Future of Digital Onboarding and Customer Experience Summit for FI 3rd Edition

Overview

There is no doubt that digital customer onboarding plays a major role in the banks and financial institutions’ relationship with their potential customers. It is quite obvious that the customers may vary in their particular needs and demands. But still, they share a common expectation during their onboarding journey that is, flexibility and agility. Hence, the institutions need to be selective in deciding their partner in order to ensure a seamless onboarding process. They must choose a partner that will provide them with the best technological solution in the transformation to digital onboarding process.

When delivering the customer experience, the digital onboarding process becomes paramount for the competitiveness of a bank. This increases conversion rates. In addition, investment in a modern onboarding process can potentially cut costs. This can be done by improving efficiency and eliminating obstacles and response time, at the same time adhering to some of the most severe restrictions with ease. Consumers can now open a bank account with ease which means digital onboarding is a chance not to be missed. The reduction as well as the acquisition in expenditures and attrition rates have all been demonstrated. Undoubtedly, banks which have taken a proactive stance have seen little repercussions. We all are aware that the young and elderly customers are accustomed to using online tools if they want to book flights or purchase insurance. Basically, purchasing practically anything at their leisure and through their preferred channel. Perhaps, digital onboarding is not as difficult as it appears.

While digitalization brings in many advantages for speed, cost and efficiency, it has its other side too. Apart from the advantages, it increases the vulnerability for financial crimes such as money laundering or fraud. Therefore, regulatory requirements have become more stringent as a natural result of changing dynamics in the financial ecosystem. And so, banks or financial institutions need to make sure that they are compliant with the regulations as they are transforming into digitalization. Through digital onboarding, artificial intelligence based ID verification procedures have been implemented to ensure better compliance with KYC processes. And the fact that this will create a better customer experience shouldn't be doubted.

On this note, Group Futurista is glad to announce its upcoming 'Future of Digital Onboarding and Customer Experience for FI' virtual summit which will include revolutionary keynotes, case studies, and an amazing selection of industry-leading speakers who will come together to share their words of wisdom on what the future holds for Digital Onboarding and Customer Experience for FI.