Best-in-class bank and credit union onboarding goes beyond just a mailing or a phone call. To drive engagement with new customers, offline and online channels must be optimized in a sequence and cadence of touches that reduces attrition and improves profitability.
The customer on-boarding process gives any organization a chance to make a great first impression with a client. The financial services marketplace is competitive and therefore the focus is on providing an unmatched customer experience. The reality isthat customer on-boarding is not only document-intensive, but also compliance-driven and therefore has traditionally been a slow and bureaucratic process. Adding to this challenge is the need to provide consistent customer service across the web and mobile channels. Fortunately, there are technology solutions that can provide template-based processes that can access information across the organization to ensure a smooth and hassle-free customer on-boarding experience.
Is your customer onboarding experience little more than a data dump — forms, brochures and legalese? If so, here are four tips to improve the process.
There is a pivotal moment when certain functions — previously unknown, underappreciated or misunderstood — rise to prominence and visibility among management ranks at financial institutions. For example, “Customer Relationship Management” (CRM) in the 90’s was an emerging practice with a fairly compelling idea — “Who are our customers, what do they have, and what do they want?” Today, CRM has become synonymous with technology offerings that trap and store that data rather than enabling companies to better customer needs. And, increasingly marketing and sales vie for control over their institution’s CRM systems.