Digital Customer Onboarding Vendor Spectrum: Small Business Banking Edition
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Digitizing customer onboarding is like using starting blocks in a sprint. It improves performance materially. Onboarding times can be reduced from days to minutes if an application can be processed straight-through. Moreover, it starts the customer relationship on strong footing.
Small businesses have struggled with painful bank application and onboarding processes. Banks have the opportunity to end the struggle thanks to the maturing of third party solutions. Furthermore, the opportunity extends beyond improving customer experience to lowering costs as well as reducing their reliance on physical footprint. Establishing a digital growth strategy will deliver a long-run impact.
A vibrant vendor landscape exists as shown in the figure below of privately-held vendors.