As businesses become more agile and customer-centric, the pressure is greater on departments such as IT and customer service to enhance customer experiences in order to improve profitability and RoI. Because of this, companies have been turning to no-code application platforms for account onboarding.
By using no-code applications, businesses can quickly and easily automate their customer onboarding process without a need for costly technical teams or expensive coding costs.
In this article, we will explore the specific challenges of onboarding and how no code application platforms can streamline it.
What Are The Challenges In Customer Onboarding?
Customer onboarding is perhaps one of the most crucial aspects of customer service. It sets the entire tone for how the client perceives a business. Unfortunately, it is also one of the most complex transactions that the business will ever do with the customer. Let’s understand why there are so many pain points in customer onboarding.
Account Onboarding Processes are Complex and Constantly Keep Changing
Customer onboarding requirements vary with time, especially in highly-regulated industries such as banking and finance. Banks often follow Know Your Customer (KYC) guidelines either propagated by a regulatory authority or for their own internal compliance purposes.
Similarly, firms in the B2B sector often have multiple onboarding teams that need information when a new customer begins its journey with them. Even in the B2C sector, the use of data analytics has made companies hungrier for more and more information. It helps them understand their customer profile and hence upsell and cross-sell products to them.
Typically, in-house IT teams develop specialized onboarding modules with capabilities for accepting, matching, and approving or rejecting data in both text and visual formats. All of this is very common, yet the particular requirements and customization needs of the organization mean that off-the-shelf solutions are not workable. Moreover, these tools need constant updation to keep up with the requirement of data, needing a lot of retooling.
They Require Connectivity Across Several Systems
Nothing excites an entire organization like a new business. Unfortunately, this means that almost every function gets in on the act when it comes to customer onboarding. This means that the tools for onboarding need to be able to coordinate between multiple departments and functions.
Take the case of a simple bank loan. From the front office at the bank branch to the teams that do eligibility and credit checks, risk management functions, legal teams, technical teams, field investigation teams, and the product team – everyone gets in on the transaction. The onboarding application needs to be able to create a pipeline and handshaking between all of these functions to get the customer on board.
There are several problems in the process – delays, lack of visibility, poor coordination, teams working in silos, and more.
Customers Expect a Smooth and Simple Process Across All Mediums
On the other end of the table, customers expect that onboarding processes need to be smooth and simple across all platforms and mediums. They want to be able to pick up their request if they leave off from any medium, be it their laptops, tablets, phones, or computers.
Complete visibility of timelines, what stage the process is currently in, and where and why it is stuck is also something that most clients like to see.
Benefits of No Code In Onboarding
Now that we understand the problems inherent in traditional onboarding, let us look at how no code solves some of these issues.
Better, More Intuitive Onboarding Experience
No code platforms make onboarding experiences much more intuitive. Business users from various functions can come together to create an application that accurately maps the process and customer journey during onboarding. Technical expertise is not required to build such an app, Since the platform is drag-and-drop and easy to work with.
Multi-Platform Made Easy
No code app builders are, by default, multi-device and multi-environment compatible. Applications built on these platforms can be used on any device without any modification. This makes the onboarding journey very smooth and intuitive for the end customer.
Nearly 80% of service providers believe that compliance is the biggest reason for slowing down processes, including onboarding. Traditional application development simply cannot cope with the frequent changes and new requirements that need to be deployed to ensure regulatory compliance, especially in processes such as KYC. The time and cost of researching vendors and finding the best way to integrate a compliance service are quite cumbersome.
No code development platforms offer a range of APIs. These APIs help to integrate quickly with any new compliance service, making the process much smoother.
Customizability & Composability
Applications built on no code are created using blocks of prebuilt and pre-tested code. These blocks are easy to plug and play in any scenario. If there are some parts reusable by other functions, it is very easy to do so. Moreover, customization of no-code applications is equally easy due to the visual and intuitive interface which they provide.
Faster Time To Market
It is much faster to build and deploy no code applications since there is no heavy coding required. Teams can also customize them for any new requirements.
The time to market is much lower because it is faster to make prototypes with these platforms. Since the entire process is visual, even a non-technical person can build a simple prototype and test the functionality. Creating the onboarding solution does not require multiple rounds of product development.
Creating and regularly updating a custom onboarding solution using traditional IT development processes costs a lot. Buying the necessary tools and hiring and training a technical team are expensive affairs. No code gets rid of the high administrative costs of application development. With a little bit of training, even your business staff can build solutions through these tools.
The need for data, complex processes, and connectivity between multiple departments makes traditional onboarding difficult. No code applications can offer a more intuitive user experience across multiple platforms. It also gives better visibility of timelines and stages of the process. This is why many businesses are utilizing no-code application platforms to automate their customer onboarding process.