Are you making these 5 abandonment-inducing onboarding mistakes?
That many banks get KYC wrong, with costly repercussions, is well-documented.
But what about enrollment: the other, equally important part of customer onboarding?
Sadly — but unsurprisingly, given how closely the two processes are connected — our own research found that friction can be identified here as well. Where do banks typically fall short? And what steps can they take to improve the process?
Here's what the data from our digital banking research platform FinTech Insights says.
What is enrollment?
For the purposes of our research, we've considered enrollment to be that part of the onboarding process the customer must complete to access online banking: creating login credentials and/or requiring the user to authenticate themselves.
Our data-set includes 23 US incumbents, challengers, and credit unions with a clear, well-defined enrollment process that takes place during or after KYC.
Having analyzed how each firm handles enrollment, we've pinpointed four critical issues that cause needless friction and make the process harder than it has to be.
1. Redundant steps
The single biggest takeaway from our analysis is that compliance doesn't justify lengthy, cumbersome processes.
All 23 firms in our data-set operate in the US and, so, must largely follow the same rules. And, yet, enrollment workflows differ dramatically.
Capital One, Wells Fargo, and Space Coast Credit Union have...
Read the full article and the findings of the research on the Financial Brand.
Want more insights into what US banks, challengers, and credit unions get right (and wrong) about enrollment?
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