multiple documents which can be easily organized on the digital front. Not only that, going digital would make it easier to track multiple approvals on the application before enrolling the customer.
Keep it Simple
More than 60% of the customers abandon sign up process due to its complexity and time consumption. Keep the application simple and lucid. Include only essential mandate fields into the form initially, the other details can be obtained from the customer post inclusion.
Make it Easy
To make it much easier for the customers, it’s better to prefill the form with available data. Customer information can be obtained by image processing their supporting documents or from customer data stored in smartphones or in a browser.
Automate Due Diligence
Instead of manually verifying the customers, the same can be automated to an extent. Image recognition algorithms can be used to validate the authenticity of the supporting documents. Credit ratings can be dynamically gotten from digital interfaces provided by the credit rating agencies to speed up the process.
Biometrics, being an evolving technology, adds an additional layer of security to the process. Smart devices nowadays come with biometric authentication capabilities like fingerprint scanning and facial recognition. The same can be used to validate the user at the time of onboarding as well as post inclusion.
Your business can do much better with an efficient customer onboarding. Board Smart, our Digital Customer On-Boarding Solution could help you on that front. For more info Download the presentation or write to us at email@example.com
About Market Simplified: Market Simplified is a thought leader in handcrafting custom solutions by continuously innovating and simplifying finance. We have maximized the revenues of industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank and National Stock Exchange of India by providing enhanced and sustained user engagement through Experience Engineering.
About The Author: Gokoulane Ravi is a foodie, technology enthusiast and a developer turned marketer with more than 5 years of experience in the space of mobility. When he is not working, he likes to read, write, run and cycle.