The financial services industry loses approximately £5.7 billion annually due to abandoned applications and onboarding friction (according to Signicat’s 2022 Battle to Onboard report).
💡 Quick Win: Implement a structured digital onboarding process with progressive data collection.
Here’s a simple approach:
– Audit your current onboarding journey to identify friction points
– Break the process into manageable steps with clear progress indicators
– Implement e-signature capabilities for essential documents
– Enable secure document uploads with automated verification
– Create automated follow-up workflows for incomplete applications
One regional building society implemented this approach and reduced its onboarding time from 14 to 2 days while increasing completion rates by 34%.
What’s your biggest onboarding challenge? I’d love to hear about your experiences.
#FinancialServices #DigitalTransformation #CustomerExperience #TechnologyStrategy #ITStrategy