November 22, 2017
The Forecast: Digital Onboarding Ahead
By 2020, financial services firms will increase the number of technology-enabled tools they provide, says Roubini ThoughtLab’s latest study, Wealth and Asset Management 2022: The Path to Digital Leadership. This increase will enable the firms to create the seamless digital experience that customers, both individual and institutional, now expect.
And guess which digital tools the companies plan to roll out first? Digital client onboarding. With this insight, it’s clear that digital onboarding is becoming an industry standard that’s essential in every banking segment.
But this information isn’t news to everyone. As Appway CEO Hans Peter Wolf points out in the study, it makes sense that digital-first customer experience starts with simplified digital client onboarding and leads to a streamlined and coherent process. Indeed, all executives interviewed for the study agree that it’s now essential to adopt an outside-in perspective, which means understanding exactly what clients want and offering it on the channels they prefer to use. What results is an effortless, client-centric, and omnichannel interaction.
By implementing the right digital solution, firms can apply this outside-in approach. Wealth management firms, for example, can provide their clients with a dedicated digital concierge to engage with them on their terms. Meanwhile, retail banks can offer clients a ready-to-go shopping experience, in line with the online experience they get when using popular vendors like Amazon, Apple, and Netflix.
Another major theme for the financial services industry centers around regulations. The Roubini study found that almost all the digital leaders (firms with the highest level of digital maturity), as well as firms with assets under management of more than $1000 billion, foresee an ever-growing maze of global and regional regulations. Financial firms that move fast and integrate onboarding solutions able to handle multiple regulatory regimes (by delivering global projects with local variations and adapting to regional regulations and compliance requests) quickly become digital leaders. It’s essential to find a digital solution provider that is continuously innovating and fosters smoother onboarding and full integration, not only with firms’ internal and external services but also with regulators, third-party application programming interfaces, and FinTechs.
To discover more about the future of digital integration and the radical transformation the financial services industry is experiencing in digital onboarding and many other innovation areas, check out our Wealth 2022 page.
Claudia ColomboProduct Marketing SpecialistAppway