It’s not only time consuming to open an account, but banks also often make several errors during the onboarding process. Onboarding is a critical phase when banks have the chance to convert a prospective customer into a client and to begin a long-term and trusted relationship. Because time and efficiency problems can harm a business’ reputation, these issues need to be taken seriously.
Potential clients and partners often ask us what banks can accomplish by using Appway Onboarding. More specifically, we’re asked how long the average onboarding takes, known as "time to market.” To answer this question, it’s important to first distinguish between the retail banking space and the private, corporate, and investment banking spaces, and to understand that these all require different process times.
In the retail segment, our customers can onboard a new client in less than 10 minutes. In private banking, on the other hand, where more customer background checks and risk considerations are involved, our customers have managed to open complex relations with High Net Worth Individuals in less than a day. While market survey numbers paint a gloomy picture of average onboarding times, our customers’ results have stood out impressively.
Speed is one important criterion in good customer experience when it comes to client onboarding. But competency is just as essential. With Appway Onboarding, tasks that were previously manual become fully automated, leading to decreased process time and a 90% reduction in errors.
Collaboration between different departments is another area that our customers often want to improve. One example can be seen with KYC (Know Your Customer) reviews. In complex cases, KYC reviews might involve multiple people from different departments. With Appway Onboarding’s automation and collaboration capabilities, processes such as KYC can be done without errors, meeting all compliance requirements in just a few hours.
There's much more information about how Appway Onboarding can help banks turn regulatory burdens into a competitive advantage. Request a live demo and find out how you can reduce onboarding time to less than ten minutes.