How Much Is Your Onboarding Process Costing Your Business?
February 24, 2021
The initial interactions a new customer has with your business set the tone for the entire relationship; the likelihood of a customer sticking with you (and recommending you to others) increases with the level of emphasis you put on creating an excellent onboarding process.
That’s why it’s important to make sure your onboarding process is robust, efficient and compliant and your customers can begin using your products as quickly as possible, with minimal drop-offs.
An inefficient onboarding process could see your business missing out on a great deal of revenue. From the cost of manual reviews, to the incremental costs of customer drop-off and false-negatives, understanding these balances can enable you to optimise your onboarding process, keep your costs down and maximise revenue.
Onboarding Costs Calculator
Our brand new onboarding costs calculator works out what your onboarding process is currently costing your business. All you need to do is input the number of customers you’re onboarding, your typical pass and fail rates, manual review costs and customer lifetime values. The calculator does the rest:
See for yourself how much your onboarding process is currently costing your business, what you could save by partnering with Acuant and also the additional revenue we could help you generate:
There are three areas where your onboarding process can cost your business money; manual reviews, customer drop-offs and false negatives:
Relying on manual processes can eat into your onboarding budget. Manual work requires a human, which means it takes more time, is more prone to errors, and offers zero visibility which keeps almost everyone in the dark. Customers can’t see the status of their onboarding, which can erode trust and put teams in reactive mode.
Outdated, manual processes can be time-consuming, frustrating and create a poor user experience for customers who may be likely to move to a competitor.
Automated processes are quicker, more accurate and more efficient and a user can find out the verdict of their application in seconds.
When users drop-off part way through your onboarding process, you lose what would have become a customer and the lifetime value that you associate with them.
Businesses who do not take the customer journey into account when onboarding and ask customers to manually key in numerous and complicated fields which require extensive amounts of information, are likely to suffer from dropouts.
One of the main reasons for customer abandonment is the speed of the onboarding process. If your process takes days or even weeks to arrive at a decision as to whether a customer is being approved or disapproved, they’re very likely to go to a competitor where they can be up and running in minutes.
Companies need to find their optimal balance between fraud and friction. Businesses must ensure they meet regulatory requirements without adding friction and delays, which lead to customer frustration and drop-offs.
In the same way users dropping off before they become customers loses your business revenue, anyone your onboarding process is wrongly turning away is denied the opportunity to become a customer.
In digital fraud prevention, there is a fine line between flagging too many transactions as potentially fraudulent and not flagging enough. Too many false negatives means that fraudsters are slipping through the cracks, too many false positives means legitimate users and transactions are being flagged incorrectly, leading to undue friction and lost business.
Fraud prevention solutions aren’t really effective unless they can tell good users from bad and implement different processes for each.
How We Can Help
To avoid the above costs of customer onboarding, you need a partner and toolset which is robust, efficient and compliant. Our suite of global onboarding solutions achieves all of this, helping you save time and money, streamline your customer journey, automate your onboarding process, reduce fraud and achieve regulatory compliance.
By partnering with Acuant, you’ll not only save money on your onboarding process, but increase revenue by up to 68% more. See for yourself how much your onboarding process is currently costing your business, what you could save and also the additional revenue we could help you generate.
Our global ID, KYC & AML platform, Sodium serves our complete suite of onboarding solutions via a single API. This solution enables all data sources to be cross-referenced and deliver truly enhanced customer due diligence.
Utilise a single element or multiple processes – it’s entirely up to you. Learn more about how we can help to automate and simplify your verification processes to help you to learn more about your customers.
Book a demo today and see for yourself how powerful our suite of solutions are.