The Customer Experience Imperative: Delivering Seamless Customer Acquisition & Onboarding Journeys

Ricardo Souza
Ricardo Souza – Business Development Manager, Digital Solutions

First impressions are everything

Positive first impressions are crucial to successful customer experiences. And, for most banking clients, the first impression happens on their onboarding journey.

Customers are all unique individuals, with emotions playing a considerable role in the decisions they make every day that translate into loyalty and trust. Our studies reveal that treating customers as unique individuals rather than account IDs and empowering them to bank in ways that suit their needs, values, and aspiration from the outset – is the bedrock for banks!

Whether customers choose to bank in a branch or digitally, banks must bring personalization, empathy and human touch to each customer at every point of contact.

Make every interaction/step count

In banking, new customer onboarding has traditionally involved completing and signing stacks of paper, straining customers’ patience while adding administrative load and process bottlenecks to onboarding teams.

As more customers shift to digital channels, providing a practical, seamless, and fully digitalexperience is fast becoming every bank’s crucial weapon for acquiring and retaining new customers. With digital giants like Google, Amazon and Netflix, customers have become used to having their needs instantly met, especially amongst new generations who expect the ‘right-now’ user experience

Transform onboarding into a relationship-building process by giving customers and employees easy access to the information and tools they need. Decrease customers’ perceived effort by pre-filling the form information from integrated external data sources such as credit bureaus, Open Banking account information, or company registers with resumable omnichannel journeys and simple questions using a conversational tone of voice. Allow them to easily connect with advisors in the branch or digitally through chat, voice, and video who, empowered with customer insights, can proactively provide tailored advice to rectify any onboarding issues such as information mismatch or a missing document.

The best banking experience is usually the simplest and fastest one.

Meet your customer where they are

Given that 88% of all website traffic is now coming from mobile devices, it is every bank’s imperative to have an efficient, truly omni-channel onboarding strategy that begins with mobile.

In Latin America and the Caribbean, there is a huge opportunity. According to a 2022 study by GSMA, in Latin America, the number of mobile internet users has exceeded 380 million, equating to 60% of the population. Without a doubt, the fintech and banking industry is already taking advantage of the region’s mobile usage growth to offer omnichannel services wherever users go.

Build the onbaording journey with customer time in mind, allowing them to start from their preferred devices (e.g. desktop, mobile, tablet, ATM) and channel (e.g. online, mobile, call center). Input data only once and save automatically so they can seamlessly resume completing the form in their own time without losing their progress, even after switching channels (e.g. mobile to desktop),. This is the essence of omnichannel, creating positive customer experiences, increasing conversion and decreasing abandonment rates.

“In the next five years, CACI estimates that 88% of all interactions will be mobile” [1]

[1] Financial Brand

With technologies powered by data analytics and artificial intelligence, banks can have a comprehensive 360 customer view to help them reimagine the way they interact with their customers.

By building a unified picture of customer activities to understand their long-term ambitions and goals, banks can differentiate by providing customizable and highly personalized customer journeys that better serve their needs while benefiting from driving deeper customer engagements and forging unique, emotional connections that increase customer lifetime value.

Financial institutions using Temenos’ digital solutions

Ricardo Souza
Ricardo Souza – Business Development Manager, Digital Solutions