Customer onboarding is a delicate process, which can make or break a business. Customer onboarding is challenging, whether it is for a bank with strict protocols, an organization with a week-long training, or a small company with just a short instructional manual. According to Wyzowl Customer Onboarding Statistics 2020, more than 90% of customers feel that buying companies could improve their customer onboarding process.
A smooth onboarding process ensures you deliver significant value to customers while strengthening the relationship as the first step. In essence, only through this, your customers will genuinely become a patron of your business. So how hyperautomation can increase retention, ease the process? Let’s explore.
In a traditional approach, the following steps are done manually:
● Collect key documents and feed them into a centralized system
● Verify the documents against reliable or government databases
● Perform risk assessment for fraudulence
● Guide the prospects and answer their queries
Though the steps look simple, from a bigger picture perspective, the process is lengthy and complex; it involves coordination from multiple stakeholders from front-office, finance, compliance, legal, and more, each with its own rules.
Customer Onboarding Process Leveraging Hyperautomation
Typically, organizations take at least 1-3 weeks to fully onboard a client. For corporate banking customers, the whole process takes 90-120 days, according to Oliver Wyman. According to industry statistics, automation can reduce process time by 30-40%, potentially reducing costs by 25-40% over 18-24 months.
With hyperautomation at play, chatbots can welcome new customers and answer their questions 24×7. Application Programming Interface (API) facilitates communication between the applications in the workflow. In this case, API allows sharing data between the government regulator and the team involved in onboarding and collecting client information from other sources like social media channels.
To customize the services, analytics, and machine learning estimate and continuously update the risk levels and segment the client pool to customize services. Computer vision and natural language processing help intelligently process unstructured documents such as bills, contracts, and identity documents. Robotic process automation can support the execution of the overall process, performing all rule-based activities such as reconciling data, checking data, and sending emails. An example of such a redesigned process is shown below.
Hyperautomation is gradually entering our lives and is transforming the way we live and operate our businesses. Reducing human intervention, this technology is no less than a boon. However, hyperautomation is not a magic wand to solve all complex problems. A myriad of criteria should be met to ensure successful implementation to reap the maximum benefits.
