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Six Onboarding Pitfalls To Avoid

Blog: Kofax - Smart Process automation

Onboarding each new customer or client is a sensitive process and organizations have only one chance to get it right. 6-Pitfalls-to-Avoid-for-Customer-OnboardingSmart software innovations are the first step for organizations to attract and retain new customers.

The new, digital generation of consumers demands a fast, efficient and hassle-free onboarding experience.  They expect products and services to appear at their fingertips with a quick touch or swipe of their smartphone. Many organizations are already at work to meet these requirements. If your bank is one of them, you will probably want to avoid these six common pitfalls when onboarding new customers.

  1. Ditch the paper trail.

Both large and small organizations realize that customers in this omnichannel, app-based, one-click, social media world have no loyalty to those who fail to meet their expectations.

 New customers won’t tolerate laborious form filling, being asked for duplicate information by different departments, or waiting for answers to basic queries. They prefer service providers who know them, understand their preferences and minimize their need to enter data. This approach is easier for them, and also allows organizations to augment and supplement customer data in near-real time, through credit bureaus and other third-party providers like verification / authentication vendors. 

  1. Don’t forget to measure mistakes.

 Keep track of your progress—both your successes and your failures. This information becomes a powerful tool when collecting and analyzing onboarding-related data. Measuring your progress quantifies your achievements to both your clients and your team. The success of any process relies on establishing key performance indicators, including tracking customer service levels, and complaints logged, so you can later analyze this data and continuously make improvements.

  1. Stay on top of new onboarding trends.

Ignoring new solutions not only costs you, customers, it is often expensive and error-prone. Customers remain loyal to companies who provide innovative onboarding solutions that are pain-free, fast and offer the latest and greatest customer conveniences.

  1. Beware of regulatory compliance risks.

 Regulatory compliance mistakes are common as well as costly. Failure to adhere to regulations, including properly informing customers of their rights, can result in hefty fines. That’s why innovative, technology-based onboarding solutions built on modernized platforms must constantly maintain a balance between being easy and fast for customers to use while helping eliminate regulatory-related risks for the bank.

  1. Make sure customers come first.

Customers have simple needs. They want to be onboarded easily and efficiently. They prefer quick, transparent interactions that result in instant satisfaction.

Automated processes and electronic document capture are two ways you can put the needs of your customers first, providing them with a convenient onboarding experience.

  1. Embrace the power of mobile.

 Many customers now conduct their business from mobile devices, anywhere, anytime. Imagine not having to go into a bank branch to open a bank account. Effective online onboarding using mobile devices, tablets or desktop computers now make this possible

 In summary, onboarding is a crucial process for any successful business. Avoiding these six pitfalls, and employing smart software innovations will bring you one step closer to offering an easy-to-use onboarding process that successfully attracts and retains customers.

Discover the 6 steps to onboarding banking customers.




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