“Enhancing the client experience” ranks as a top strategic priority for 83% of banking professionals. But in banking, there’s more to consider beyond sheer customer satisfaction. This highly regulated sector is required bylaw to collect strict documentation from incoming applicants. Processes like Anti-Money Laundering, Know-Your-Customer checks, and Counter Terrorism Financing protocols are unavoidable steps that banks must weave into their digital experiences.
This presents a strategic tightrope for financial institutions looking to offer a near-instant, always frictionless experience.. From the client perspective, a one-click account opening process would be a dream: almost 40% of consumer applicants abandon a journey that takes longer than ten minutes. Corporate clientele mirrors the sentiment, with 13%reporting a experience so poor that they changed their banking partner because of the hassle.