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How Banks Can Use Multichannel Onboarding to Reach Their Goals

Multichannel Onboarding in Banking
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Stay ahead of your competition with this guide to successful multichannel onboarding.

Multichannel onboarding is essential for companies, even financial institutions, to ensure they provide the best customer experiences possible.

Customers today are more digitally inclined than ever before. For your company to be able to meet these needs, you must provide tools that allow them to open accounts, onboard and cross-sell, both online and with their mobile devices. These are the new digital stages of the customer journey and they must be seamless across all channels. Offering a seamless, integrated, multichannel onboarding process for customers is essential but how well is your financial institution digitizing this process?

Guide to Multichannel Onboarding in Banking

The key to ensuring that you’re addressing the digital stages of your customers’ journey is to verify that your digital onboarding process is seamless across all channels. Being able to improve your customer onboarding strategy will put you ahead of your competitor because customer satisfaction associated with digital channel functionality has declined since 2014. If you implement a comprehensive, robust customer onboarding process within your financial institution, you’ll be sure to see the satisfaction of your virtual customer drastically improve.

To achieve this drastic improvement, you must first conduct a needs assessment. A research conducted by J.D. Power & Associates found that conducting a complete customer needs assessment can have a significant impact on the satisfaction of your customers and your cross-selling results. Even though they found these results, it’s estimated that only 26% of banks perform this assessment and that number has decreased in the past four years. Conducting a full needs assessment of customers is the difference of a 126pt. increase in satisfaction between banks that perform partial needs assessments and banks that perform full needs assessments.

Another huge aspect of the onboarding process that you want to make sure you’re not overlooking is assisting with financial needs your customers may have. Even though there are many ways to gain insights to determine financial needs, less than half of all financial institutions offer financial help to their customers.

According to the J.D. Power satisfaction index, financial institutions that do offer financial help to their customers see a 67pt. increase compared to organizations that don’t.

The customer onboarding process in banks is only as successful as you make it and a way to ensure this success is to follow-up with your customers as quickly as possible. This not only answers any questions your customer may have but it will also show your customers that you sincerely appreciate their business. This follow-up with your new customer can be very impactful but make sure you do it sooner than later. A research study showed that financial institutions that follow-up with customers in three days saw more than 25% more satisfaction among their customers compared to organizations that waited four days or more to do so.

Another excellent way to improve your multichannel onboarding process is to personalize your communication efforts. An important way to improve digital onboarding in banking is to apply customer-level insight to customer communications. Your communication efforts should reflect the actions your customers take to ensure that you’re relevant to them. You should also build a communication channel strategy based on the channels each of your customers’ use. Be sure that you’re leveraging data from all sources to develop content that can be developed based on needs, channels, and devices.


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Emily Pribanic
Emily Pribanic
Emily is a graduate of the University of North Texas. She has her B.A. in Advertising with a concentration in Copywriting. Emily has been writing since she was young and has a creative imagination. She lives in Dallas, Texas with her family and two cats.

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