In the Why part of this double post we explained the rationale for pursuing the goal of a frictionless onboarding, by listing the risks involved in not doing it. Now it’s time to show how to get to such goal.
The first idea underpinning the new kind of onboarding, is to switch to a completely digital onboarding process. Speed can be attained only without paper. To exploit the potential of this idea to the max and efficiently scale operations, it needs support by an E-signature, best if eIDAS compatible.
The second key idea is to conduct thorough analysis, so as to make sure that the majority of process variants are covered. If the new digital process supports most use cases, it will not be abandoned by its users. The fruits of analysis must be exploited by a Business Process Management technology, that can adequately support the definition, development and execution of the multiple process variants, maintaining consistency at affordable cost. No one wants to dig into source code to understand the checks and logic in place.
The third idea is the one most often overlooked in enterprise projects, and is about the client experience. Access and flow must be optimized for clients and advisors. Mobile device access; freedom to supply information in any order and any means, including photos; just-in-time notifications on process status; suggestions for next-best action that optimize the outcome, are a few of the measures that can help users adopt the process.
No solution can reap the rewards of automation, if it is not used at a sufficient rate because of UX issues. This goes for self-service onboarding and for hybrid approach where advisor and client collaborate.
Last but not least, any new digital onboarding must not only look and feel cool, but also be implemented with appropriate engineering technologies that ensure scalability and real-time integration to the firm’s Customer Information hub.
The quest for a completely frictionless onboarding may never be completely over, but by implementing these ideas we remove much frustration and cost and replace them with client and advisor delight.
 eIDAS: Electronic Identification and Trust Services, EU-wide legal framework for electronic signatures