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Digital onboarding for banking

02 February, 2021

Digital onboarding is a critical part of the customer experience for financial institutions. As a result, it’s important to have an effective customer onboarding process in place that will engage new customers and help them get up to speed with your company quickly. In this post, we explore how you can create an engaging digital onboarding process for banking by following these six steps:

1) Define your target audience

It’s important to know who you are targeting in order to create an engaging experience for them. From professionals in the financial industry to younger generations from the digital age, you need to clearly identify the characteristics of your potential customer base and current platform customers. Targeting the audience is to make sure that they will easily onboard themselves without creating frustrations.

Neobank usually uses mobile device-friendly onboarding. InvestGlass is working with Onfido. Onfido offers a tool for identity verification. Identity verification is an important part of the onboarding process, as it helps to ensure that new customers are who they say they are. By verifying the identities of new customers, neobanks can help to protect their customers and themselves from fraud.

Liveness detection help banks to detect whether or not the person trying to open an account is actually who they say they are. By verifying the identities of new customers, banks can help to protect their customers and themselves from fraud.

This first step is an essential part of conversion rates as older clients might not get all the required documents during this type of mobile experience onboarding. You should have different route of onboarding.

2) Create contract based on their needs

The contract is king and the biggest factor in ensuring a successful digital onboarding experience for your target audience. When setting a new account the content on your customer onboarding software should be customer-friendly and based on their needs.

With InvestGlass forms, we created a package system which gathers all forms and documents based on new clients’ needs. For instance, if the new customer wants a retail account in Spain, she might need two forms, if they are asking for a safe box, and direct access to trading it will be two additional forms. No need of hours of brainstorming about digital transformation here. With a tag system, you will simply add digital onboarding elements when it’s needed. This facilitates AML client onboarding in banking and offers a frictionless due diligence and service.

This means that banks must verify the identities of their customers as part of their onboarding process. One way to do this is by using liveness detection. Liveness detection is a technology that uses facial recognition and other biometric data to verify that the person trying to open an account is actually who they say they are. By using liveness detection, banks can help to protect their customers from fraud.

How banks can implement onboarding for existing customers

Timeframe

It’s important to have a vendor who understands the business domain in order to create a successful digital onboarding experience. Vendors who are familiar with the banking and financial industry will be able to create forms and documents that are customer-friendly and based on their needs. They will also be able to create a contract that is king and will ensure a successful onboarding experience.

Human resources

Creating a successful digital onboarding experience for your target audience requires the help of a specialist. Our InvestGlass of experts will help you to create a contract that is king and will ensure a successful onboarding experience for your target audience.

Preparation

Thus, it is important for banks to also focus on their employees when creating a digital onboarding experience. Employees need to be able to use the new system in order to help new customers. They also need to be able to understand the system in order to answer any questions that new customers might have.

In order to create a successful digital onboarding experience for your target audience, you need to consider both your customers and your employees. The system should be customer-friendly and based on their needs, and it should also be easy for employees to use.

4) Make sure everything is easy to find during your digital onboarding process

It’s important that you make things as simple as possible by creating a very smooth digital customer onboarding. The navigation should be very easy and the available tools should not need further explanation. For example, you can link to the FAQ page of your bank’s mobile banking app to see some screens that include onboarding your customers. You need to efficiently digitize your onboarding process.

5) Increase engagement for your customer onboarding experience

The digital customer onboarding process should include mechanics like gamification and social media integration to increase engagement. You should implement digital onboarding to every aspect of the process in order to increase further engagement with your potential customer acquisition. This could be achieved for example through integrated social media throughout the onboarding process.

6) Monitor success metrics and make improvements over time

Enable straight-through processing (STP) through your customer onboarding process in order to derive useful information and insights from your data. KPIs and success metrics can be a really useful source of information along with the so many banking transactions and processes that can really help you make future improvements to your products, interface, and operations.

If you’re looking for new digital tools that will help with your onboarding process, then InvestGlass has got you covered. We offer a variety of resources to support every step in the customer journey from the first contact all the way through conversion and beyond. These include everything from our interactive forms and CRM software to automation and sales tools.

Founder, CEO

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