Financial institutions are constantly looking for ways to streamline customer onboarding and drive growth. Usually, branch walk-ins were the primary method of acquiring new customers. However, the digital revolution has ushered in a new era of online onboarding, offering convenience and speed.
So, imagine this: You need a quick loan. Now, where would you rather go – to the bank in person or just handle it online? I bet I can guess your choice! Yep, most people these days prefer the digital route. And you know what? That’s why the bank’s customer base is skyrocketing!
But does making onboarding process digital convenient is enough? No, it’s more about Building Trust around Personalized Service.
Branch walk-ins have long been the cornerstone of customer acquisition for financial institutions. They offer several advantages such as Face-to-face interaction, personalized services, Cross-Selling Opportunities
Their only limitations are the time constraints, where customers need to physically visit the branch during operational hours, which can be inconvenient for busy schedules. Besides, not everyone has easy access to a physical branch location. This can be a barrier for customers in remote areas.
This is where digital onboarding takes a leap forward and offers a compelling value proposition for both customers and financial institutions:
The benefits of digital onboarding extend far beyond just speed and ease of use. Here’s how it empowers banking and NBFC’s to acquire new customers more effectively:
While digital onboarding takes center stage, physical branches still hold value in a customer-centric approach:
The key to maximizing customer acquisition and portfolio growth lies in a customer-centric approach that leverages the strengths of both digital and physical channels. Here’s how:
Conclusion: The Future is Digital-First
The digital revolution has fundamentally reshaped customer expectations. By prioritizing a digital-first approach with a strong foundation in user experience and data-driven optimization, financial institutions can unlock exponential customer growth, build trust, and foster long-term, loyal relationships in the ever-evolving financial landscape. W
Remember, behind every loan application is a person with dreams and aspirations. Let’s make their journey smoother, one personalized loan at a time.
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Servosys Solutions is a unit of EML Consultancy Services Private Limited, a company headquartered in New Delhi, India. We are one of the fastest-growing providers of software products and technology services for business process automation solutions that address challenges like process turn-around time, organizational productivity, regulatory compliance, business scalability, operational visibility and excellence.
