Did you know, 30% of banking clients abandon the onboarding process before completion? The majority of this is due to lack of communication throughout the onboarding process and the length of time it takes for your customer to start using the services they need.
First impressions count, and unfortunately, 40% of consumers have been disappointed with their initial banking onboarding experience to the point where they abandon the process altogether. Banks have gotten complacent with their onboarding process. With so many changes in consumer behaviors, industry trends and technology offerings, it’s easy to put new client onboarding on the back burner.
In the past, IBM has had conferences focused specifically on enterprise content management (ECM) like Information on Demand and Insight, but in the past few years, they’ve gradually melted all their conferences together into World of Watson in 2016 and IBM Think coming up in two weeks.
From Information on Demand to Insight to World of Watson comes IBM’s newest mega conference: IBM Think. Now, navigating the IBM Think website and finding the information you actually need can be tricky so here’s a quick reference guide.
The MUFG Union Bank (MUB) Transaction Banking Department undertook a multi-year initiative to shorten new customer onboarding time with the ultimate goal of business growth. During this initiative, MUB captured a myriad of data. Now that the initial foundation is set, the real fun begins. This data provides newfound visibility into MUB’s processes that will propel it from a position of catch-up to market leader. Flip through a presentation we gave at IBM World of Watson about how Union Bank reduced onboarding times.
We always talk about millennials. And rightly so – they’re quite the disruptors. But there’s a different generation that’s about to start making waves of its own: Baby Boomers. As the baby boomers (people ranging from age 52-70) age, the US is going to witness the largest passing of wealth in history.