Guide to welcoming new customers in the banking sector
Posted: Mon Dec 23, 2024 6:05 am
Digital experiences are the new normal that demand improvement across all industries, especially banking. While banks are taking the opportunity to digitally reorganize their onboarding journey, some incumbents remain too complex on the surface to satisfy their customers.
Banks, both digital and non-digital, are helping to successfully onboard new business customers with cleaner end-to-end workflows. Let’s explore how to reduce friction and accelerate actions across all customer and staff touchpoints.
Why Banks Lose Business Customers During Onboarding
To untangle the processes that are undermining your customer experience improvements, you'll first need to unpack their dissatisfaction.
When onboarding, business customers expect a simple journey where they feel heard and understood. Yet many traditional banks face the following challenges: outdated back-end processes that work against these goals.
Examine how your customers navigate your onboarding experience:
Do you require mandatory branch visits to open a new account? Modern business customers often expect to be able to start doing business with you at their convenience, whether digitally or in person.
Are your services pushing redundant requests to collect information? Customers are understandably put off by taking time out of their busy schedules to repeat information they’ve already provided to your bank elsewhere.
Are you cross-selling before you know your customers? Every customer is more than just a persona. If you promote the wrong offers, you’re delivering an impersonal experience that sets you back your digital competitors.
At their core, these are operational issues rather than opportunity seekers leads surface-level issues related to customer interactions. By analyzing the reasons behind your process problems, you can begin to fundamentally rethink how your teams operate.
The challenges of basic operations in onboarding
Customers often experience the symptoms of the challenges your teams face behind the scenes. From the front office to the back office, it’s common for traditional institutions to struggle with issues like:
Siloed departments exchanging information via fax, email in PDF format, and shuttling between offices. Ultimately, these delays lengthen account opening times to a week or more — if a customer chooses to stay in the process that long.
Manual collection of information via paper forms that a customer must fill out, scan or fax, and then be digitally re-entered by staff – across multiple departments.
Non-standard workflows that cause discrepancies between branches and international departments.
Too many overlapping apps that confuse and overwhelm customers while your digital competitors offer simplified, single-app options.
Process redesign eliminates these inefficiencies to deliver fast, personalized experiences – while protecting your organization from complex compliance challenges.
Banks, both digital and non-digital, are helping to successfully onboard new business customers with cleaner end-to-end workflows. Let’s explore how to reduce friction and accelerate actions across all customer and staff touchpoints.
Why Banks Lose Business Customers During Onboarding
To untangle the processes that are undermining your customer experience improvements, you'll first need to unpack their dissatisfaction.
When onboarding, business customers expect a simple journey where they feel heard and understood. Yet many traditional banks face the following challenges: outdated back-end processes that work against these goals.
Examine how your customers navigate your onboarding experience:
Do you require mandatory branch visits to open a new account? Modern business customers often expect to be able to start doing business with you at their convenience, whether digitally or in person.
Are your services pushing redundant requests to collect information? Customers are understandably put off by taking time out of their busy schedules to repeat information they’ve already provided to your bank elsewhere.
Are you cross-selling before you know your customers? Every customer is more than just a persona. If you promote the wrong offers, you’re delivering an impersonal experience that sets you back your digital competitors.
At their core, these are operational issues rather than opportunity seekers leads surface-level issues related to customer interactions. By analyzing the reasons behind your process problems, you can begin to fundamentally rethink how your teams operate.
The challenges of basic operations in onboarding
Customers often experience the symptoms of the challenges your teams face behind the scenes. From the front office to the back office, it’s common for traditional institutions to struggle with issues like:
Siloed departments exchanging information via fax, email in PDF format, and shuttling between offices. Ultimately, these delays lengthen account opening times to a week or more — if a customer chooses to stay in the process that long.
Manual collection of information via paper forms that a customer must fill out, scan or fax, and then be digitally re-entered by staff – across multiple departments.
Non-standard workflows that cause discrepancies between branches and international departments.
Too many overlapping apps that confuse and overwhelm customers while your digital competitors offer simplified, single-app options.
Process redesign eliminates these inefficiencies to deliver fast, personalized experiences – while protecting your organization from complex compliance challenges.