Our self-assessment tool examines the key aspects of your organization’s onboarding practices, providing you with a detailed snapshot of your performance, guidance on how you can improve, and analysis of how you measure up to the benchmark.
70% of European consumers are more likely to choose a digital bank for convenience over traditional banks. Enabling a fully digital onboarding process is an essential step in digital transformation of your business.
In Europe, 63% of consumers have abandoned onboarding processes, usually due to slow speed or complexity. Meanwhile, the cost of customer acquisition is increasing. Financial services providers need to focus on conversions.
A fully digital identity verification can be AML-compliant, and coupled with automated database checks. This allows for a fully digital onboarding in one workflow without the need for manual checks to complete the process.
Providing customers the ability to sign documents during the onboarding event dramatically reduces abandonment rates compared to a process that involves printing, signing, and posting. Considering secure login for self-service channels is also key.
A great digital customer journey requires mapping all steps of the journey, and understanding the role identity plays in it. In many cases, it’s most realistic to gain a full overview and digitize one part of the journey at a time.