Only a truly contextual, fast onboarding journey with five key dimensions can convince a customer that they are important to the bank. The rest is simply confetti.
How long does it take to onboard a brand-new retail banking client? Take a wild guess. Your chances are great, because the answer lies within a surprisingly wide range. Banks today take between 60 seconds and 12 weeks to onboard a new customer.
Take a minute to let that sink in.
Technology exists today to enable customer onboarding in 60 seconds. And yet, according to a Forrester study, there are still institutions – many of them quite large, which depend on a mostly-manual and siloed process of onboarding. Even those institutions with a comprehensive client lifecycle management system take up to six weeks to onboard a customer. The reader will agree that in an age where one can sign up with Netflix in the time it takes to say ‘FOMO’, a weeks-long onboarding process is dangerously out of date.
Onboarding is a problem child
Even as financial institutions up the ante on customer experience, the attention tends to be bottom heavy and focused on customers who are already in the system. This is because onboarding comes with a notorious reputation – it is a ‘high abandonment’ journey.
Customers who begin this journey tend to drop off a little way in. A high degree of friction – much of which is considered necessary – is blamed for this reputation. Too many forms to fill, too much paperwork, multiple systems involved, and it all just takes too much time. Most of all, the customer carries away a feeling that his bank lacks empathy.
What if onboarding was not full of friction? What if it was intuitive, quick and expressed empathy?
5 dimensions of contextual onboarding
With technology that is available and accessible today, here are five dimensions we could incorporate into onboarding to make it an addictive, smooth experience.
If we want to fix customer experience, we must start with onboarding. If we lose a customer at the door, all the delights inside have no pull over him. As the five dimensions illustrate, the ideal onboarding experience is not about colour or aesthetic finesse. It is about making the journey truly contextual, about recognising the need of the customer – for speed and convenience – and providing it in a simple, intuitive manner.
With over 16 years of techno-functional experience in BFSI spanning engineering, implementation, product and presales, Padmani brings a wide repertoire of skills in core banking as well as channel banking. She now drives contextual digital banking at Intellect.