3 Ways to Improve Your Fintech Onboarding Process

By Peter Ord
Nov 8, 2021
If you sell to financial institutions, it’s important to understand how fintech onboarding works.
Here’s how you can maximize the use of your fintech products and services so they can maintain that competitive edge.
A few decades ago, people would bank with the closest branch to their neighborhood. Today, financial institutions face intense competition.
From across the street to around the country, consumers are going online to find more options for banking, savings, investing, and loans.
Many are feeling the crunch and turning to innovative new solutions that can help them stay ahead of the competition.

Adopt Your Customers’ Successful Strategies

The best fintech companies know there’s a critical window when a new customer decides to work with you. This is when you need to maximize the relationship and show value.
 
Many reach out to customers within the first few minutes of a new account set up at the beginning of the fintech onboarding process. They offer information to help the person take important next steps. For example, setting up an online profile and making the first deposit.
 
You should have the same process. Reach out right away, develop a relationship, and guide them through the steps from start to finish.
A good fintech onboarding process will determine your customer’s future with your company. For example, how they plan to use your products, define success, and how your offerings will improve their business.
 
You can guide them in the right direction.

Be Transparent Through the Process

As soon as your client signs the contract, it’s important to help them see and understand the entire fintech onboarding process.
Transparency helps them visualize all the work your team is doing behind the scenes. And helps them know when the promised deliverables are coming.
 
For many companies, transparency during onboarding is a challenge. It requires someone to manually compile information about activities and communicate back and forth via email with the new client to show progress.
The alternative of no communication is even worse, leaving clients feeling abandoned.
 

Have a Short TTV

Helping your fintech clients see success early—a short time-to-value—is important to build a lasting relationship.
Your financial institution clients need to see value from your products quickly. The sooner they identify an ROI, the more likely they will upgrade, buy again, or buy more in the future.
 
 
 
Peter Ord

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