The perception of poor client onboarding within established Financial Institutions hasn’t been helped by the fact that recent entrants to the Financial Sector – challenger banks, Neobanks and Crypto providers for example – have significantly changed the game when it comes to customer experience within financial services. These new players have pioneered quick, simple, customer-centric retail onboarding processes that can be completed in a matter of minutes. The impact of these changes is already being felt in more mainstream finance; why wouldn’t business owners expect the same experience with their business banking accounts as they do in their personal lives?
Simply put, those institutions with a simple, easy and quick onboarding process will have a significant commercial advantage over their rivals. With this in mind, what steps should Financial Institutions be taking to improve their client onboarding processes for their corporate customers? Al Catto, Managing Director at BeyondFS, shares his thoughts below.