{"id":10241,"date":"2018-07-20T17:54:39","date_gmt":"2018-07-20T17:54:39","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=10241"},"modified":"2018-07-20T17:54:39","modified_gmt":"2018-07-20T17:54:39","slug":"the-importance-of-getting-digital-onboarding-right","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/the-importance-of-getting-digital-onboarding-right\/","title":{"rendered":"The importance of getting digital onboarding right"},"content":{"rendered":"<p>According to the 2018 J.D. Power Retail Banking Satisfaction Study, digital-only customers rank as the least satisfied group of financial institution customers. These findings are, however, not necessarily a validation that customers want physical branches as much as they are a sign that many financial institutions are not doing an adequate job of providing a positive digital banking experience, especially during the onboarding process. Here are six things to keep in mind about digital onboarding:<\/p>\n<ul>\n<li><strong>Digital account opening and communication are key<\/strong> \u2014 the J.D. Power satisfaction study found that the lower satisfaction scores found among digital-only customers are largely driven by a weak performance in three main categories: communication and advice, products and fees and new account opening processes.<\/li>\n<li><strong>Quick follow-up improves satisfaction<\/strong> \u2014 the impact on customer satisfaction between reaching the new customer within three days and reaching him\/her after that time is significant. Even a simple welcome SMS message lets customers know that they are valued.<\/li>\n<li><strong>An account opening confirmation is important <\/strong>\u2014 customers are increasingly demanding of confirmations for account openings, including the type of account that was opened as well as how much was deposited or borrowed.<\/li>\n<li><strong>Communication is more than just a \u201csingle touch\u201d<\/strong> \u2014 while it is true that customers do not want to be deluged with an overabundance of communications, customer satisfaction increases when the number of contacts is increased to a reasonable level.<\/li>\n<li><strong>Know\/learn your customer <\/strong>\u2014 the most important driver of enhanced customer satisfaction is applying customer-level insight to communication efforts. The goal is to mine the customer to generate automated needs-based messages that are customer-specific (as opposed to profile-specific).<\/li>\n<li><strong>Onboarding increases revenues and decreases costs<\/strong> \u2014 according to J.D. Power, improving customer satisfaction by as little as 50 points can equate to a USD 24 million increase in revenue per 500,000 customers. Put a little differently, a 50 point increase in satisfaction per customer can equate to a 6% increase in revenue.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-10241 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Russian bank  \u201c\u041e\u0442\u043a\u0440\u044b\u0442\u0438\u0435\u201d to use facial biometrics analysis in its branches'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/russian-bank-otkrytie-to-use-facial-biometrics-analysis-in-its-branches\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/01\/Biometric-Identification-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-6949\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-6949'>\n\t\t\t\tRussian bank  \u201c\u041e\u0442\u043a\u0440\u044b\u0442\u0438\u0435\u201d to use facial biometrics analysis in its branches\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='IoT: the future of modern banking'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/iot-the-future-of-modern-banking\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/12\/iot-the-future-of-modern-banking-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-11923\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11923'>\n\t\t\t\tIoT: the future of modern banking\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Top Cybersecurity Predictions for 2023'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/top-cybersecurity-predictions-for-2023\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2022\/12\/ab708f6a-6c97-b73f-540f-6089b345e6ed1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-16920\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16920'>\n\t\t\t\tTop Cybersecurity Predictions for 2023\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>According to the 2018 J.D. Power Retail Banking Satisfaction Study, digital-only customers rank as the least satisfied group of financial institution customers. These findings are, however, not necessarily a validation that customers want physical branches as much as they are a sign that many financial institutions are not doing an adequate job of providing a &hellip;<\/p>\n","protected":false},"author":5,"featured_media":10242,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[77,35,81],"class_list":["post-10241","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-fintech","tag-customer-experience","tag-digital-banking","tag-operationalefficiency","b_post_type-bfc-recommends"],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/10241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=10241"}],"version-history":[{"count":3,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/10241\/revisions"}],"predecessor-version":[{"id":10412,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/10241\/revisions\/10412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/10242"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=10241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=10241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=10241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}