Make it easy by reducing documentation
Use available technology to help customers complete applications with minimal effort. Digital tools such as Intelligent Optical Character Recognition (OCR ) and Natural Language Processing (NLP ) can extract customer information from ID document images and auto fill applications. As well, banks can now integrate third-party data providers and their own internal systems for existing customers to avoid asking customers for more data. When customers absolutely must submit a document, banks must make sure they can do so via digital channels and in the form of photos, PDFs and so on. The goal is to help them avoid offline channels, such as going to branches or sending letters by snail mail, as much as possible.
Hold your customers' hands
Customers love self-service and independence. Still, it's critical to offer integrated support at every step of online onboarding. Customers should never have to dial a number or go to a branch, if they have a query. A good platform can offer:
- Online Chat
- Video Chat
- Co-browsing that allows agents and customers to interact on the same web page
- Conversational AI Chat
- 1-touch click-to-call
Remember, though. While features like conversational AI will prevail as banks automate basic responses, human agents should still be available to handle more complex questions.
Automate decision-making and processing
Artificial Intelligence (AI) has improved a lot in the last five years. It can now automate the review of data that customers submit. It can even automate the decision-making process. It can also identify and directly flag inconsistencies or information gaps so customers can follow up promptly. Spotting such exceptions helps agents deal with them, too. Machine learning underpins this and ensures the AI continues to learn and improve.
Similarly, the dynamic workflows that Robotic Process Automation (RPA) produces can automate middle- and back-office tasks such as contract and party record creation. This reduces turnaround times, cost and the volume of customer calls. More important, the tool also increases customer satisfaction and application completion rates.
Be transparent, set expectations and communicate proactively
The right communication at the right time is the key to meeting customer expectations appropriately. Talk to your customers on their own terms, through their preferred channel. Some favor push notifications through an app. Others opt for in-app chats, text messages, emails, outbound calls, video chats and so on. Banks must reach out proactively to customers regarding:
- Additional information needed for their application
- Expected turnaround times for application completion
- Status of cards, checkbooks and other physical materials
- How to use mobile payments and other tools so they can use the product immediately before getting these materials
- Most importantly, communication must absolutely be two way. Make it easy for customers to reach out to the bank for self-service status updates.
Don't rest: Keep improving the customer experience
There's a great deal to gain from real-time insights into customer onboarding — and advanced tools can deliver the kind of analytics you need to take advantage of these insights. They help banks see how customers engage with every aspect of the application process. They can even clarify where the customer journey breaks down — and intervene when it does. By supporting product activation and usage they go a long way in preventing application leakage, dormancy — and in bringing a superior experience to customers.