5 Milestones for Digital Banking Account Opening Journeys

The rise of Alibaba, Amazon and other digital ecommerce has convinced customers that they can have endless variety of products delivered instantly.

This is putting immense pressure on banks to embrace instant fulfilment way of banking, keep in sync with advancing innovations and evolving custoemr preference. Hence banks, once considered the epitome of hulking bureaucracy, have now adopting the digital way as a thoughtful gesture.

Here are the five key milestones through which digital banking customer journey designers can empower banks to make the account opening process simple and lightening quick:

  1. Get deeper prospect/customer intelligence with AI

Bankers already have mountains of customer data. By itself, its a useless dump. But by applying AI powered pattern identification on customer profile data, banks can differentiate themselves by offering personalized digital journeys. Such intellgience can also be valuable addition to cusotmer segmentation for targeted campaigns. Customization can be digital account opening journeys faster, relevant and intuitive.

  1. Instant fulfilment

Once upon a time account opening took about a week. Today, banks are able to offer instant account openings. Mobile has made instant gratification a habit for customersw. Thanks to digital journeys that have seamless integrations with mulitple systems including social registry and credit rating agencies, customers are instazntly able to get banking accounts. This translates to greate cusotmer delights.

  1. Omnichannel continuity

The ability to start, pause and complete a digital journey is a crucia hallmark of digital. For instance, a customer pausing a purchase journey on a desktop can complete the journey on his mobile later. Or the agent in charge of the product can recieve a notification about the incomplete journey and can assist the cusotmers in real time.

  1. Automation with straight through processing

Customer onboarding and serbive requests can be resolved quickly through automation with straight through processing. Bankers can by themselves, through  digital journey STPs resolve routine cusomter requests like profile, address update, cheque book request etc. A great visual journey designer can provide end to end customizable journeys for instant gratification.

  1. Automating customer verification process for eKYC

eKYC is a major contributor for delivering instant acccoutn opening. With seamless integration with credit rating, social number databases and custom Anti Money Laundering (AML) filters, banks can determine the credit worthiness of customers/prospects and quickly use the intelligence to deliver attractive personalized offers, thus incredasing adoption and custoer delights.

Banks with smart digital customer journey designers can improve customer experience by providing faster account opening, customizable products to meet the unique needs of customers and lay down a strong foundation for building long lasting customer engagement relationship.

 

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