We are in a time where just generating one time sales is not the job done! The competition is such that your customer today will be of your competitor’s tomorrow. But can you avoid this? Or how long can you retain your customer? The answer is simple. Making the customer experience and services up to the mark! Following the same, we will be discussing an effective solution for onboarding current account customers.
Table of Content:
- Challenges in Onboarding Current Account Customers
- The Solution
- Features of the platform
- Benefits you can take!
- Conclusion
Keeping your customers intact is very crucial for any business and when it comes to a customer grid like current account owners, then it becomes perplexing and mandatory as well!
Then, how to cope up with this?
Yes, this is exactly what it looks like. So first of all, let’s have the challenges list and then we will find the solution!
Challenges in Onboarding Current account customers
Paperwork and documentation:
Multiple documentations, n number of signs, and extensive paperwork takes a lot of time. On the contrary, this feels very exhausting and cumbersome. Dealing with all this always creates problems and is hard to deal with.
Manual Data-Entry errors
By inputting data personally, there is a greater chance of committing errors. Such errors may cause issues regarding client data and conformity. These issues may result in inconveniencing customers and also affect proper tracking of customer data.
In-person Verification
Some banks still make customers come in person to verify their identity. And in times where digitalization is peaking to new benchmarks, this feels annoying and inconvenient. Subsequently it requires time and extra effort for the customers.
Regulatory Compliance
Banks have to follow strict rules and it’s hard to make sure they do this when new customers sign up. However, if they fail to do so or don’t follow the rules, then they will be fined . Additionally, it can lead to a loss of credibility that can significantly hamper the overall image.
Processing Delays
Customers get frustrated and give up when it takes too long to open an account. Obviously who doesn’t want swift and easy tasking. Moreover, if you take an excessive time period initially while onboarding, then the complete customer journey becomes vague.
Lacking in Real-Time Visibility
Offering customers real-time updates is crucial because it keeps them informed about ongoing developments and helps to decrease uncertainty.. However, organization lack this visibility.
The Solution for Onboarding Current Account customers
As per Zendesk, a whopping 70% of customers make their buying decisions entirely based on the quality of service and the experience they receive!
That marks one thing that there is a requirement of a software through which onboarding can be digitized and automated so that customer journey becomes smooth. Firstly, a software or an app through which customers can be onboarded easily and in no time. That will be easy for the banks and the customers getting onboard as well. Also, creating easy access and more trust within your organization and with your customers.
It will require the following things:
- Software Developers
- Software Architects
- Quality Testers
- UI/UX Designers
- Support staff, etc,.
That means a lot of resource addition. That will hamper your business profitability as well. Also, using third party resources for a longer period of time is not at all advisable.
Earning more but increasing your expenses equally does not take you to new heights!
You need to be cost optimized as well to increase your profitability. Bringing in a top notch solution eradicating all issues is using Low-code or No-Code application development platforms.
Build easily with No-Code App Development Platform
Building apps on No-Code Platform has been a revolution in the development industry. The best thing about using a no-code platform is that a person who is not open to codes can also build websites, apps, tools etc., in just a few clicks. No-code platforms provide a template-based development approach that allows you to build applications using user-friendly features like drag and drop!
What else do you need now?
Finally, No extra resource addition, complete cost optimization through which you can increase your profitability and you are digitizing your organization as well.
A gem! Finally.
Isn’t it?
So, thinking about How and where to find the No-code Platform?
Well that is what Vahana Cloud has to offer.
A seamless No-Code Platform especially built for banking and finance needs for organizations.
Developing a solution that covers the entire user journey for onboarding current account customers on a No-code Platform like Vahana Cloud offers a distinct advantage, thanks to its wide range of features and benefits.
Features of the Platform
The platform helps you build an end-to-end solution accordingly that can complete the user journey all together. You can build a solution for onboarding current account customer that can have the following tasks:
- Digital KYC Verification
- Robust Security Measures
- User-Friendly Mobile Apps/Web Portals
- Automated Data Validation
- Electronic Signatures
- Integration with Government Databases
- Real-time Application Tracking
- Scalability
- Compliance Monitoring
So, it acts as a one-stop solution for the organization as well as the customer removing all the friction points.
Furthermore, it has extensive features. Firstly, let’s have a look at it.
Seamless integration:
This feature contributes to ease of integration with any system used by banks. These measures ensure that the instrument is compatible with current banking software and database systems as well as ensuring seamless data transfers.
User-friendly interface:
Secondly, this is a convenient tool because even the staff and the customers can use it easily. So, this eases the onboarding process which is more efficient for everyone’s sake and gives users a better experience onboard.
Automated document verification:
Hence, it automatically authenticates customer’s documentation without the necessity of entering data manually. This minimizes error chances accordingly.
Analytics and reporting:
Next, the tool offers analytical and report functionalities to enable banks to be aware of their progress in onboarding. Therefore, the collected information can be utilized to generate better decisions in future and ultimately improve the whole process.
Digital signatures:
Instead of having a normal signature, customers can enter virtual signatures in the form of digital signatures which they can also use to confirm signing of a document or document agreement, therefore reducing cost on papers. Finally, customers are able to find this making the onboarding process easy and secure.
Benefits of Using this No-code Platform to build your solution:
FASTER ACTIVATION
- Significant reduction in the merchant onboarding time.
- Enabling businesses to go live faster.
- Capture opportunities promptly.
ENHANCED SECURITY
- Advanced encryption and multi-factor authentication
- Safeguard sensitive data,
- Ensuring compliance with industry standards and regulations.
IMPROVED EFFICIENCY
- Automated processes
- Minimize human intervention
- Reducing manual errors and
- Increasing overall operational efficiency
CUSTOMER SATISFACTION
- A smooth and efficient onboarding experience
- Encourages repeat business.
COMPETITIVE ADVANTAGE
- Positions your businesses as forward-thinking, innovative, and customer-centric
ECONOMICAL
- Elimination of paper-based processes
- Reduced manual efforts
BETTER SCALABILITY
- Scalable architecture
- Effortlessly handle an increasing number of merchant registrations.
So, these benefits prove that you can easily improve the customer experience of your target audience and all this with complete transparency and cost optimization as well.
Conclusion
So far I hope there is nothing left to wait and let your customers go through a hectic and time consuming orthodox process. Adding on to it, also making your organization digitized and having an extra edge from your competition simultaneously.
So, start your journey with the No-code application development platform and be a part of the Vahana Cloud fam!
To sum up, In case of more information required you can connect with us anytime and also come down to the comment section.