Why speed is the most important aspect of the customer onboarding process
May 21, 2013
Anyone who has opened a merchant bank account can attest to the fact that slow and complex customer onboarding is a problem. If you are a bank executive in charge of customer experience, you probably want to understand this problem and find a solution. Finding the solution is the easy part – modern technology has enabled new business processes to allow truly rapid customer onboarding. Understanding the problem of slow customer onboarding, however, can be a challenge and requires an understanding of the needs and expectations of business customers. In this article, we explain what business customers want and why banks need rapid customer onboarding.
Businesses sign up for a new bank account because they need the services that the bank provides, and they need those services as quickly as possible. Slow customer onboarding can disrupt a business’ normal operation and leave a negative first impression on your customers. There is a real risk of losing customers within the first few weeks or months after an account is opened; especially if your sales team set expectations that are not fulfilled – a common occurrence.
Most businesses that open new accounts at banks are switching services from another bank. They have been convinced by the sales and marketing team that switching will improve their business by saving money, decreasing risk, or providing higher return on capital. In the short term, however, the experience of switching banks creates uncertainty and anxiety for a business. The shorter and less uncomfortable the transition period, the better. A fast onboarding process instills confidence in the customer and gets them using the bank’s services more quickly, resulting in a positive customer experience and revenue from the customer much sooner.
Meeting business customers’ expectations is also important. Today’s businesses do their homework on the internet to find out what to expect from banks. They use comparison websites to compare features and pricing before speaking with a sales person, and have a greater understanding and awareness of fees, rates and competitors’ offerings. Technology has also conditioned them to expect everything to be fast. Customers who are familiar with companies such as Square expect a seamless customer experience, and will demand the same from your bank. Banks cannot ask their customers to lower their expectations, so instead they must meet them. Or better yet, exceed them. If they do not, they risk losing customers who value a fast and smooth onboarding experience.
Speed is critical to reduce customer uncertainty and to manage expectations. Technology development has brought about the ability to deliver rapid customer onboarding, and to measure the gains it offers.
Using a rapid customer onboarding platform, tailored specifically for your needs, reduces the risk of changing your customer onboarding process, and can realize dollar gains through faster times to revenue, and lowered costs. Adopt rapid customer onboarding today, and see the difference it will make to your customers’ satisfaction, retention and time to revenue.