Digital Onboarding: No Pain, All Gain

Digital Onboarding: No Pain, All Gain

Claudia Colombo

Product Markeing Specialist at Appway

Views 960

Digital Onboarding: No Pain, All Gain

20.04.2017 08:45 am

Booking a hotel online? A couple of minutes.

Buying an intercontinental flight online? A few minutes.

Buying a wonderful pair of shoes online and getting them delivered to your front door? One day.

Opening a simple bank account online? Weeks! But only if you’re lucky and your bank allows you to open it digitally. Otherwise…

The more money you have, the more complicated and time consuming the onboarding process becomes. It may seem like a joke, but around the world, from APAC to Europe, digitally onboarding a banking client has proven to be a mediocre customer experience at best. 

Not so funny after all. 

It’s not only time consuming to open an account, but banks also often make several errors during the onboarding process. Onboarding is a critical phase when banks have the chance to convert a prospective customer into a client and to begin a long-term and trusted relationship. Because time and efficiency problems can harm a business’ reputation, these issues need to be taken seriously.

Potential clients and partners often ask us what banks can accomplish by using Appway Onboarding. More specifically, we’re asked how long the average onboarding takes, known as "time to market.” To answer this question, it’s important to first distinguish between the retail banking space and the private, corporate, and investment banking spaces, and to understand that these all require different process times.

In the retail segment, our customers can onboard a new client in less than 10 minutes. In private banking, on the other hand, where more customer background checks and risk considerations are involved, our customers have managed to open complex relations with High Net Worth Individuals in less than a day. While market survey numbers paint a gloomy picture of average onboarding times, our customers’ results have stood out impressively.

Speed is one important criterion in good customer experience when it comes to client onboarding. But competency is just as essential. With Appway Onboarding, tasks that were previously manual become fully automated, leading to decreased process time and a 90% reduction in errors. 

Collaboration between different departments is another area that our customers often want to improve. One example can be seen with KYC (Know Your Customer) reviews. In complex cases, KYC reviews might involve multiple people from different departments. With Appway Onboarding’s automation and collaboration capabilities, processes such as KYC can be done without errors, meeting all compliance requirements in just a few hours.

Interested in more specifics about Appway Onboarding and the benefits it can bring to your bank? Download the Appway Onboarding Factsheet

You can also join our upcoming webinar to learn how Appway Onboarding can help banks turn regulatory burdens into a competitive advantage.

This article originally appeared at: Appway

Latest blogs

Shuvo G. Roy Mphasis

Reboot 1.0: How financial services technology can enable the supply chain to support a post-lockdown boom

Ground control and Captain Tom When veteran Captain Tom Moore decided to walk one hundred laps of his garden before his 100th birthday to raise funds to support NHS heroes battling Covid-19 from the frontline, he never imagined that he would Read more »

Lisa Gutu Salt Edge

Building a PSD2 compliant channel: challenges and opportunities for financial institutions

PSD2 obliges ASPSPs including banks, e-wallets, prepaid cards and other companies that offer payment accounts to provide at least one channel for secure communication with third party providers (TPP). Even neobanks or e-money institutions, including Read more »

Thomas Pintelon Capilever

Credit origination - A lot of innovation on the horizon

While consumer credits are becoming more automated and user-friendly to request, all other credits are often still very manual and labor intensive to originate. In this (relatively long) blog I will try to give a description of the (potentially Read more »

Kelly Kearsley Hourly.io

Time Card Theft is a Big Problem. Here's How to Stop It.

Trust is at the core of every employer-employee relationship. You trust your people to do their jobs, and they trust you to compensate them for their work. Most of the time, it works. However, there's always the person looking to bend the rules or Read more »

Daria Afanasyeva UTP Merchant Services Ltd

Cybersecurity – Online payments are getting more secure

Ever since we've been able to buy anything we need with just a click of a button on our laptops or phones, online sales have been consistently increasing each year. Just last year, the total value of UK retail sales was £394 billion, with an average Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel