Digital customer onboarding is something of a game-changer for the BFSI (banking and financial services) sector. From customer onboarding software to rapidly evolving customer onboarding frameworks, there is plenty being done by financial institutions to simplify and streamline the procedure.
Which brings us to its importance- Why is customer onboarding so vital?
What is consumer onboarding? This procedure has completely transformed the way in which organizations link up with customers. The banking sector can now readily ensure friendlier processes for customers without multiple physical checks and other verifications.
Customers can now easily fill up their details, upload necessary KYC and other documents, and wait for approvals. Everything else is done online.
Manual customer onboarding in retail banking would otherwise involve a multitude of processes, including filling up several forms, submitting copies of documents after photocopying them, and also verifying information and identities manually. It would also require a few visits to the bank.
This will take major time, and when it comes to big companies or corporates, it may go up to months! Customers in the digital system can simply sign up at their convenience anywhere and that too without a branch visit.
Automated systems verify consumer data to seamlessly facilitate the process. Some of these operations include digitally automated Know Your Business (KYB) or Know Your Customer (KYC) checks, along with Anti-Money Laundering checks as well. Even signatures can now be done digitally, thereby speeding up the entire process.
In spite of evolving B2B customer onboarding best practices or even changes in the B2C category for BFSI players, some challenges still remain. These include the following
The future is clearly the following:
The answers are quite simple:
These are some of the compelling reasons for BFSI players to embrace digital onboarding frameworks at the earliest, while paving the way towards improved consumer experiences and building up their customer bases accordingly.
