Enhancing Customer Onboarding for Banks
Backbase offers a comprehensive solution for banks to revolutionize their customer onboarding experience. By leveraging automated, omnichannel onboarding processes, banks can boost their revenue, cut acquisition costs, and provide superior customer experiences. The platform maximizes the share of wallet by increasing product origination rates and streamlining applications, verification, product selection, and account-opening journeys.
Challenges in Traditional Onboarding Processes
Many banks face challenges in delivering seamless onboarding experiences due to legacy infrastructures, siloed systems, and disconnected channels and processes. This results in slow onboarding processes and increased costs. Comparatively, non-automated processes incur 14 times higher acquisition costs than digital-first methods, highlighting the importance of adapting to new technologies.
Key Features of Backbase Onboarding Solution
Backbase's onboarding solution allows banks to wow their customers with a composable approach that enables account-opening in minutes. By reducing the number of steps and processes, minimizing application abandonment rates, and providing customizable templates and design control, banks can tailor user experiences, improve share of wallet, and foster effective cross-selling.
Streamlined Account Opening in 4 Steps
The four-step account-opening process by Backbase includes application, verification, product selection, and account activation. Leveraging Straight-Through Processing (STP) for fast and frictionless experiences, pre-integrated and replaceable KYC/AML offerings for compliance, and highly configurable product selection capabilities, banks can give customers instant digital banking access.
Unified Platform Architecture for Seamless Integration
Backbase's unified architecture eliminates point solutions, enabling channel-agnostic journey orchestration. The platform's composable banking approach allows for modular, industrialized capabilities that coexist alongside existing technologies, providing plug-and-play integrations for enhanced customer-centricity, employee productivity, and personalized digital banking experiences at scale.