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Transforming Customer Onboarding in Banking with Automation

Banks are losing customers because of a poor onboarding experience. Here’s how to buck that trend. 

First impressions have always mattered, but never more so in the banking sector. Last year, 68% of people abandoned the digital onboarding process for a financial product — that’s up from 63% back in 2020. 

As the first touchpoint in the customer journey, a bank’s onboarding procedure is critical to building profitable long-term relationships. And automation can play a crucial part in ensuring that happens. Before explaining how, it’s worth briefly reflecting on why the traditional onboarding process is long due an overhaul. 

 

A new customer onboarding experience in banking

For years, onboarding in banks has been a paper-based process involving different internal teams. Multiple handovers, requests for information, and a lack of standardization have led to a typically slow process that can take days. Or even weeks. 

Given that customers have become increasingly accustomed to hyper-convenient digital experiences from their favourite brands, it’s easy to see why a new customer onboarding experience in banking is so crucial. It’s easy to see what needs to change too. 

Put simply, your bank’s onboarding process has to feel fast and intuitive. And it needs to be omnichannel. Customers should be able to interact with you via their smartphone, tablet and laptop — continuing the exact same journey right where they left off. 

Achieving the above requires embracing a whole new approach to onboarding. 

 

How automation transforms onboarding 

Automation lets you eliminate the inefficiencies and errors inherent in manual onboarding. It gives you the ability to capture, digitize and visualize all of your customer data in a single place too, rather than trying to locate it across siloed systems. 

In addition, it can streamline the compliance aspects of onboarding (like KYC) by enabling a slicker authentication process — and creating business rules that stop customer cases getting stuck or falling between the gaps.

It’s these improvements that ultimately lead to a superior service that can help you lower onboarding abandonment rates.

By automating the onboarding experience, banks can: 

1. Speed up labor-intensive processes — making it easier to onboard more customers in fewer steps.

2. Minimize errors from data replication and handovers between internal teams, which can cause frustrating delays for customers. 

3. Streamline compliance processes and ensure the latest regulations are consistently adhered to, reducing the risk of regulatory fines and reputational harm.  

4. Increase employee satisfaction by freeing them up from the burden of having to carry out repetitive manual tasks. 

 

Automation in action — customer success story

On average, it took Citizens Bank 59 days to onboard a new customer. Since implementing Bizagi Automation, this leading US bank has cut its onboarding time down to just nine days — an 85% reduction.

With our automated solution, Citizen Bank’s onboarding experience isn’t just quicker — but more accurate too. Freed up from manual processes, its employees also have time to focus on other high-value tasks, such as offering customers more support with other services.

 

The future of onboarding in banking

In an era of heightened customer expectations, banks that deliver friction-free onboarding experiences have an instant competitive advantage. 

Bizagi Automation is a low-code solution that anyone in your organisation can use, regardless of their technical experience. By automating complex, back-office processes, it gives you the ability to deliver a whole new customer onboarding experience in banking.

Ready to see how Bizagi Automation could transform your bank’s customer onboarding process? You can find out more right here

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