Why Mobile is Essential for Your Banking Customers
Blog: Kofax - Smart Process automation
In this digital age when we are more connected than ever, mobile is emerging as an essential onboarding channel for the banking industry. Banking success depends on offering fast, easy mobile services to customers, or run the risk of losing potential business to competitors.
Statistics show that 60 percent of digital usage is done on smartphones or tablets, and this figure is rapidly rising. Think how often you reach for your smartphone to book appointments, check your bank account, pay bills, and even make restaurant reservations.
For the banking industry, it is imperative to recognize the growing demand for digital-based business services, and offer innovative ways to onboard customers, engage with them and create loyal, long-term business relationships.
Why is mobile onboarding so important?
Customer onboarding is a crucial component of the banking customer lifecycle that sets the stage for long-term business relationships.
With so much competition in the banking sector, new, demanding customers, especially millennials, do not have the time or patience to deal with slow, inefficient processes. Based upon their mobile experiences with Amazon, Uber, Apple, and Google, they expect simple, fast, streamlined service.
How to make a great first impression
One word: Multichannel. Customers expect to connect with their bank anytime through a multitude of channels and devices. Next-generation onboarding solutions allow customers to access bank services from anywhere, using any device, at any time. Banks can communicate with customers through various channels including app notifications, email, text messages and web portals.
Make it fast and easy
No longer do new customers have time to drive to a bank branch, fill in copious amounts of paperwork, provide photocopies of their identification and then wait for the mail to arrive. The process is long, painful, and results in as many as 80% customers giving up halfway through the onboarding process.
Today, customer onboarding can be completed with a simple tap of a mobile device, a swipe of a scanner and the click of a mouse. Identification can be scanned in, documents filled out online and e-signatures provided, quickly and easily.
Gain a competitive advantage
A smooth onboarding experience that incorporates mobile channels, digital document management and automated processes, benefits both the customer and the bank.
For the bank, the process is cost-effective and frees up staff to spend more time engaging and interacting with customers to build valuable multi-product relationships. For customers, the process is personal, hassle-free, and leaves them happy and satisfied.
No wonder more and more banks are using onboarding through mobile as a powerful way to retain customers and improve their bottom line. Follow through to ensure continuing customer engagement. Just as in dating, follow-up communication is crucial when onboarding new customers, and with mobile is it remarkable easy.
Research reveals that the simple act of sending new banking customers a short follow-up welcome message via SMS or email has a sizeable impact, and doubles the rate of customer satisfaction with the account opening process.
Delivering communications optimized for handheld devices also helps to greatly cement relationships with customers, and sends a clear message to the new generation of mobile-centric customers that their bank is responsive to their needs.
Organizations who fail to deliver to the vast—and growing audience of mobile users greatly jeopardize their chances to win new business. Now is the time for banks to offer a mobile-friendly onboarding process that can boost customer satisfaction levels significantly, and set new prospects on the path to becoming loyal customers.
Download your free copy of Taking Customers Where They Want To Go: 7 Steps for better onboarding.