Customers are the lifeline of a business and the competition for best possible customer service is only rising, it’s not a destination, it is rather an ongoing process.
The best possible onboarding / checkin / registration process is the one that is seamless and 100% reliable. Think of the hotel that you booked before you took the flight, not just to know who you are but to check you in immediately when you arrive at the property. Why do we have to wait for a concierge to be available and then wait while they process the checkin.
The more information an enterprise may carry for each of its customer the better. Banks, financial services including Insurance companies are all well suited for such a seamless and delightful journey to the customers’ chosen next product or service. Think of it like the payment systems (they are getting faster every day – from cards to phones to watches and signatures to pin to a touch and now no-touch checkout as well- but they still need to be lot more efficient). Our customers will take their sweet time to decide on a purchase but once that decision is made then the transaction should be completed in the easiest way possible.
Similarly when a bank has complete information about an existing customer (including KYC details) then why does it still take days (if not weeks) for some of most popular banks to roll out a new product to the same customer? What about the new customer, how do we make our onboarding process for a new customer more efficient? What is the role of technology in reducing the time it currently takes?
There are several aspects that must be addressed including Central Bank requirements, internal bank policies and the manual paperwork processing that .