In a recent study, consulting organisation thinkJar, found that customer churn can be reduced by 67% if companies improve their first interactions with customers and their approach to managing customer expectations. Put simply, a first-rate onboarding experience is pivotal to retaining loyal customers.
“If you hold a customer’s hand for 90 days, they’ll be loyal for life.”
- John Jantsch, small business marketing expert.
The benefit of automated onboarding
An easy-to-navigate onboarding process is vital to meeting customer needs and expectations. It sets the precedent for all further interactions during the relationship.
Automation means ensuring this process is as quick and straightforward as possible by reducing time-consuming manual intervention - boosting operational efficiency and providing a smoother customer experience.
That experience creates and builds customer trust and loyalty, both of which are pivotal to business success and long-term revenue growth. Research demonstrates that increasing customer retention by just 5% can lead to profit increases of up to 95%.
When smoother onboarding creates an exceptional experience for customers from their first interaction with the business, this ultimately reduces churn, increases customer lifetime value (LTV) and boosts revenue. Existing loyal customers are also more likely to generate more qualified leads through referrals.
However, superior customer experience isn’t the only benefit of automated onboarding. It gives teams confidence in the data they’re using and ensures that businesses maintain compliance with regulations such as KYB (know your business) and AML (anti-money laundering).
Seamless onboarding – integral to business growth
To create a seamless experience, automated onboarding must be delivered on a single end-to-end platform in which the customer submits the required documentation, and the onboarding system does the rest - providing frictionless compliance screening and identity verification.
For example, FinTech companies are revolutionising the delivery of financial services, accelerating processes such as onboarding to just a few minutes, versus the hours, days or even weeks to onboard with traditional banks.
This seamless, automated onboarding creates confidence for customers. It inspires trust and loyalty to those service providers establishing a smooth customer journey.
For businesses, it also allows for easy adaptation to changes in customer demand or government regulations. Whilst simultaneously, it reduces operational costs through efficiency gains that empower teams to focus on other value-adding activities.
Through the creation of a digital identity for each customer, automated onboarding provides better, data-driven insights into customer behaviour, in turn impacting the services they provide beyond the onboarding experience.
AHLAAN – the Cedar Rose automated onboarding solution for companies and individuals
AHLAAN is designed to create a streamlined onboarding process that enables fast and compliant onboarding with confidence.
APIs and flexible mechanisms allow AHLAAN to be easily integrated into your business. The system matches internal compliance and risk management procedures to verify quickly and accurately who you are dealing with.
It is the smart and secure way to swiftly onboard, manage and monitor your customers.
From registration through to verification of personal or corporate information, AHLAAN identifies potential red flags such as sanctions, watchlists, PEPs and adverse media. With the 12-month risk monitoring option, you can also continue to monitor your customers’ risk profile beyond onboarding.
AHLAAN is the all-in-one automated system to streamline your onboarding process, boost customer loyalty and drive long-term revenue growth.