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4 Signs It’s Time to Automate Your Customer Onboarding

Customers expect business interactions to be simple, fast and straightforward.

  • Purchases made with a single click and delivered the same day
  • Insurance claims submitted from a smartphone in minutes
  • Borrowers pre-qualify for a loan with only a few pieces of information

Yet the way most businesses onboard high-net-worth individuals and other customers is anything but easy.

It’s complicated… It takes too long… And customers (and your internal team) can struggle to be sure where things are in the process. Customers may get so frustrated that they give up and take their business elsewhere.

The root of the problem? You don’t have a system to collect, capture and manage the variety of documents that come through your door. There’s no easy way to take information from multiple delivery channels (snail mail, email, web forms or faxes) and connect it to your downstream systems.

Signs It’s Time for Intelligent Document Processing (IDP)

  1. Your onboarding process takes too long. Everything moves faster these days—except for your onboarding process. Many businesses take weeks to onboard customers (and even longer for high-net-worth individuals). Why? Because manually collecting documents and capturing data is time-consuming. Getting information from the customer to your downstream systems requires physical routing. It often leads to missing data, errors in the information and slow-moving processes.

    Cloud capture technology can consolidate document capture software and processes into one highly efficient platform. Machine learning reduces human intervention, reducing delays, saving labor and minimizing human error. And smart robotic process automation (RPA) speeds content downstream, reducing data latency.

  2. Your onboarding documents are too lengthy. Few high-net-worth customers have the patience to complete lengthy onboarding documents, but they see them often. Banks, insurance agencies, real estate companies, and many more require customers to complete multiple forms with dozens of data fields. The more data you require, the more likely a customer will abandon the process altogether.

    Smart RPA integrates cloud capture with other systems to prepopulate fields with details already stored in CRM applications or other systems of record. Customers will get through the forms more quickly, making them more likely to complete them.

  3. Customers must submit the same information more than once. No one likes wasting their time—especially your high-net-worth customers. But that’s what businesses do when they ask customers to provide the same information multiple times. Personal information including home address, telephone number, email and more are repeated on multiple forms, providing multiple opportunities to introduce errors.

    Again, pre-populated fields are a huge time-saver. Cloud capture’s use of RPA connects document capture with CRM system information.

  4. Your customers aren’t sure where they are in the process. Customers have become conditioned to expect fast answers. But those answers aren’t easy to come by with missing or inaccurate information, or when information is slow moving through the ecosystem. Whether reaching out to a sales rep or a call center, customers expect to get the same information and be able to check in on their onboarding status. Disparate systems prevent that from happening, and might even provide outdated information, leaving customers confused and frustrated.

    Any designated employee can quickly find the information they’re looking for with cloud capture technology. With seamless integration into legacy systems, information is readily available, accurate and timely.

If any of these signs ring true, don’t wait. Between rising customer expectations and increased competition, onboarding is a crucial part of the customer experience.

Ready to learn more about intelligent document processing (IDP)?

Reach out to an ibml expert today to learn how cloud capture can transform your customer onboarding.

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