Onboarding a new corporate client at a bank can be a tedious and time-consuming process. Not only for the bank, but above all for the customer. Collecting numerous data and documents, filling out countless forms and waiting for creditworthiness and identity checks is not only time-consuming, but often also unpleasant for the customer. As a result, customers often exit during onboarding and thus become lost to the bank in the long term. Although little can be changed about the necessity of these formalities in view of risk regulation and not least legal requirements, it is nevertheless worth taking a critical look at your bank’s customer onboarding process – and optimising it in terms of speed and transparency as well as the associated costs for the customer.
The key challenge in customer onboarding
The decisive challenge is to ensure that this process does not become a frustrating experience for the customer, despite the multitude of unavoidable formalities. Otherwise, the new business relationship with your bank already begins with a negative experience. Instead, at this point you already have the opportunity to present yourself to your new customer as an efficient, transparent and, above all, service-oriented company. By designing your bank’s onboarding process in a customer-oriented manner, you can create positive customer experiences at an early stage that contribute to long-term customer loyalty. Take a look at these three fields of potential optimization:
1. transparency through the onboarding process
Few things are as frustrating as waiting for an indefinite period of time. Avoid feelings of frustration during onboarding by making the process transparent right from the start. And keep your customers up to date with regular updates. They should know what to expect right from the start. In addition, you can create small experiences of success and prevent frustration by continuously making the progress of the onboarding process visible to them.
2. automation of customer onboarding elements
In particular, filling out numerous forms for data collection is annoying for your customers. If something is forgotten or not filled out completely, there will be further delays. You can easily avoid this and give your customers an early customer-focused service experience. Simplify data collection by automating data collection and submitting completed forms to your customers. All they need to do is review the information and make minor additions if necessary.
Now, why should your customer invest this time when you can already provide him with the right technology and data to do it automatically?
3. efficiency of the onboarding process
The aim should be to make the onboarding process as efficient and fast as possible. As a result, your bank benefits not only from increased customer satisfaction, but also from calculable cost savings. Thanks to the extensive digitalisation of the process, savings are made not only in large quantities of paper, but above all in time and personnel resources – on both sides. The use of specialised teams for customer onboarding can also contribute to a lean structure. In addition, analyze your onboarding process and find out where most customers get lost. In this way, you can approach a customer experience that is as positive as possible during onboarding.
The early experiences made by your customer with your bank are particularly important for the coming customer relationship. Because it is against this background of experience that they will also evaluate the future business relationship. If a negative image is already being created at this point, this will change the way in which everything that follows is perceived. That’s why it’s worth investing in a customer-friendly onboarding process.