Wealth Management and Private Banking companies are making significant investments to attract new customers. The first real test comes during the customer onboarding process as this journey is the key to defining future customer relationships.
Most financial services firms struggle with the basics of their onboarding processes and are unable to set the tone for the right and profitable customer relationship. The solution as we see it is a fast, frictionless, and digital onboarding experience. Firms who are unable to onboard customers digitally today or in the near-future, will risk being outpaced by digital-first competitors.
Below are some of the key reasons why digital client onboarding has been at the forefront of digital transformation in financial services since 2020, and what drove those that have taken action.
Your industry peers across the globe also recognises the importance of digital onboarding and many of them are already seeing the benefits of digital onboarding for both themselves and their clients. Here is what they are saying about it:
Adopting digital onboarding is an urgent imperative but do you understand how it can help you resolve the disappointment of unmet expectations of key groups involved in the client onboarding process.
With customers seeking to place a premium on all things digital / omnichannel, they expect the onboarding to be straightforward, all paperless, and fastest. They often complain that the onboarding experience consists of numerous, cumbersome and dated forms with repetitive questions, signatures and too much back-and-forth on documents. Clients whose assets are spread across multiple institutions face additional steps if they want to transfer them, or even provide a degree of visibility to their advisors. Customers also expect their advisors to understand them on a personal level, offer products tailored to their specific needs and engage with them.
Advisors find that the data entry process is manually slow, highly repetitive, disconnected, and siloed within the firm. They expect to be able to provide that optimal experience their clients are after. They want the firms’ support when they need it, and they want to spend less time on admin tasks and more time on selling.
Firms expect advisors to provide accurate information about the client they are onboarding, which will help to reduce operational and compliance risks.
Today Digital Onboarding is talk of the town, and if you want to step up to the plate and fight against the client abandonment rates, missed revenue opportunities, customer and advisor dissatisfaction, it’s better to be a part of it.
Watch this video to learn how you can do that or speak to our experts at email@example.com