Client On-Boarding is one of the most critical functions for banks as it directly impacts client experience, servicing, and relationships — all of which, in turn, impact profits. In this challenging economic environment, banks are expected to match each other quite closely in terms of product innovation and financial service offerings. A real difference will, therefore, lie in creating a high-quality first impression. The financial institutions must deal with yet another aspect of the economic fallout-Customer Satisfaction. The global Banking landscape has been forever changed by the evolutionary credit crisis, leaving issues of trust, customers attrition, brand loyalty, and the resulting revenue declines trailing in its wake.

 

To ensure the success, financial institutions, while marshalling resources to raise capital and cut costs where possible, must not overlook their lifeblood-ongoing acquisition, optimization, and retention of the customers. The bottom line is that financial institutions must improve customer experience to keep customers happy and satisfied.