{"id":22234,"date":"2019-05-06T15:24:06","date_gmt":"2019-05-06T13:24:06","guid":{"rendered":"https:\/\/mailcommsgroup.com\/blog\/onboarding-and-digital-accounts\/"},"modified":"2023-09-08T09:39:23","modified_gmt":"2023-09-08T07:39:23","slug":"onboarding-and-digital-accounts","status":"publish","type":"post","link":"https:\/\/mailcommsgroup.com\/en\/blog\/onboarding-and-digital-accounts\/","title":{"rendered":"Onboarding and opening digital accounts for clients: top priority in 2019"},"content":{"rendered":"

[vc_row type=”grid” css=”.vc_custom_1547557263471{margin-bottom: 0px !important;padding-bottom: 0px !important;}”][vc_column dp_animation=”” el_class=”El nuevo reglamento europeo obliga a recabar el consentimiento expl\u00edcito para el tratamiento de los datos de car\u00e1cter personal” font_color=”#81d742″][vc_column_text dp_animation=”” css=”.vc_custom_1615364370442{margin-bottom: 0px !important;padding-bottom: 0px !important;}”]In a Forrester Research report<\/strong> on e-signatures, analyst Craig Le Clair confirmed that “financial services ranks first in e-signature adoption and sales.” [1]<\/a><\/strong><\/p>\n

We are seeing such adoption across all financial services sectors, including retail banking, commercial banking, wealth management, capital markets and insurance.[\/vc_column_text][vc_single_image image=”5702″ img_size=”full”][\/vc_column][\/vc_row][vc_row type=”grid” css=”.vc_custom_1555933626160{margin-top: 0px !important;padding-top: 20px !important;}”][vc_column dp_animation=”” css=”.vc_custom_1547557427896{padding-top: 0px !important;}”][vc_column_text dp_animation=””]Most interesting are the application areas in which banks and financial firms are going digital.<\/strong> These include customer service processes, account opening, and the onboarding<\/em> customer relationships, which are of great importance in companies of all sizes.<\/p>\n

“The trend toward full automation of customer processes is being driven by the financial services industry,”<\/strong> noted Mary Ellen Power, vice president of marketing at OneSpan<\/strong>, in an article
\n in an IT World Canada article<\/a>
\n<\/strong>. “Anyone who values onboarding<\/em> and opening an account digitally in 2019 should rethink it and make it a priority.”<\/p>\n

According to Forrester, “Banks such as Bank of America, Royal Bank of Canada and US Bank are now digitally verifying a customer’s identity and using electronic signatures<\/strong> to facilitate an instant decision on certain retail products in a matter of minutes. In addition, they are issuing the account number in real time. This is the future of onboarding<\/em>, so make sure you are on board.”
\n [2]<\/a>
\n<\/strong><\/p>\n

As further confirmation, in a webcast on digital account onboarding<\/strong> hosted by OneSpan and Avoka, 200 attendees were asked if digital customer onboarding<\/em> was one of their top 3 priorities. Almost 80% said yes.[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”grid” css=”.vc_custom_1557153548347{margin-top: 20px !important;margin-bottom: 20px !important;padding-top: 10px !important;padding-bottom: 10px !important;background-color: #e5e5e5 !important;}”][vc_column dp_animation=””][vc_single_image image=”5704″ img_size=”full” alignment=”center” dp_animation=””][\/vc_column][\/vc_row][vc_row type=”grid”][vc_column dp_animation=””][vc_column_text dp_animation=””]<\/p>\n

Why onboarding<\/em> and opening digital accounts?<\/h2>\n

Improving the customer experience starts with a fully digital experience. Why?<\/p>\n

    \n
  1. First, many high-value relationships derive from transactions such as opening an account. Institutions need to achieve excellence from the outset.<\/strong><\/li>\n
  2. Second, customers expect this: a KPMG report [3]<\/a> shows that up to 90% of all millennials<\/em> use mobile banking and take the digital experience for granted.<\/strong> In fact, both millennials<\/em> and high net worth customers expect a mobile experience.<\/li>\n
  3. Finally, and perhaps most importantly, digitization allows your staff to spend time engaging customers in the conversations necessary to promote and cross-sell high-value products and services.<\/strong> For example, a fully digital process facilitates the sale of products such as loan insurance, bringing in additional revenue.<\/li>\n<\/ol>\n

    The benefits<\/strong><\/h2>\n

    The most direct way through which financial service providers can improve onboarding<\/em> and account opening is by ensuring that the process remains fully digital. It achieves greater speed, less manual work, fewer errors, more rigorous compliance and meets today’s expectations of such an experience.<\/p>\n