Secret to hassle free Customer Onboarding

On November 11, 2016

Secret to hassle free Customer Onboarding

Customer onboarding has been in talks lately. For a reason. As banks continue to struggle with onboarding new customers, a section of the Know Your Customer (KYC) guidelines comes to mind: Onboarding is your crucial, first customer touch point. Having a poor onboarding experience for your customers can hamper the way your organization grows. The initial in-app experience of the customer onboarding process is a critical window of opportunity for effective marketing. It is the time where you set the tone for your relationship with your customers, and create the bonds that will turn your early adopters into loyal brand advocates. However, roadblocks can derail the onboarding process, including compliance issues, siloed business functions, error-prone processes, time delays and lack of technology. When your potential customers encounter these roadblocks, they often decide to take their business elsewhere and you miss a valuable opportunity for new business.

Let us first look at the problems with traditional customer onboarding: For new customers, receiving messages that aren’t relevant, at rapid intervals can feel more like a fire hose than a shower, turning off the very people you are trying to attract. The existing onboarding process may not account for what product the customer is in the market for, what they are qualified for, or the amount of revenue the bank could gain from selling the product. This annoys them, making them wish they had chosen a different institution to park their money. Essentially, as a second step, lenders must be able to advise their new customer the next best product suitable to them, instead of pushing about products they are not qualified for or in the market for. A dynamic Lead Management or a robust Lending platform can help you on these aspects. Once you have positioned the next best product, it is time to back off and wait. As a bank, lender or credit union you get to go from being the bad guy, pelting your poor new customers with irrelevant messages, to the hero, providing a targeted service that your customer really needs.

What if you could transform the way you on board your customers? What if you could reduce process complexity, enhance customer experience, shorten the process and reduce customer attrition rates? All this and more in the time it takes to order a coffee! It’s not hard to understand why nearly 40% of applicants drop out during the approval process. Documentation and form filling is tedious. Quick capture enables users to fill in relevant details using a qualifying questionnaire, quickly. Fill in the details, upload the documents if necessary and submit the application! Once they agree to the terms and conditions, the loan is pre-approved. Within moments, the user receives an email with loan document confirmation along with next steps to schedule an appraisal. Also, users can track the status of their applications real time. By completing these reviews upfront, at the point of product origination, your organization can control potential exception costs later in the process and that is the secret to a hassle-free customer onboarding process!

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