This lesson covers the customer’s journey from deciding to open an account to becoming a fully active user.

3.1 The Onboarding Journey
The onboarding process is the formal procedure for initiating a new customer relationship . A frictionless experience is critical; complex or lengthy processes risk abandonment . Key stages include application completion, identity verification, and account activation.

3.2 Digital and Frictionless Onboarding
Digital onboarding uses technology to create a smooth, remote experience, allowing customers to open accounts from their devices . Social media credentials can be used for authentication, and optical character recognition (OCR) can autopopulate forms from uploaded IDs. Two-way video chat allows for remote identity verification .

3.3 Reducing Friction and Drop-Offs
The onboarding process must be designed to minimize customer effort, as nearly 75 percent of cross-sell opportunities occur within the first 90 days of a customer relationship .

• Moderate Time Investment: Keep the process short and efficient; many customers have abandoned an application due to it taking too long .

• Strong Planning: Use a highly-automated, mapped-out plan that dictates what offers a customer will receive at different touchpoints .

3.4 Integration with CRM Systems
A seamless onboarding process is integrated with the bank’s CRM. When a prospect enters an email address, a lead record is automatically created. Once the account is opened, the lead record is converted into a contact and account record, storing all collected data in a centralized location for future relationship management .