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.
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First impressions count. That’s why the client onboarding process that banks provide has to be good. If a client has a bad experience with your bank while they’re trying to become a customer, what does that tell them about the rest of the experiences they’ll have? In a competitive market, banks have a lot to lose if their first impression isn’t an impressive one.
Do you remember actually going to your bank branch to open a checking account? Today, consumers can open accounts on the subway, their couch and sometimes even on their toilets. Who would’ve known that in a short 10-year period technology would change the way an industry operates and interacts with customers.
A new client jumping ship during onboarding is every bank’s nightmare. Studies show that clients abandon an onboarding process because it’s too long or cumbersome. When this happens, you waste valuable resources and lose an invaluable customer. Avoid client abandonment with these five essential tools and tactics.
“We are embracing technological innovation and making banking even easier for our customers. And we are developing a new generation of bankers equipped with the knowledge, skills and integrity to take us into an even brighter future.”
We asked our clients how they use banking software to be successful. Discover what the top five answers were.