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Your onboarding process: a competitive advantage, or your downfall?

In 2010, an independent study revealed that only 30% of firms saw an efficient client onboarding process as a competitive advantage. How times have changed in just ten years!

Today, according to leading research giant Wyzowl, 63% of all customers consider a company’s onboarding process when making a purchasing decision.

And, as customers demand a more seamless process, more and more firms are starting to understand the numerous advantages of offering a seamless experience.

INCREASED PROFITS

In the last decade, client onboarding has come a long way. And, with the distinct need for a digitalised approach to selling, it’s also become a very hot topic.

Now, all companies realise the value of a well-structured and executed onboarding process, which not only improves operations by minimising time and costs, but also adds to the overall brand image and contributes to profitability.

EXCEPTIONAL SERVICE

As firms race to invest in their onboarding capabilities, we’re also seeing the huge benefits of exceptional service.

These advantages include a vastly improved brand reputation (and, in turn, increased profits), and a burgeoning customer base: in 2020, a Wyzowl study showed that 66% of consumers would happily pay more to a company with a great customer service reputation!

As a consequence, firms can no longer afford to host an onboarding process which requires endless steps or a lengthy registration. The consumer of the 2020s demands seamless services; a fast, fully streamlined experience that strongly influences the ease of client onboarding.

STATE-OF-THE-ART TECHNOLOGY

In order to deliver the competitive advantage of a seamless client onboarding experience, today’s corporations need to enrich their existing processes with the latest compliance and regulatory technologies… In short, a RegTech solution that enables extraordinary client lifecycle management, client onboarding and KYC review.

iSPIRAL’s RegTek+ Client Lifecycle Management delivers exactly what companies – and clients – require, utilising the best of emerging technologies to satisfy the needs of all stakeholders, including clients, employees, regulators, and shareholders.

Streamlining and automating client onboarding and KYC processes, adapting rapidly to all needs, and increasing the speed of change delivery, this Solution delivers exactly what clients have now come to expect from their onboarding process: a quick, easy, and seamless experience that benefits customer and company alike.

 

If you are interested in learning how to build a digital onboarding process that wins any client then download our white paper here!

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