The opening of digital accounts is becoming match-critical and traditional Swiss financial institutions need to be more aggressive in the way they play the game if they want to stay on the ball. Inacta’s first Finance Onboarding Benchmark 2020 analyses the onboarding processes of over 20 different firms in the retail banking, internet-only banking, wealth management and crypto exchange sectors. What is the current situation?
Today, customers expect their bank to be able to sell products and offer services digitally and seamlessly. Going to a branch office is becoming increasingly uncommon. The ‘demise of branches’ is real - UBS recently announced it would close 44 of its branches. Market leading internet banks like Revolut or N26 are setting new standards for innovative and simple onboarding solutions and customers increasingly expect these solutions from their traditional bank.
Digital account opening (digital onboarding) is becoming a key process and is where FINMA regulatory requirements, customer experience and marketing touchpoints Interconnect.
Inacta has produced an informative report about the current situation of the critical interface – onboarding – in the Swiss financial sector, from the perspective of users and end customers. It is based on a comprehensive analysis of over 20 different onboarding processes used by the retail banking, internet banking, wealth management and crypto exchange sectors (including UBS, Credit Suisse, PostFinance, Migrosbank, ZKB, N26 and Revolut).
Onboarding times vary from 5 to 45 minutes and the only interpersonal interaction - a mandatory video identification service – leads to awkward dialogues between clients and financial service providers. Inacta’s Finance Onboarding Benchmark 2020 contains all this information and more.
Unlike comparable studies by other providers, Inacta’s Onboarding Benchmark focuses not only on retail banks, but also on crypto exchanges and asset managers. It gives a holistic view of the user experience and is not simply a comparison of statistical values between internet-only and retail banks.
There is no industry manual for ideal onboarding. However, based on the data collected, Inacta has created strategies for optimal onboarding, taking into account FINMA’s current legal requirements and user developments. Daniel Rutishauser, Head of DLT & Financial Services at Inacta: ‘Digital onboarding for financial institutions has become essential and even more so because of the Corona pandemic. In order to stand out from the competition and take into account new customer experiences, digital onboarding now needs to be perfected. Inacta’s study clearly shows the need for action. Individual financial institutions have also recognised the need and are investing in this area.’
Further information and report at: Onboarding Benchmark