In today's digital era, the seamless incorporation of clients and new users into the digital platforms of banks and retailers stands as a crucial factor for competitive differentiation and revenue growth. This digital transformation allows broader accessibility to products and services, eliminating the need for physical visits to brick-and-mortar branches. However, a significant challenge arises in the form of complexities associated with digital onboarding, leading to high rejection rates and user abandonment during the process.
The Onboarding Challenge:
According to data from the financial sector, a mere 15% to 35% of individuals who initiate the onboarding process successfully complete it. This issue extends beyond banking, affecting 90% of companies globally across various sectors, resulting in the loss of potential customers. Whether in finance, retail, or service industries, the incorporation of digital tools demands a user-centric approach to overcome the hurdles of lengthy procedures, lack of visibility, and security concerns.
Understanding User Interactions:
To address these challenges, companies must prioritize the user experience, comprehending how individuals interact with digital channels. Speed, efficiency, security, and trust are paramount to ensure successful onboarding. Veritran, recognizing the significance of the user's initial impression, emphasizes creating friendly and intuitive applications.