Ditch the traditional customer reception strategy
If your bank or credit union doesn’t have a well-defined onboarding process, it’s missing out on huge growth opportunities. A common but false belief is that contacting new account holders too frequently can irritate them and cause them to leave your organization. Receiving irrelevant communications adds to the customer’s annoyance.
This process includes Know Your Customer (KYC) procedures , data collection, identity checks, document collection, and sometimes face-to-face interviews with potential customers. The onboarding process must be completed before a new customer can open an account or conduct business with the bank. Banks must adhere to onboarding rules while making the process as pleasant as possible for users.
Previously, this involved filling out multiple forms, submitting freight forwarders brokers email lists documents, performing manual compliance checks and conducting in-person identity checks at branches. While technological advancements, such as online form filling, have simplified this process in recent years, it is still time-consuming.
The procedures and points of contact for welcoming customers in the banking sector are very disparate.
Globalization and increased regulatory laws have shifted the focus from customer experience to institutional protection, resulting in multiple touchpoints, complicated procedures, and frequent consumer questions on the same topics.
Unfortunately, many banks are losing a significant portion of their business customers due to onboarding challenges. To begin unraveling the tactics that tend to sabotage your customer experience improvement efforts, you must first identify the root cause of consumer dissatisfaction.
For example, business customers need an effortless onboarding process to feel heard and understood. On the other hand, traditional banks are often hampered by outdated back-end operations.
Study how new customers perceive your onboarding process.
Do new accounts need to be created in person? Today’s business customers want to initiate transactions with you at their convenience, whether online or in person.