Digitization in the banking sector: “Digital Customer Onboarding”

Digitization in the banking sector is a big word and challenge according to Financial Services Zug (IFZ). Key findings of the below-mentioned case study have been:

  • By automizing high-standardizable processes, cost efficiency can be achieved. But the challenge behind is that banks are often not sure where customer contact can be automated and where personal contact with a prospect or customer is needed.
  • Consistent data quality helps increase efficiency, especially in the middle and back office. Data quality can be significantly increased through guided online processes. Since the customer enters upfront all required information themselves, which leads to minimized error rates (e.g. unreadable handwriting, incorrectly filled in forms, false information and missing details).
  • High compliance / regulatory requirements ask for complete sets of customer data. Hence, value-adding digital onboarding processes have to be designed in a way to collect information efficiently but at the same time comprehensively. In addition, it is important to enabling banks to quickly integrate the customer information into existing central databases in order to make information accessible in real-time across all touchpoints (e.g. Online Channels, Apps, Branch user interface, etc.).

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