Guide to improve customer onboarding in banking

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As a bank, you know that new customers are essential to your success. But attracting and keeping those customers can be difficult – especially if they don’t have the best starting point.

That’s where customer onboarding comes into play. It’s a process that helps new customers get started and feel comfortable with your bank – from signing up for an account, or making transactions, to getting support.

Here, we’ll outline the key steps in customer onboarding, as well as some tips on how you can make it more effective.

Let's start from the beginning!


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What is customer onboarding process in banking?

The customer onboarding process begins with registration – whether that’s online or in-person. This is where you ask for basic information, such as name and address, and confirm that the person is actually interested in using your bank.

Once you have this information, you can begin the account application process. This includes filling out a form, providing identification and uploading a copy of your ID or driver’s license.

Once you’ve completed the application process, you'll be contacted to schedule a moment to open the account.

In some cases, you may also be asked to provide additional documentation or answer some questions about your finances.

After opening an account, the user needs to set up their login credentials and make initial transactions. This can be done through online banking, phone banking, or in-person at one of your branches.


The customer onboarding process varies from bank to bank, but all of them involve building a relationship with new customers and helping them get started with the bank’s services as quickly and easily as possible.


How are banks attracting new customers?

Traditionally, banks have attracted new customers through different strategies such as: advertising in traditional media such as radio or television, referrals from current customers, growth and organic traffic to their websites, among others.
However, without neglecting these traditional methods, especially face-to-face customer service, either in the office or by telephone, there are currently new digital strategies on the market that allow you to attract the attention of prospects to finally convert them into customers.

Among these strategies we find:

  • Some banks focus on marketing their products directly to potential customers through social media platforms like Facebook and Twitter. 
  • Others use targeted advertising campaigns on websites like Google AdWords or Yahoo! Answers. 
  • Many banks offer special deals or discounts to new customers – whether that’s for first time accounts or regular transactions made through digital channels like mobile apps or online banking systems.


Whatever strategy you choose, make sure it's tailored specifically to target your audience and promote the benefits of using your bank.


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Customer onboarding in banking: digital versus in-person

While both digital and in-person customer onboarding have their benefits, digital methods tend to be more effective when it comes to getting people signed up for accounts quickly and making initial transactions without any fuss . 

This is because they allow people to complete the onboarding process from anywhere at any time – no matter where they are located . 

Additionally, digital customer onboarding processes can be automated, meaning they run smoothly without much input from your team.

On the other hand , in-person customer onboarding processes are often more personalized. This means that staffers will spend more time getting to know the individual customer and understanding their needs . 

As a result, in-person customer onboarding processes are often slower than digital ones, but they're often more satisfying for users because they feel like they're being taken care of personally by the bank.

Therefore, if you want to digitize your onboarding, never leave personalization aside. Make your users feel cared for by real people who solve their problems more effectively.

How to do digital onboarding in banking (Guide)

Digital customer onboarding is the perfect way to welcome new customers into your bank. With a few simple steps, you can create a personalized experience that helps them understand your products and services quickly and easily.

  1. Start by creating a welcoming sign-in screen that invites customers into your bank. Make sure to include your company's branding, logos, and other important information.
  2. Help customers understand your policies and terms of service by providing clear explanations on how they work – this will help them make informed decisions about joining your bank.
  3. Display relevant product information on screens throughout the customer experience – this will help them get the most out of their interactions with your bank!
  4. Make it easy for customers to make transactions – provide helpful guides and clear instructions on how to use your products and services.
  5. Thank customers for their time and encourage them to return soon!

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Tips to improve onboarding in banking:

There is no one-size-fits-all solution to improving your customer onboarding process, as the best approach will vary depending on the specific needs of your bank. However, some general tips that may help include:

Creating a welcoming environment for new customers

Make sure that your onboarding process is easy to follow, and that all the information your customers need is readily available. This will help prevent any potential headaches or confusion, and make them feel welcome from the start.

Making sure new customers understand their obligations

It's important to make sure new customers are aware of their responsibilities under the terms of their account, and what they need to do in order to keep it running smoothly. This will help reduce complaints and ensure everyone is playing by the rules.

Streamlining the customer onboarding process

By making it as quick and painless as possible for new customers to get up and running with your bank, you can minimize the chances of them leaving in a hurry. This will save you valuable time and resources in the long run.

Developing an automated system

If possible, try to develop an automated customer onboarding system that can handle all of the necessary paperwork for newcomers without any fuss. This will both speed up the process and save you time overall.

Types of digital channels for onboarding

There are a number of different digital channels that banks use to welcome new customers and onboard them into the bank culture.

Some popular methods of customer onboarding include:


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6 benefits of digital customer onboarding in banking

Customer onboarding is an important step in retaining customers and attracting new ones. These are the biggest advantages of digitizing from start to finish the process :

1. Reduced customer loss:

With a smooth, easy onboarding process, you can ensure that your new customers stick around for the long haul.

2. Improved customer loyalty:

By providing a hassle-free experience from the start, you build trust and loyalty with your customers far faster than you could ever hope to do on your own.

3. Greater ROI:

With a well-executed customer onboarding process, you can realize sizable savings in terms of lost business due to customer churn and lost revenue due to missed sales opportunities.

4. Higher ROI on marketing campaigns

By helping new customers set up and running quickly, you can cut down on wasted time and money on marketing initiatives that don't work.

5. Stronger brand image

A stellar customer onboarding process will leave a lasting impression on potential customers, strengthening your overall brand image in the process.

6. Reduce the CAC, Customer Acquisition Cost

By minimizing the friction in onboarding new users, it will be possible to have a much easier client conversion and you can reduce the cost of each new client.

The importance of digital customer onboarding in banking

A well-executed customer onboarding process is essential for a bank's success! 
It helps new customers to set up and running as quickly as possible and makes them feel like they're a part of the bank culture from the start.

This helps to reduce complaints and encourage people to stay with the bank for longer periods of time.

There's no question that digital customer onboarding is important in the modern bank. Not only does it make the onboarding process more efficient and less time-consuming, but it also helps new customers get to know your bank and its services quickly and easily. 

And in your company, what methods are you using to attract new customers?

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