Innovating the onboarding process for a changing digital world
Consumer behaviour has changed, and expectations are at an all-time high. Innovations in technology and surges in mobile connectivity are catalysts and people expect immediacy, seamless experiences and personal touches across everything in their everyday lives.
The financial world is no stranger to any of this, but in terms of impactful customer propositions, we still believe banks have much to do to make customer journeys as frictionless as a ‘one-click’ purchase. After all, our Payments in Europe survey stated around 80% of in-store transactions are electronic, and 7 in 10 European merchants say they would like to see initiatives to encourage their ability to refuse cash and power up online marketplaces.1
Moreover customers really engage with digital banking – in fact mobile banking usage increased by 34% between February and June 2020 (Boston Consulting Group). Banks are in a great position to use their strengths to capitalise on the digital boom to deliver meaningful and lasting customer experiences.2 Starting with onboarding.
Our research into 70 different onboarding journeys shows customer experience varies. What we have seen though is that customers who onboard digitally, are happier, more likely to refer the bank to friends and family, and most importantly, transact more and utilise the full breadth of financial services from a bank. In other words, these are the customers who bring the largest customer lifetime value and impact to a bank’s bottom line.
At Visa, we are excited to see what the future holds for the banking industry and feel that banks can inspire others by developing the best services and products for their customers.
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1 Visa, One billion additional touch-free Visa payments made as consumers embrace contactless commerce , 7 April, 2021. https://www.visa.co.uk/about-visa/newsroom/press-releases.3088603.html
2 Boston Consulting Group, The sun is setting on traditional banking, 24 November, 2020: https://www.visa.co.uk/about-visa/newsroom/press-releases.3088603.html
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