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WHY CLIENT ONBOARDING IS BROKEN (AND HOW TO FIX IT)

May 13, 2021 | 2 min read

There is a clear disconnect between the objectives of client onboarding and what organizations, users and clients experience in practice, and a lot of this is due to the underlying technology.

Without a centralized system to onboard new clients, organizations are faced with a long list of potential inefficiencies; siloed data and processes, low-quality data, siloed departments and users, operational challenges and lack of visibility are only the tips of the iceberg. 

The future for businesses in this position is lost opportunities, steadily increasing costs, decreasing conversions, deferred revenues and a reduced ability to compete in the marketplace with their more tech and data-savvy competitors. 

Below are some of the ubiquitous challenges that can be solved with the right technology, some or all of which you may be experiencing. 

CHALLENGE 1 – OVERWHELMING COMPLEXITY 

Client onboarding is often hampered by the sheer complexity of execution. Even more so today, in rapidly changing regulatory environments and with the ever-increasing decentralization of systems – the need for a fully-connected, automated and personalized onboarding experience is essential. 

Leveraging new technology such as low code, intelligent automation, robotic process automation and artificial intelligence can help streamline this process, remove friction and provide the visibility needed to take relevant and fast action.

CHALLENGE 2 – RELIANCE ON PAPER 

Most businesses are now adopting ‘digital first’ strategies as a priority. One of the key areas where companies are failing to innovate, however, is onboarding. Many of the different onboarding processes still rely heavily on paper documentation, which creates a secondary issue for IT and adds significant time to the collection, verification and securing of data.

CHALLENGE 3 – LACK OF SPEED AND STRUCTURE 

Clients now expect a personalized, streamlined onboarding process from start to finish, comprising a single ‘event’ that gives them everything they demand. The challenge? Businesses are notorious for speeding through the onboarding process, greatly increasing the risk of non-compliance and falling short of client expectations. Paradoxically, the reputation of client onboarding as unbearably slow has caused it to accelerate, often without the robust systems in place required to turn the saved time into increased revenue.

WHAT’S THE SOLUTION

Efficient onboarding begins with the automation of key functions and processes. By leveraging hyperautomation, milestones in the onboarding process such as generating accounts, distributing data and providing secure access to systems can be executed automatically. 
 
This frees up your onboarding team allowing them to focus on the person and not the process, as well as providing total visibility over the activities that make onboarding a success for both the business and client. 

Here at Roboyo, we’re hyperautomation experts – and ready to help you access solutions that empower your workforce, no matter their level of technical expertise and take them to the next level.  

Contact us to book an introductory call. 

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