Onboarding is an opportunity to win customers over, laying the groundwork for a strong and long-
lasting relationship, where additional sales journeys may well come into play. With that in mind,
onboarding processes should be fast, seamless and intuitive.
As a result, banks are seeking ways to provide stellar experiences and maximize conversions –
particularly pertinent given the average customer acquisition cost for incumbent banks is over $300,
a figure that's on the rise following the impact of Covid and the saturation of digital channels.
Below, we've collated five key ways banks can create a frictionless onboarding and digital sales
experience.
With that in mind, banks are under pressure – especially from digital-native consumers – to deliver
the quick, personalized, omnichannel experiences they expect.
According to financial technology company Fenergo, 36% of financial institutions (FIs) have lost
customers because of inefficient or slow onboarding, costing them $10 billion in revenue per year.
And as per Digital Banking Report's Account Opening and Onboarding Benchmarking Study, 43% of
customers who had low satisfaction during onboarding said they would "definitely or probably"
switch banks. Meanwhile, research by Signicat revealed that 68% of European customers
abandoned a finance-related onboarding process in 2021, up from 63% in 2020.
oday's customers expect tailored digital experiences: relevant content, end-to-end
customized journeys, hyper-personalized ads and bundled offers. Research by Sopra
Banking Software and our sister company cxpartners backs that up, with customized
onboarding processes outperforming a generic control experience by significant margins.
n the world of digital banking, it's clear that offering top-class customer experience (CX) is
non-negotiable for retaining a competitive edge. But when an online service doesn't meet
consumers' increasingly high expectations, a CX gap emerges.
Personalization involves leveraging customer insights gathered from user data. On top of that, FIs
should jump on board the open banking train and the wealth of data it provides to individualize and
enhance CX even further.
