How digital onboarding is changing the future of banking

Digital Transformation
January 11, 2022
minutes read

Before digital onboarding, an individual provided their data either in-person, on the phone or through the mail, which was often a time-consuming process. 

In this hyperconnected world, the need for digital solutions has increased. If the last 18 months of living through the pandemic has taught us anything, minimising person-to-person contact is an ongoing priority. 

In the banking sector, customer onboarding is the start of their relationship. Instead of multiple paper forms and in-person checks, through digital onboarding, banks can optimise an easy-to-follow experience for new and existing customers remotely. 

Digital onboarding reduces fraud 

Banks have been dealing with revenue loss due to fraud for years. Statistics show that the annual value of online banking fraud losses reached approximately £159.7 million in 2020. 

The digital onboarding process provides banks with advanced security and verification systems. Unfortunately, if there are too many obstacles for the customer to navigate during the signup process they will abandon it. 

The way you onboard new users today is more than a matter of reducing risk: it’s also about remaining competitive by reducing friction.

Digital onboarding improves customer experience

People talk. Reviews and referrals have become a part of everyday interactions. A better customer experience creates satisfaction, loyalty and advocacy.

Digital onboarding offers flexibility and user-friendly applications which promote efficiency and retention. When the right digital system is integrated into your processes, your customers will have the freedom to submit their documents, action requests, and access customer services directly from their mobile device, at a time that suits them.

Digital onboarding increases operation efficiency

In a world suited to the immediacy of digital, ten minutes can make the difference between onboarding a new customer or losing the opportunity. 

Digital onboarding helps to decrease dependence on branches, reduce operating costs, and frees your team to complete more specialist tasks. It can also help banks to expand their business as they reach people from different locations and also improve employees’ productivity, adding value to growth.

Nivo provides a 25-100% increase in operational efficiency. Find out more about our total messaging solution that instantly connects financial service providers and customers by booking a call with the team today.

Receive 'Leaving legacies The digitisation of regulated Industries'

For regulated industries, where risks need to be expertly mitigated, it can be difficult to make the move away from widely adopted legacy systems.In this guide, we’ll run through the benefits and challenges of digital transformation for financial services, with practical steps on how to move away from legacy systems for the betterment of business and customers.

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