Digital onboarding and account opening has long been a key area of interest for banks in transformation. Traditionally riddled with friction and barriers throughout the process, the undesirable outcomes of sub-optimal origination include an unduly long time to onboard, high abandonment rates, and fraudulent onboarding by bad actors. Each of these outcomes eventually creates a significant impact on businesses. High dropout rates result in revenue leakage, whereas inefficiencies in the process lead to high onboarding costs.
Although considered a holy grail by most banks, there is no such thing as the “best onboarding process.” Product innovation, pricing, changing user behavior, digital adoption, changing business strategies & operational models, and evolving regulations constantly influence onboarding. It would suffice to say that the best onboarding flows are very point-in-time, and a nimble operational foundation is a necessity to adapt them dynamically.
Here are the key objectives of the ideal digital onboarding process and experience:
- Faster onboarding
- Lesser dropouts and higher conversion rates
- Lower onboarding cost
- Lower fraud
- Engaging, collaborative, and feedback-driven
Customer onboarding and account opening is a complex, orchestrated process. While origination for simpler …