Corporate customer onboarding needs a disruption in order to become faster and more efficient. It’s no longer feasible in this digital world for a customer to take time out of their day to go to a branch and wait for the next available customer service representative to walk them through an account opening. If we can launch start-ups, trade stocks, and make massive purchases all online, why can’t we complete the entire process of opening and finalising a corporate bank account online, within minutes?
A lot of banks already offer online-only account set-up with the ability to digitally sign documents — but many still don’t. With the COVID-19 pandemic forcing nearly every industry to rethink how they can do business safely with customers virtually, many banks have hurried to catch up and adapt — but many are falling behind.
Onboarding customers faster and with less friction is indeed a problem to solve, as our recent survey revealed. The key is to provide a quick set-up while also ensuring thorough KYC and AML compliance, so that customers are satisfied and banks are protected.
On November 12, 2020, we surveyed 400 business owners in the UK who had opened a business bank account in the past 12 months.
Download our Research Paper to find out how their experience went, what pitfalls they ran into, and how they felt about the overall process.