Customer Onboarding and Lending Journeys

Read news and insights on the topics of customer onboarding and lending journeys.

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This Month’s Feature Article

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Vulnerability – How Effective Are Digital Customer Journeys?

What we learned from the FCA Sandbox.  Read our latest article today…

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Please note: The insights provided in this section are commonly republished from third-party sources. Articles are the exclusive opinions of the authors. PrinSIX Technologies Ltd accepts no liability for their accuracy or for any consequential impacts of any actions resulting from the use of this information.

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Our Analysis

There are many customer journeys within a lending business, but none so important as the onboarding journey

It is here that the lender’s commercial and regulatory futures are determined, so it is essential that future is assessed, understood, and controlled within it. Get is right and customer outcomes are delivered profitably. Get it wrong and both are dangerously compromised.

Onboarding has two essential components with potentially conflicting commercial and regulatory demands.

1. Customer acquisition needs to minimise barriers to convert, but regulatory requirements can present a barrier.

2. Customer value is driven by product economics, but not at the expense of fair treatment of customers.  The balance needs to be right for each customer, individually

How PrinSIX can help

Onboarding today is inadequate to manage these two challenges.  PrinSIX’s platform equips organisations to create dynamic, personalised, agile journeys – one applicant at a time.  

Facts about Customer Onboarding

1. Over 90% of customers feel that the companies they buy from ‘could do better’ when it comes to onboarding new users/customers. (Wyzowl)

2. 86% of people say they’d be more likely to stay loyal to a business that invests in onboarding content that welcomes and educates them after they’ve bought. (Wyzowl)

3. Nearly two-thirds (63%) of customers say that onboarding –the level of support they’re likely to receive post-sale –is an important consideration in whether they make the decision in the first place. (Wyzowl)

4. Companies that invest in customer experience initiatives typically see employee engagement increase by 20%. (Hubspot)

5. 55% of the masses claim to have returned products because they were unable to understand the exact procedure of use. (Loginradius)

6. It’s 16 times as expensive to build a long-term business relationship with a new customer than to cultivate the loyalty of an existing customer. (Martech.zone)

7. 68% of customers are willing to pay more for the same thing to work with a company with a good reputation for customer service. (Hubspot)

8. Highly engaged customers buy 90% more often, spend 60% more per each transaction, and offer 3X the amount of annual revenue compared to unengaged customers. (Groovehq)

9. Loyal customers are five times more likely to purchase again from the same company and four times more likely to refer a friend to the company. (Forbes)

10. The top two reasons that customers churn are 1) they don’t understand your product, and 2) they don’t obtain any value from it. (Hubspot)

About PrinSIX Technologies

PrinSIX add customers

We make innovation work for businesses around the world.

PrinSIX offers a services-led digital platform that uses real-time analytical learning ‘at the speed of digital’ to orchestrate unique customer onboarding journeys, one decision stage at a time.  PrinSIX meets the needs of lenders, regulators and customers fully and simultaneously; equipping lenders to maximize customer experience and lending while minimizing cost and risk; with a major concern being regulatory compliance—an existential threat.  

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