Reshaping Digital Onboarding and Account Opening in Banks

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:

  1. Faster onboarding
  2. Lesser dropouts and higher conversion rates
  3. Digital-first
  4. Lower onboarding cost
  5. Lower fraud
  6. Scalability
  7. Engaging, collaborative, and feedback-driven 

Customer onboarding and account opening is a complex, orchestrated process. While origination for simpler …