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In today’s economic climate, it is critical for banks and other financial institutions to retain their current customers while also attracting new ones. As a result, banks are attempting to create an easy, tailored, and frictionless end-to-end digital buying and contracting experience. Having the capability to digitally onboard customers simplifies and streamlines the very first user experience that a customer has with the bank as well as significantly reducing the cost of customer onboarding.
What is driving adoption of digital onboarding at banks?
Due to the COVID-19 pandemic, banks and financial services providers have faced unanticipated challenges. As clients shift online to receive essential services, the financial industry needs to rethink the future of digital banking through quick adaption methods and a deeper focus on banks’ digital presence. Digital customer onboarding has become the buzzword in the industry as business leaders begin to recognise the enormous potential of digitisation.
Essentials of Digital Onboarding
The benefits and drivers of digital onboarding for banks are abundant, including higher efficiency and cost optimisation. IBS Intelligent’s 4 S framework sheds light on the essentials of digital onboarding. For a digital onboarding platform to provide the imagined benefits, it must have the following characteristics: Speed, Smart, Secure, Seamless.