Plug-and-play client onboarding.
It's easy - no coding required.
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The onboarding process is akin to a first date; it’s a test for compatibility. This makes onboarding the most crucial step of the customer journey, a chance to build trust and instill confidence within your brand. In the age of 'now or never', traditional onboarding is cumbersome and can drive customers into the arms of your competitors. Your to-be clients want to see value immediately; by having an effortless digital onboarding process, that first impression becomes evergreen.
It's a simple cocktail - a brief account set-up, swift customer authentication, and uncomplicated security checks. This kind of seamless process can critically reduce abandonment rates, change how you attract new customers, and improve how you cross-sell services. The difference between digital and traditional onboarding is happily ever after and planting a big red flag.
A recent study found that 40% of consumers surveyed abandoned traditional bank onboarding processes due to it being time-consuming and complicated when filling out physical forms. That's a metric you can nip in the bud with HelloFlow, which has been proven to increase digital onboarding conversions by 60%. At the end of the day, lousy onboarding isn't just frustrating for clients but for administrators too. Here's how traditional onboarding could be failing your business.
Convenience is king! Financial service companies currently lack digital accessibility. Traditional onboarding is tedious, complicated, time-consuming, and labor-intensive for businesses. Just take one part of the process; a customer fills out a paper form that is then entered into your online database. Not only does this waste time, but it inevitably leads to errors. That's even before dealing with the ever-changing world of regulations and compliance.
This process is equally taxing on clients. Filling out paperwork is enough to make anyone groan, on top of that the demand to be on location for the process is no longer seen as a realistic requirement. Particularly when almost every other industry has adopted digital onboarding! Even before the pandemic, this practice was not in line with users’ expectations, and this sentiment has only grown since.
The most powerful tool now sits in the palm of our hands. Statista predicts: "In 2023, it is estimated that there will be 1.31 billion proximity mobile payment transaction users worldwide, up from 950 million users in 2019." The ability to open an account quickly is expected nowadays. Just think, you wouldn't use Uber if it took 14 days to register. To keep up with consumers, brands have to be proactive rather than reactive with their offerings.
While millennials may still tolerate the offline experience, the Gen Z population has a digital or die mentality. They are now at the top of the customer acquisition food chain, and now is the time to convert them into loyal, long-term customers.
Simply put, digital onboarding provides a far better customer experience because it's faster, requires less effort, and is more concise for all parties involved. Here are 10 reasons why digital onboarding is the future.
Digital onboarding using no-code technology is a tool that anyone can use. No tech jargon or IT background needed! You can set up a simple (or advanced) onboarding flow effortlessly within a day using HelloFlow. We make it look easy because it is. See for yourself— book a demo with us today!