The cardinal rule for business owners is to go where the customers are, and in our modern mobile-first world, the customers are online – and so are their daily rituals. Businesses can’t afford to lose out on any customers once acquired. A successful onboarding program is the first step for building a trustworthy relationship, and one that must be customer-centric, easy to use and, most importantly, available through any channel. The addition of digital customer onboarding is the solution for businesses facing a disengagement with their clients. The digital revolution is making onboarding more easy, convenient and simple.
The traditional paper-trails and tedious onboarding process eats up valuable resources, consumes huge processing costs, and makes for a frustrating customer experience. Appealing to the digital customer and enabling them to complete a transaction on their own terms can increase their trust in your services. It also offers a diverse experience for the new breed of internet-savvy customers who demand instant gratification and make purchasing decisions based on ease of use. According to a KPMG report, as many as 90 per cent of all millennials expect the online experience as a given. Brands must listen to changing consumer demands and automate their onboarding process if they want to compete with the always-on marketplace.
A quick and easy sign-up process is especially useful for banks and financial firms who are seeing a decline in face-to-face customer interactions. The move to electronic signatures to complete customer onboarding and utilization of modern technologies can change that. In fact, a recent study shows that effective onboarding and activation that emphasizes customer engagement can help financial institutions boost profitability by $212 per customer. With the emergence of onboarding platforms that handle sophisticated contracts and transactions, there is a shift to automate more complex onboarding transactions as well. A completely digital process makes it easier to upsell products, causes fewer errors, leads to less manual work and makes your business ready for a modern customer experience.
First impressions are important. An effective digital onboarding process that isn’t prone to errors and lacks security is the best avenue to gain customer loyalty and reduce cost by 20 times compared to traditional paper-based processes. A robust onboarding process, and acting upon specific opportunities to increase long-term profitability, enables financial institutions to proactively take control of the customer experience and reach a new slew of digital natives.
To join the upcoming webcast Transform Client Interactions With Digital Onboarding & eSignatures on February 23, 2017 at 2pm ET, click here.