Polish up your thinking caps for February 12-15 because IBM Think 2019 is almost here! San Francisco will house this year’s global convention of innovative thinkers, movers and shakers.
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Technologies like digital applications for clients and other advanced forms of product delivery dramatically changed insurance industry standards in 2018. In 2019, insurance CIOs should be paying attention to additional technologies such as machine learning and blockchain.
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.
Have you ever walked through the Sleeping Bear Sand Dunes in Northern Michigan? It’s a really cool experience, but it’s also rather deceiving. Your goal is to walk to the Lake Michigan shoreline and for most of your journey through the dunes, you can see the lake in the distance – this is what makes it so deceiving.
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.