Jul 14, 2021
The COVID-19 has brought a major shift in customer behavior. Almost 7 out of 10 millennials demand a seamless integrated experience for services across all channels. Banks and Financial institutions incessantly try to improve and come up with better methods to onboard and retain customers. However,
their legacy processes tend to be slow, repetitive, and expensive (it costs banks an average of $48m per year to onboard new customers!). Customers expect the same level of convenience from their banks and financial institutes as they receive from Amazon or Facebook. This has put an increased pressure on incumbent organizations to accelerate their digitization strategies.
According to Fenergo, one in three (36%) financial institutions have lost customers due to inefficient or slow onboarding and 81% believe poor data management lengthens onboarding and negatively affects customer experience. Secure and frictionless omnichannel customer journeys are thus becoming the norm rather than a differentiator.
In order for organizations to thrive in this post-pandemic digital age, efficient customer onboarding has to be an overwhelming priority. Leveraging technologies such as AI & ML (for assisted onboarding & analytics), Biometrics (includes face ID, fingerprint, voice recognition, iris scanning), and DLT (Blockchain for KYC) will determine long-term customer loyalty and retention. Early adopters are already writing their success stories and redefining the baseline for customer expectations.
This virtual summit brings together key decision-makers to explore the latest research, tools, and services that are transforming digital onboarding practices & enhancing customer experience.
Join the event for free!