The ability to provide effective digital onboarding for the banking products has been increasing in importance, especially so since the pandemic with digital bank application drop off rates increasing to 63% in 2020, from 38% in 2019, as per Signicat report (1). Further, adapting the customer experience to cater to younger generations is becoming an important task – for example, Gen Z cohort will make up around 1/3 of the working population in the UK by 2030 and will represent significant spending power with their needs differing significantly from other generations (2). Offering advanced digital technology and a swift friendly customer service is among the top needs of this generation (3). Combining both high tech and advanced personable customer service is on the agenda for the financial institutions.
Let’s look at 4 core issues that customers are facing when onboarding for their banking products and the possible solutions.