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  5. Digitizing Onboarding: Starting Blocks in a Sprint

Digitizing Onboarding: Starting Blocks in a Sprint

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17 March 2023
Alenka Grealish

Digitizing commercial customer onboarding is like using starting blocks in a sprint. It improves performance along numerous dimensions and generates a win-win. Banks that have successfully digitized their onboarding processes report dramatic reduction in onboarding times from weeks to days to even minutes depending upon company size. Clients win because they can use the bank’s services sooner. The bank wins by putting their best foot forward. The beginning of a client relationship sets the tone for deepening the relationship. Banks in the digital vanguard have found that if clients have a positive digital onboarding experience, they will likely use both the bank’s self-service and unattended (host-to-host) channels more. In addition, banks realize cost savings, error reductions, and revenue boosts. For example, some report errors down from 60% to 5% and processing time down as short as a sixth of the time. The revenue boost from serving a large corporation three weeks sooner could easily be over a $100,000. Bank employees are also winners. Banks state that their relationship managers report improved job satisfaction as they can focus more on adding value for clients by gaining 10% to 15% extra capacity.

Digital onboarding transformation, however, is a challenging undertaking, requiring fortitude and perseverance. It involves sprints within a marathon to realize three high level objectives: harmonization, end-to-end transformation, and streamlining. Best practices include rethinking processes, open collaboration, cross-functional and agile team, and an incremental, iterative approach.

Figure: Digital Onboarding Objectives

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