Exponential advances and increased availability in cloud technology, in combination with open banking regulatory initiatives, are dramatically changing the competitive landscape of the financial services industry. For financial institutions that have not yet tapped into these advances, attracting new customers is becoming increasingly difficult. Designing and marketing innovative financial products can bring competitive advantage and attract new customers, and the value of a seamless, comprehensively digitized customer onboarding experience should not be overlooked.
Challenges in onboarding today
Customer onboarding begins with the application for a new product or service and continues through engagement on various topics until the customer is, ideally, actively using that product or service. While most financial institutions have digitized some of their application processes, the requirement that an applicant engages with a physical channel, such as visiting a bank branch or office, is still commonplace.
In other words, it is becoming less acceptable, from a consumer perspective, to have “broken processes.” The consumer expects ease of completion, such as pre-filled personal data, and access to digitized security, authentication, and documentation capabilities. With research indicating that 40 percent of consumers have abandoned a bank application, it makes commercial sense to reduce friction points where possible.
The length of time that a financial application takes to complete, for example, correlates strongly with consumer sentiment, with longer applications much more likely to result in negative experiences. Indeed, one in three application abandonments are due to the application length.
Innovations in digital onboarding
There is a significant opportunity attached to innovating the customer onboarding experience. Research suggests that more than 50 percent of consumers are more likely to apply for a financial product and buy additional services if a branch visit is not required and the process is completely online.
Global iTS has built G Digital Onboarding solution is an apt solution for your customer’s end-to-end digital onboarding journey. G Digital Onboarding can be tightly integrated with any core banking application and ensure that Bankers can give a superior customer experience for their customers. Also, it helps the Banks to earn loyalty, increase conversion rates, and lower operational costs.
For more information, please visit https://globalits.bh/products/g-digital-onboarding/
Source: https://cloudblogs.microsoft.com/
Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner, headquartered in the UK. With 300+ clients, successfully proven implementations, an excellent support system by our experienced domain specialist, and a good track record of customer retention. Also, it has a strong foothold and customer base across other GCC countries (Bahrain, Saudi Arabia, Oman, Kuwait, UAE, and Qatar).
Global iTS is mainly into the specialized requirements in Financial Services and Insurance sectors focusing on Digital Transformation journey in Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking by bringing Artificial Intelligence, Machine Learning, Blockchain, and Robotic Process Automation technologies and enhanced their productivity and profitability. We bring in over 15 years of international expertise to digitally transform any aspect of a client’s business.
