The old adage “You never get a second chance to make a first impression” has been attributed to such notable historical figures as Will Rogers, Oscar Wilde, and even Mark Twain –and it still rings true for banks and their customers. Banks have one chance to effectively on-board new customers in what Forrester calls the “Age of the Customer” and, when your “customer is king”, that first impression is more important now than ever.
Ironically, what customers want – during the entire transaction process – is closely aligned to what banks are striving to achieve. Here’s a comparative look at the needs of both:
- To do business the way they want to
- Instant and/or timely transactions
- Access to their money
- Easy to interact with bank and less frustrations
- Visibility “behind the curtain” to see what’s happening during transactions
- Transactions done right the first time
- More self-service transactions via the web and mobile apps to reduce costs
- Quicker turnaround times and improved processing times
- Shorter time to revenue
- Streamlined and efficient customer-centric processes
- Transparency during the process for all stakeholders
- Accuracy and high quality
But what are the real costs of a typical customer onboarding process for banks? Here’s a few statistics to illustrate:
- Up to 90 percent of new customers abandon account applications before they are completed
- The average cost to set up and maintain a new account is more than $300 per year.
- Manual, paper-based processes during a typical customer onboarding process can cost up to 20 times more than computer-assisted, electronic document processing.
Now there’s a better way. With the Kofax Customer Onboarding Solution, banks are onboarding customers faster, achieving near-perfect file accuracy, and building trust with automated follow-up communications.
Now, bank managers can now spend more time building business with customers and less time shuffling through files. With the Kofax Customer Onboarding Solution, banks can jump-start customer relationships and loyalty, enhance the bottom line with streamlined process flows, and mitigate risk while promoting compliance.