How digital transformation makes it easy for customers to work with you
(Guest blog written by Simon Matthews)
“The urgency for digital transformation has grown exponentially, especially within traditional banking and financial institutions.”
George Amanatiadis, Scrive’s VP of Banking and Finance
Remote onboarding, interactions, and structures have during recent years become the ‘new normal’. These changes also extend to the customer experience. From how customers are onboarded, to how they reach out for support – expectations have evolved significantly.
But it’s important to remember that what customers want from an emotional standpoint has – in many ways – remained the same. They still want to feel looked after, understood, and to have their time and effort respected.
The destination’s the same. It’s the journey that’s evolved. This thinking should be at the heart of any digital transformation.
“Customers ultimately still want to be met where they are. To buy how they want to buy. To interact with suppliers quickly, easily, and securely.”
What customers expect today
- Fully digitalised onboarding. Less paper and unnecessary reading
- Low effort threshold. Efficient and user-friendly actions
- Time efficient. No wasted clicks or fuss to complete tasks
- Intuitive experience. The process should be logical and easy to follow
- Responsiveness. Solve problems quickly
- Fast and agile process. Reduce frustration and confusion
A great onboarding experience will always deliver a huge competitive advantage
“A smooth onboarding experience delivers engaged customers. And engaged customers develop into loyal and returning ones.”
Getting your customers where they need to be as quickly as possible has many benefits. It makes a great first impression, helping to build trust in your brand. It helps them better understand the benefits on offer and gets them using the product or service quickly, delivering a short time to value. This experience should consider KYC/AML, as well as multiple use cases.
In the UK, Revolut leads the way in many onboarding metrics. It takes just 24 clicks to open an account. New customers can also open this account via an app and have to wait just three working days before it becomes active. By comparison, opening a new account with some of the more traditional banks can take nearly 100 clicks, followed by a five-week waiting period.
Nordnet’s digital transformation
We recently worked with Nordnet to implement better customer journeys through electronic signature and identity verification, delivering impressive results within six months.
- New customer conversion rate grew by 133%
- Significant improvement to NPS score for new and returning customers
- Lead time for purchasing new products decreased by 90%
- Handling time for back-office processes reduced from 30 to just 10 minutes
When considering any digital transformation, it’s vital to have the right insights – both internally and from your customers’ perspective. Next, work with partners who have the right tools, legal understanding, and best practice principles in place.
When these elements are combined, your business makes it easy for existing and new customers to work with you.
You can find the full Nordnet case study here, or contact us with any questions.