The year 2021 will see the banking industry grapple and evolve with Digital first approach in everything that they do. In this article, we try to summarize various tips that may prove beneficial for any banking organization, across the world to design a seamless and superior customer onboarding experience.
- End-to-end Experience Engineering According to this report, on one hand 53% of the organizations which were polled reported that they offer solutions which are digital start to finish. However, when the customers were polled they reported that a visit to the bank was required to complete the KYC or document verification.
Client onboarding to account management to offering new services, post andemic it has become imperative for the banks to offer a seamless digital experience. An experience which is crafted based on proven domain expertise.
- Contextualisation of Experience
As the world embraces the new normal, it is now critical than ever for the banks to contextulse and personalise the client onboarding experience.The conscious contextualisation of the solutions could be based on various factors such as financial health, income segments, geographic location and much more.
The banks could work with an experienced services provider to conceive and apply digital for banks in the context of customers, their journeys, and the various experience points across these journeys.
- Being Omnichannel Being omnichannel was is now not an enhancement but a requirement, given that the industry is embracing the new normal of living in the digital world. Customer onboarding is no different. Being available across channels such as social media, call, email not only helps improve the customer happiness quotient, but faster response times will also increase the loyalty and stickability of the customers with the bank.
- Customer Adoption and Simplicity as Design Principles Maveric brings in a deep understanding of the banking ecosystem which spans for 20 years. This is the primary reason for our ‘signature’ simplicity which is evidenced in every customer transformation journey that we undertake.
Our solutions are designed keeping customer adoption as the foremost parameter – higher app adoption translates into satisfied customers and better retention
A testimony of this principle is a project that Maveric’s Digital Transformation business, achieved the business vision of optimizing operations and reducing the business cost for a leading bank in the UK. Our lean practices supported by Bi-Modal / Two Speed Approach reduced customer efforts in digital application creation by up to 75%.
- Rapid prototyping for accelerated development of minimum viable product To keep pace with disruptive competition and the ever-evolving customer expectations, it is needed to use cutting edge risk & impact frameworks and simulators that allows rapid prototyping for delivering robust minimum viable products. It not only drives superior digital solution design but also increases the efficiencies through accelerated development to deployment frameworks with scalability and availability.
For instance, Maveric worked with a key banking institution in the Middle East where we re-designed and re-architected the middleware platform and replaced it with containerised microservice solution. This redesigned solution was coupled with an intuitive UI and hence was easy to scale. The solution helped the customer optimize costs by moving into pay per API billing mode and eliminating additional infrastructure overheads.
- Proactive communication Just as being available and responsive on all the possible and relevant channels is critical in a digital onboarding journey, it is also important to establish a communication channel which is proactive and which offers solutions.
A successful digital transformation hinges on the ability to unlock the enormous business potential of customer experiences for a bank. Players such as Maveric focus on engineering superior customer experiences for banking leaders which proves to be the right step towards successful transformation journey of onboarding a client.
- Adapting to the regulations While the pandemic has stalled many governments all over the world, it has also prompted the regulatory bodies to amend the exisiting regulations and bring in new ones to support the scalability of the digital journey. A dedicated team working on researching, adapting and designing soltuions which coply with the regualtions of the land should be a key part of the onboarding team. For instance, our PSD2 team could help you go live with the a compliant technological framework in just 12 weeks.
We believe all of these factors when coupled with a passion to design superior experience engineering will enable a happy customer onboarding solution. Our digital transformation experts deliver accelerated experience, powered by solutions and managed services across open banking, digital channels, agile transformation and cloud adoption. Get in touch.