Traditional on-boarding vs Digital on-boarding

Onboarding is the process of acquiring new customers or emphasizing the relationship with existing customers, across all banking products.

The traditional onboarding process keeps customers waiting for a long time to complete all requirements and get the relationship started; this causes existing customers to re-fill the banking applications with information that the bank already has, while new customers will suffer to fill and sign many long forms. It is a long time-consuming process for both clients and bank officers, as it requires client’s physical attendance, physical ID document, complete manual processes, as well as waiting queues for applying and approvals.

Digital On-Boarding is an advanced solution that can be considered as a part of the digital channels of a bank, designed to accelerate customers onboarding from anywhere at any time, without the need to visit any of banks branches and without going through an exhausting process.

Why Digital On-boarding?

Most recent studies found that traditional banking will completely vanish in the coming 5 – 10 years, as more financial institutions are realizing the great features digital onboarding is providing on the level of process acceleration, operational cost reduction, lower workloads, and higher customer satisfaction. Which leads to more revenue generation and business growth.

On the other hand, banks that adopted the digital onboarding policies are 8 times more capable to expand their market share in comparison to others who are still following the traditional onboarding approach.

According to The Financial Brand, top digital banking transformation tends in 2021. Focus on digital banking experiences, financial institutions will come under greater pressure to provide digital functionality that is both simple and fast. As opposed to new account opening or loan application processes that can be completed in 5-10 minutes (or longer), organizations will focus on internal processes, procedures, and flow of data to enable completion in less than a minute to meet rising customer demands set by big tech organizations.

Benefits of Digital Onboarding

• Remote process. No need for physical attendance at bank branches.

• Digital engagement. Flexibility in processing facial recognition using the mobile application.

• Identity theft prevention. Facial recognition and ID verification powered by AI & ML.

• Automated process. Can be easily integrated with any banking system to achieve full digitized workflow.

• Maximize customer experience. The digital process will lead to a loyal and more interactive customer.

• Operational cost reduction. No need to consume anytime or effort to meet the customer fill the application, feed data on systems, as it all will be done by the customer remotely.

• Total cycle time reduction (TCT). As 50% of usual traditional processes are completed remotely by the customer.

• Enhances process quality. Reduces human errors caused by manual efforts.

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Author: Ghazal Malhas

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