Understanding the customer onboarding process in banking is fundamental, as it sets the tone for a client’s experience and fosters long-term relationships. Cumbersome processes push potential customers away.
A recent Forrester survey indicates that over 64% of banks lose deals due to inefficient onboarding; this can lead to substantial revenue loss and reputational damage.
Effective onboarding is crucial for new clients, as it's their first extensive interaction with the bank, influencing satisfaction, retention, and the likelihood of future services.
Transitioning from traditional to digital onboarding is essential. Digital methods streamline processes and foster better engagement compared to slower, manual approaches.
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