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Customer Experience - The next battlefield for digital onboarding

Customer-Experience

Companies have been on a digital-first trajectory for years now, which spurred in the wake of COVID 19. A lot of organizations had to bear the brunt of this catastrophe, and a lot of them survived grasping the straws of digital transformation.

But the real winners of this new normal were the ones who foresaw that transforming digitally was but a pre-requisite; it is the ‘Customer Experience’ which will keep the ball rolling.  

With an abundance of alternatives and ubiquitous access to pricing and product information, consumers have little reason to remain loyal to a particular brand. ‘Customer Experience’ is hence the battlefield for companies to create an edge.  

Why is ‘Customer Experience' a priority? 

Every interaction that your customer has with you is an opportunity for you to make an impression. Personalization, omni-channel accessibility, and frictionless communication are the three pillars of refined customer experience. Customer experience is not just about sales, the goal should be to target the right audience, at right time, send product updates, demonstrate the best ways to use them and, as a result, carefully involve (or re-involve) the customer in the ecosystem. 

Upal Pradhan, Business head of IDcentral - a Subex company says, “Today’s busy lifestyles demand convenience and instant gratification. As a company, we need to develop digital empathy towards our customers. Digital footprints of the customer provide crucial insight into the needs and demands of the customer. It gives power to assess, not just material demands but also emotional and situational needs based on behavioral data.

A company should incorporate these emotions into responses and find the most appropriate communication based on a customer’s preferences, previous transactions, and browsing and mobile activities. This would help a company build customer trust, loyalty, and satisfaction while maximizing customer lifetime value for companies”.  

Customer Experience for Digital Onboarding 

Digital onboarding is the first step of customer interaction. Despite all the talk about delivering a great customer experience, most companies stumble out of the starting gates in the early stages of building a new relationship. Filling out lengthy forms, answering difficult questions, searching for long-lost documents, and signing each piece of paper multiple times can lead to terrible experiences and high attrition. According to a research, 51% customer abandon the sign-up process because it is complex. 

Many companies have fragmented processes which becomes a hurdle to a seamless experience. Customer onboarding is often viewed as a routine process instead of a huge opportunity to build relationships.

Consequently, there is minimal focus on efficiency and scaling up—the onboarding process for the clients is constrained by product-based silos and disconnected systems. Client onboarding requests can come through different channels and involve several e-mails, paper documents, and faxes, as well as frequent manual intervention.  

For the client, the absence of clear information on the status of their onboarding becomes frustrating. Additionally, the lack of a centralized view of a client can lead to potential dropouts. Losing a customer, without them even trying the product/ service due to an incompetent onboarding system is a huge loss to the company.

Companies should make onboarding experiences as convenient as possible, even in more complex scenarios. They should include different products and services that might not share the same processes (like checking the eligibility of a more complicated service in detail for an individual person). 

One of the simplest ways to tackle customer onboarding challenges is for software providers to invest in a DAP - Digital Adoption Platform, like Apty. Apty sits like a layer on top of any web-based application and helps your users navigate through your system successfully.

It helps them understand, learn and fully adopt your software without lengthy calls with your support teams or having to raise multiple tickets every time they have a doubt on how to proceed. It helps users independently and seamlessly understand the value of your product, which at the end of the day is crucial to hitting the ‘aha’ moment. 

According to one of the surveys, 85% of financial institutions currently offer digital account opening, and 60% want to improve the customer experience and acquire new customers digitally this year. But they face significant obstacles. 

While security and trustworthiness continue to be critical attributes, more consumers are choosing their banking providers based on the convenient and frictionless digital experience. 80% of financial institutions identified improving customer experience as their number 1 business objective in the digital account opening process in 2020. 

McKinsey report mentions that ‘Customers who are highly satisfied with their digital experience are two-and-a-half times more likely to open new accounts with their existing company than those who are merely satisfied. They are also less sensitive to price and generate more positive word of mouth.’ It is about time that not only financial institutes, but companies from other sectors to prioritize CX over everything. 

 

This is a guest blog from Ayesha Kapoor.

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Ayesha Kapoor
Written by Ayesha Kapoor

Ayesha Kapoor is currently working with IDcentral (A Subex Company) as a Growth Marketer. She is a postgraduate in management from Symbiosis Institute of Digital and Telecom Management with marketing as her major. She is the creative head who loves to read and explore different avenues in the field of Marketing, Branding, and Advertising.

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