Is your onboarding process up to speed with today's standards?
With changing consumer demands, regulatory developments and FinTechs challenging incumbent players, the fast-changing market for digital customer onboarding is becoming increasingly important. Organisations that can deliver quick, relevant and digital processes are gaining a competitive advantage. INNOPAY developed a benchmark that provides banks with essential insights into how to make a good first impression, based on lessons learned from those doing it right.
Onboarding benchmark Q2 2018
The results of 2018 Q2 show that that incumbents are back on track. By now, there is no longer a need to visit the office to open an account. Also, it seems that many onboarding features that were once considered as standing out now become more mainstream, new standards on what is competitive arise. Curious how your onboarding process performs? Please feel free to contact us.
Onboarding benchmark Q1 2018
For more information on the benchmark and insights, see our latest publications:
How banks can solve the “Onboarding Puzzle” in the German market
How to optimise your customer onboarding journey: align your modular building blocks
Methodology
The Benchmark compares the account opening processes of retail banks for Dutch citizens. The onboarding process starts from the moment a customer indicates that they want to open a payment account up to the point the account is ready to use. The Benchmark focuses on the customer’s perspective and is based on two parameters:
1. The Effort it takes for the prospect to complete the onboarding process;
2. The Response of the organisation to the prospect during the onboarding process.
An organisation’s performance on these axes is determined by a set of key indicators. (the table on the left depicts examples of the questions asked). Each key indicator is deliberately objective in nature; elements such as ‘fun’ or ‘cool design’ have not been taken into account because they would lead to subjective results.
As the market for digital onboarding is developing quickly, INNOPAY re-evaluates the benchmark every quarter.
| Effort | Response |
|---|---|
| Is the prospect made aware of all required things upfront? | Is the prospect informed on when (s)he will receive response on the application? |
| How long did it take to fill out the onboarding application? | If the prospect has questions, is it possible to ask them during the process? |
| Can the prospect see his/her progress? | Is the prospect notified when (s)he is accepted or when additional documentation is required? |
| Is it possible to pause the process without loss of data? | What is the total lead time of the process for the customer? |
| Is the prospect made aware of all required things upfront? | Does the prospect receive instant feedback, directly after fulfilling the application about the completion of the process? |