Financial Sector

The Challenge

It is a well-known fact is that the relationship between a customer and his bank is a long term, complex relationship. The onboarding process is the point where the customer’s experience begins- defining the overall relationship between the customer and the bank. Even when the interaction channel is other than the branch itself, the customer still expects a professional financial partner that can see and understand their needs, desires and constraints.

“Here at marketing, we used to define the onboarding process as people opening an account and then transferring their activities…now we understand and see that this is a continuous process, one that allows us to reach the customer at points we were actually blind to before...” (marketing team member)

The Project

Understanding the critical point in time while the Onboarding process takes place, the bank wanted to create a unique, hassle-free, fast Onboarding process. The first, and most important part of the project, was to re-define “Onboarding”. The basic perception was that it is the process of account opening, and the initial goal was to make it faster and more efficient. Based on the extensive customers and bank ecosystem research, we re-defined the Onboarding process.  The new Onboarding definition expanded the process from the point of still being a customer of the previous bank to the point after the account opening, when financial activities are being transferred to the new receiving bank.

The Outcome

We designed several concepts, each one emphasizing a different approach to different customer types. Furthermore, we created a digitized process that enables the bank to control and be proactive in many more touch points with the customer and at a much wider  influence span. The Onboarding experience concepts created a higher impact on the customer decision making, from bank selection to later fund transfers. The concepts were prototyped, tested and redesigned and now are awaiting implementation.

#banking #financialbehavior #digital

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