Significance of a great customer experience in the digital onboarding journey

The BFSI sector has changed drastically in the last few years. Digital banking is no longer a premium service; it is rapidly becoming the primary source of banking. The waves of digitization have carried us to the new shores of opportunities. A growing number of banks and financial institutions (FIs) realize the benefits of having a digital platform to serve their customers. 

The first and foremost thing a person does when he wants to access banking services is to open a new account. The process of customer onboarding is crucial for banks and financial service providers. The account opening experience with that particular bank is the first impression customers have on the bank, and it needs to be impressiveDigital customer onboarding is continually becoming better, and naturally, the competition is on the rise too. 

Banks and FIs have to spend time and effort building seamless customer experiences to enable effective customer onboardingNot only should the website or app be user-friendly, but it should also make sure the customer doesn’t get stuck in the middle of the process. Use of relevant guidelines, instructions, prompt customer service, and ease of operating are a few things financial providers should look after while crafting an effective account opening process. Customers should be able to complete the onboarding process in a single sitting in a matter of minutes. If the bank’s process requires the customers to visit the banks for verifications or document submissions, the essence of the process is lost. A smooth, frictionless process is what the bank needs to build the perfect customer experience. 

Customer service is a crucial thing that banks and FIs need to provide once the customer is onboarded. Financial service providers need to ensure they provide prompt customer service and cater to all service requests a customer may have. For instance, if a customer wants to modify his profile, like changing his mobile number linked with the bank, or changing the email-id, he shouldn’t have to visit the branch; the digital platforms should allow modifications to any other service requests. A good customer experience and simple ways to manage all customer service requests will help banks and FIs build customer loyalty. 

The use of smartphones is on a hike in the current times. Especially millennials prefer managing all banking operations from the convenience of their mobile phones. Banks and financial service providers need to ensure their onboarding process is supported and responsive for all devices and the experience doesn’t lag when the devices are different. 

COVID-19 protocols have boosted the use of digital account opening services across the globe, and this is an excellent opportunity for financial service providers to capitalize. The demand is already enormous, with people choosing to carry out banking at the convenience of their homes. A big demand means tight competition, and the only way to stand out is to produce a flawless, frictionless, and smooth customer onboarding experience. 

The BFSI sector is in a digital era, and financial service providers who know just how to embrace technology are headed for a goldmine! The evolution of technologies and need of the hour serves to be the perfect opportunity for banks to upgrade their infrastructures and put their minds in crafting an impressive digital account opening process. Good banking software that complies with regulatory norms and provides a great customer journey is the key to standing out in the competition. With a tech-driven and customer-centric approach, banks can simplify banking for their customers.