Seamless Digital Customer Onboarding – Why are banks still dreaming of it, in 2022?
Customer Acquisition is unquestionably the main objective of all banking players and the most difficult to be successful at. A customer’s initial enthusiasm must create enough momentum to enable successful onboarding.
So, how do you capture and maintain this momentum and encourage your customers to sign up for and use your products without making them mad with endless repetitions of paperwork and KYC?
Let us first understand the challenges that are stopping banks from fully embracing the digital onboarding of their customers
However, despite having digital onboarding, banks still encounter delays or feel the need to gather physical documents in order to onboard new customers. Can you imagine sharing your KYC again and again with your bank simply because you chose to diversify your portfolio with them. What would stop you from running away from your bank? A better customer experience, we’d guess.
Banks need to step up their onboarding game and maintain a single unified customer portfolio across all channels. One customer profile, one customer journey.
When registering new clients through the digital onboarding process, customer abandonment remains the largest challenge for banks.
A gamified experience perhaps? A stamp, an accolade they can cash out in some form. A personalized voucher or reward?
You are not only nudging them to complete actions but simultaneously selling them an experience. Telling them you value their time and business. Not letting them put you in their forgotten to do list.
So, what’s the plan? How are banks going to achieve this? Perhaps harvesting and earning from the vast data they are sitting on today, something which also is a competitive advantage they have over FinTechs. More use customer analytics, hyper-personalized journeys, gamified experiences, marketplace integrations, one stop solutioning.
So, how can banks streamline their Digital Onboarding Process and deliver a positive experience?
When it comes to meaningful & personalized customer experiences, Perx uses its extensive experience working successfully with the BFSI sector at large. Whether it is omnichannel customer engagement, gamified campaigns or access to rewards marketplace, Perx has built a powerhouse solution that caters to building positive customer experiences.
Not only have banks deployed Perx to fast-track their customer onboarding through innovative gamified campaigns but have witnessed ongoing meaningful interactions with their customers, thus helping them truly transition into digital onboarding. Read our case study to learn more.