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December 8, 2021

Total Efficiency in Client Onboarding - Checklist

Key takeaways:
  • Efficiency in onboarding starts with a digital ecosystem that can keep pace with the modern world.
  • Traditional processes are a burden on your internal teams and clients who crave contemporary solutions.
  • Use our 8-point checklist to see if your onboarding process is being conducted efficiently.

What makes client onboarding efficient? In short, it can be bottled down to getting rid of legacy processes and embracing the new mechanisms of the world. There are plenty of digital-savvy solutions that are not only simple to implement but make your life easier. Your first thought might be 'that sounds like it'll turn everything upside down', but it's really the opposite. Efficient client onboarding uses digital tools as a natural extension of all the processes you know, now superpowered with technology.

Efficient onboarding is a gateway to having your internal process become more manageable and allows customers to essentially onboard themselves with little to no interference. There is a moment of truth when it comes to customers adopting your services. If it's challenging in any way, they'll remember that feeling down the road. In fact, 70% of buying experiences are linked to how customers feel they are being served. Having a disruptive onboarding experience is not an option in this day and age. Thankfully, HelloFlow brings you a collection of tools that makes onboarding faster, easier, more efficient, and with greater results.

Say Goodbye To These Onboarding Pain Points

With traditional onboarding, you're hemorrhaging resources, which are better allocated elsewhere. This is often due to an unclear workflow. Multiple stakeholders chase the same information or muddy the waters with conflicting communications with prospective clients. Sound familiar? Find out about the areas where you're working harder, not smarter.

Frustrating clients can lead to lasting damages that may eventually be the nail in the coffin. The manual onboarding experience is often confusing, repetitive, and a nuisance, but that's not all...we found the 4 biggest frustrations clients experience when being onboarded, are you guilty of these?

Unfortunately, due to traditional onboarding's cumbersome nature, it inevitably suffers from human errors, which can also occur during the KYC and AML processes. This is why small lapses in judgment have led to millions being lost every year.

Optimized onboarding leads to higher efficiency and conversion increase as clients can be onboarded digitally at any time.

The Efficient Client Onboarding Checklist

A few key ingredients make an efficient client onboarding process feel like second nature to both prospects and your internal teams. Use this checklist to see if your onboarding flow lives up to customer expectations:

  • A totally digital experience: A digital onboarding flow is far more approachable to modern consumers, whether that be form filling or verifying their identity, going digital means that you’re now speaking their language. Say no to thrusting stacks of papers at clients! The digital experience naturally allows a more thorough and transparent onboarding process as it feels less overwhelming than their physical counterparts.
  • Speedy confirmation: Instant gratification drives society. That's no different when it comes to banking and financial institutions. While onboarding has some leeway as security checks are involved, the entire process should start and reach a finishing point within a few days.
  • Agility: Effective client onboarding should have the ability to pivot quickly. For example, if data shows customers are hitting a bottleneck when onboarding, you should be able to rectify this immediately, without taking your onboarding flow offline. Digital onboarding allows you to stay on your toes and adapt to your markets on a whim.
  • Instant Compliance: As the regulatory landscape continues to shift and change, it's almost impossible to keep track of what's compliant and what's not. Having a digital onboarding system that automatically evolves with regulatory changes can save an immense amount of time.
  • AI and automation: One of the digital onboarding's greatest features is the ability to use AI and automation for greater due diligence, KYC, and AML. It's also invaluable for taking over monotonous, 'brainless' work that is best executed by a computer. This leaves more room for your team to focus on more practical, big-picture tasks.
  • Harnessing Data: Analytical tools can provide a myriad of important insights that traditional onboarding entirely glazes over. Using data, you can refine your onboarding processes for maximum efficiency and improve them over time. Efficient client onboarding goes beyond collecting mountains of data; it helps you make more informed decisions. Like super powering your CRM management tool to understand customer needs, automate tasks, and increase conversions.
  • Simple UI: A simplified user experience for everyone involved provides a clear status of the onboarding flow for all stakeholders involved. It also helps to combat confusion when prospects have to understand what information or documentation to provide.
  • Understanding risk: Observing and mitigating risk is a large part of onboarding. Having the right tool to help you measure risk in real-time helps to create greater efficiency. Better yet, using automation to evaluate clients can make the process practically hands-off.

Meet HelloFlow

You might be wondering how you can implement all of the above without costing you your sanity or savings? Luckily, HelloFlow ticks all the boxes. Our digital onboarding ecosystem is built for absolute efficiency, helping your business to onboard smarter, and therefore quicker. Acquiring a digital onboarding service has never been easier, saving you precious time and money developing from scratch.

It's incredibly intuitive to build with no learning curve involved; you come as you are! Create a simple or wildly complex onboarding flow and launch it within a day, without any coding involved. You can even customize these flows based on branches, target markets, and trends. We know it all too well, efficiency starts by going digital; the 21st century demands it! Once your digital onboarding tools are in place, everything else follows, you'll find your operational teams become more in tune with each other and gain greater insights into customers, and best yet, your conversion rates will increase.

Curious to see how it works? Book a demo now, or put it to the test yourself with our free 14-day trial!

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