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.