The customer lifecycle can be divided into four functional areas – acquire, optimize, retain, and retire. Nearly 75% of all cross-sell opportunities occur within the first 90 days of a customer engaging with your institution – an indication of the extent to which the initial customer engagement and onboarding process is critical for your business in terms of prospective cross sell/up sell opportunities and overall customer satisfaction. A robust onboarding approach – including initial enrollment through relevant data collection, constant customer engagement and predefined onboarding metrics – can go a long way in enabling your financial institution to take control of the entire process and capitalize on subsequent cross sell/up sell activities. To succeed, financial institutions must start with an accurate, comprehensive view of prospective customers and use high quality data to improve the customer experience across the enterprise and via every mode of data capture and delivery.
The majority of the population in developing nations like India is based out of rural areas and forms a large untapped market from a financial institutions perspective. But the challenge for onboarding these customers exists is the fact that most businesses don’t have rural branches, geographical reach is difficult and margins are not high enough to justify the capital investments for infrastructure setup.
Because of these conditions, for most financial service companies in India, the customer onboarding procedure remains highly disjointed and predominately manual – therefore, complexity is high, multiple overlapping processes exist, and there is no unified, single view of the customer. But today, most rural regions are well connected by mobile networks, although smartphone adoption rates continue to lag behind urban areas. The fact that mobile connectivity exists provides financial institutions with a huge opportunity for customer onboarding.
Mobile fieldforce automation solutions, such as Uniphore’s mForce, enable field representatives to automate and enhance the customer onboarding process. These employees can capture a customer’s picture, scan and upload documents, support customer payments, and enable dual verification through a combined digital and biometric process. Mobility can thus have a hockey stick effect on customer onboarding, facilitating increased accessibility to a larger customer pool and ensuring availability of services irrespective of location. Furthermore, enterprise mobility enables enhanced customer data accuracy, lower back office costs, reduced onboarding lead time, and improved customer delight.
In order to capitalize on this ‘hockey stick’ opportunity, financial service companies need to look at three things:
- Advanced hardware devices that can operate in online and offline modes, are low cost (and thus easier to procure), are very intuitive and user friendly, and are durable and secure.
- Scalable onboarding technology platform that supports multiple mobile operating systems and telecommunication standards. The solution should also provide a modular architecture to accommodate for future technology and functional changes.
- An enterprise-wide case management system with well defined and clear workflow processes across the different channels and lines of business. It should provide a unified view of the customer pan-enterprise to ensure operational efficiencies.
About Uniphore: Uniphore Software Systems is the leader in Multi lingual speech-based software solutions. Uniphore’s solutions allow any machine to understand and respond to natural human speech, thus enabling humans to use the most natural of communication modes, speech, to engage and instruct machines. Uniphore operates from its corporate headquarters at IIT Madras Research Park, Chennai, India and has sales offices in Middle East (Dubai, UAE) as well as in Manila, Philippines.