Updated: November 9, 2023
Marie is the CEO & Founder of Clustdoc. She loves to help other teams work smarter and build trust with customers and stakeholders during daily operations.
In the contemporary landscape, we are well aware of the many benefits digitalization brings to the table.
We know it can make operations more efficient, flexible, resilient, and just plain better (when it’s done right).
67% of business leaders agree. This percentage also believes that their financial institutions must undergo a significant digital transformation.
So what’s stopping the progress?
Today, it seems like the hold-up is just a good, old-fashioned failure to take the plunge and change the way certain things have always been done.
The financial industry, especially, needs to get on the digitalization train, pronto—a failure to do so doesn’t just affect internal processes, it also changes the way clients see these operations.
User-friendly processes are exactly what the financial industry needs to shake its reputation for unfriendly systems and processes—a burden that customers have to bear in the form of inaccessible and confusing processes, an influx of technical jargon, and a slow response rate.
Financial services have heard them all, and without the right efforts in place to improve user experience, it’s unlikely that it will ever change people’s minds.
A great starting point to addressing this could be turning the often lengthy onboarding process into a streamlined journey by leveraging the right systems to empower digital onboarding for financial services.
Here’s what’s in it for your clients.
It’s no secret that financial services require a sea of documentation to ensure that customer requests can be supported and that client data is secure at all times.
While this is unlikely to change (you can’t change who you are), what can be improved is the process through which these documents are gathered and stored.
With a traditional onboarding process, your clients need to visit your premises in person, armed with everything they need.
Suffice to say, in the modern age of high-speed internet and online portals bringing the world to your fingertips, these traditional systems just don’t make the cut.
With a digital onboarding service, your customers can log onto your system and follow your processes smoothly at their convenience to easy complete processes like identity verification and submit identity documents. They can save their progress as they go along and return to it later without the fear of losing their progress.
Given the accuracy that is needed for the timely delivery of financial services, making this feature available through a digitalized platform will not only improve customer interactions but also boost the quality and accuracy of the services you provide.
It’s a win-win!
When the right digital system is integrated into your processes, your customers will have the freedom to submit their documents, kickstart requests, or anything they would otherwise need to do on a larger screen, directly from their mobile device.
Mobile-friendly operations are a mainstay of more accessible systems in any industry. When your onboarding portal is mobile-friendly too, it becomes easier to reach your customers and for them to reach you.
Communication is, after all, a two-way street that is—in this case—paved by automation!
With seamless activity tracking and automated workflows making it easy to see which steps require more supporting information from users, an intuitive mobile application can make it just as easy to request this information directly, allowing your clients to comply without missing a beat.
If there’s one thing financial service clients value more than speed it’s security. With applications to support digital onboarding for financial services, you can tick all these boxes with one integrated solution.
Although the banking sector is based heavily on transactions, it also encompasses a broad range of operations that aren’t directly transactional. Operations like loan requests, credit card applications, investments, and a litany of others fall under the umbrella of financial services.
Having to manage varying customer requirements, as and when they arrive, is no easy feat.
Navigating the documentation and complex processes financial services have in place—all while responding to customers as soon as possible—can feel a lot like trying to swim against the tide with one arm tied behind your back.
With the power of automated workflows, however, approvals, reviews, and requests can be streamlined to a great extent across the onboarding process for each service, ensuring your customers feel supported and know where they stand.
Digitalization is changing the way we operate, as well as how customers expect their needs to be met by wider industries around the world.
Through a smarter client management solution, the advantages to your teams and clients are immediately apparent.
Don’t settle for overwhelming them—raise your standards, and foster a loyal customer base with digital onboarding processes today!
Clustdoc is a client onboarding orchestration platform used by modern teams around the world. With Clustdoc, you can run automated workflows for requesting, reviewing and verifying new customers’ data, documents and contracts – without juggling between tools.
If your team is managing new customers using emails, spreadsheets and PDFs, you’ll probably love using Clustdoc.
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