{"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='Increased staff turnover costs Kazakhstani companies billions'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/increased-staff-turnover-costs-kazakhstani-companies-billions\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/03\/increased-staff-turnover-costs-kazakhstani-companies-billions-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12406\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12406'>\n\t\t\t\tIncreased staff turnover costs Kazakhstani companies billions\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Open banking to begin a new data economy in Australia on July 1'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/open-banking-to-begin-a-new-data-economy-in-australia-on-july-1\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/open-banking-to-begin-a-new-data-economy-in-australia-on-july-1-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12972\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12972'>\n\t\t\t\tOpen banking to begin a new data economy in Australia on July 1\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Is it really a digital financial institution?'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/is-it-really-a-digital-financial-institution\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/01\/is-it-really-a-digital-financial-institution-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14331\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14331'>\n\t\t\t\tIs it really a digital financial institution?\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],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/10241"}],"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}]}}