“Embark on a journey of unprecedented transformation within the realm of wealth management as we delve into the world of ‘Personalization-led CX Transformation for Wealth Management Excellence.’ In this exploration, discover how the convergence of personalized experiences and cutting-edge technology is reshaping the landscape of financial services. From tailored investment strategies to client-centric digital interfaces, join us on a quest to unlock the keys to achieving unparalleled excellence in wealth management through a customer-centric lens.”View
With 3 out of 4 users who first used digital channels during the pandemic saying they will continue to go digital, banks that don’t pay heed will do so at their peril.
Traditional customer onboarding processes for banks are time-consuming in an age when customers want to manage their accounts via smartphones. They inconvenience customers with cumbersome verifications, clunky customer service, and lengthy forms. The outcome? One, banks and FIs are prone to revenue losses, and two, new-age customers shift towards digital-first processes.
The way forward for the banking sector is the digitization of customer onboarding. Easier said than done, the need of the hour lies at the intersection of conscious contextualization and domain competence.View
Current Research on Customer Onboarding Says
- An end-to-end customer onboarding process from initial consultation to the active account takes between3–8 weeks
- Three out of Four onboarding dollars are spent on KYC approvals, Credit checks, and Legal Compliance
- On average, 55% of customers abandon the onboarding application in under 14 minutes and 20 second
Banks have been trying to cut expenses for a long time because of margin pressures and to combat new entrants. Successful strategies have included moving non-differentiating assets to an industry utility, which is a provider of commoditized services established and owned by competing enterprises working together.
The Nordic countries are global leaders in banking innovation because of their dynamic economies, entrepreneurial spirit, and progressive policy environments.
Still, Want more Insights on Nordic payment Trends? Download the Whitepaper.View