Under the scenario of the digital transformation of financial services, driven by the use of new technologies and innovation, the process of identifying the client who must obey the expected characteristics is immersed: being able to open an account through a mobile device or laptop, in an agile, secure and remote way.
Digital onboarding is an onboarding approach and the first contact of interaction with the client, which allows to develop a unique and personalized experience. It is also able to define whether a potential becomes a customer.
According to a survey conducted by European identification technology provider Signicat, 68% of people abandoned the digital onboarding process in 2021, compared to 63% in 2020 for not meeting their expectations and flaws in functionality. What aspects have changed in recent years compared to onboarding?
The latest study of the Digital Banking Report² shows the ways in which an account can be opened in recent years, such incorporation of new customers is biased towards physical points of attention.
A large percentage of people who start an onboarding process digitally end up leaving it. Why does this abandonment occur? What’s not working?
The survey conducted by Significat³ indicates that one in five users abandon onboarding processes because they are too long; more than a quarter of customers consider that onboarding processes are too complex and even refuse to initiate an application if identification credentials are required to be brought to branches.
The number of banks and financial sector institutions that can offer 100% onboarding remotely and online is limited. Below are the features and lack of functionalities that lead people to abandon the process.
Pillars in incorporation and products opening processes
The user experience (UX) in the digital onboarding process is essential to ensure a good initial impression and establish a positive relationship with the respective banks, fintechs and/or financial solution entities.
Among the differential factors developed in digital channels are:
- Ease of use
- Transparency
- Process simplification
- Clarity and brevity