Published on November 17th, 2015 | by Guest


What Makes Customer On-Boarding Management Efficient in Finance & Mortgage Organizations?

Businesses have often questioned the significance of customer on-boarding. What they need to understand is introducing new customers in an organized and constructive method is the key to long-lasting customer relationships.

In fact, financial and mortgage institutions, struggling between stringent regulations and surging operational overheads, are driving business through competent and streamlined customer on-boarding processes.

Customer on-boarding includes steps like assessing your clients, gathering their documents, setting up accounts and so on, mainly to enable understanding and informed management of the clients. The first few months of on-boarding are critical, as it’s the time to develop appropriate engagement with customers and build great relationships.

The banking and mortgage software industry has improved on-boarding to become even more customer centric. Aggressive and innovative financial offerings have been generating new demands from customers. Efficient customer on-boarding exhibits customer needs and enables organizations to upsell and cross-sell their products and services. On the contrary, if the on-boarding process is a mess, it can lead to customer attrition and heavy revenue loss as well.

How can you make customer on-boarding management an efficient process in your business?

Gather insights

The information collected on customers has to be put to use immediately. Only then business executives can initiate proper communication.

Information of any sort, be it demographic, behavioral, professional, financial or otherwise, can all prove useful. That enables finance and mortgage firms to streamline their products and services to suit customer requirements, both, voiced and implied.

The idea is to stay one step ahead of customers in order to cater to their precise needs and provide targeted solutions. The information collected should let you answer critical questions such as what your customers’ needs are, what they are looking for in your products and services, what their preferred communication channels are, and what their financial potentials are.

Consistent and prompt communication

Once the initial contact is made with the customer, proceed with immediate interactions at an early stage in order to create engagement before they forget the brand. In the course to implement this strategy, some brands end up overloading their clients with lots of information or annoying them with irrelevant messages, which can indeed be a recipe for adverse results. Quality product and services create the real impact.

Ensure that your interactions are based on customers’ interests and their behavior, and ultimately influence their decision-making.


Engage before you try to sell.

On-boarding is very critical when it comes to personalizing communication. Customer on-boarding should be based on the objective to draw information that enables businesses to personalize interactions and create targeted solutions in the near future.

Provide privileged and personalized offers to win the trust and loyalty of customers, because those are the factors that drive business in the long run.

Go mobile

Nowadays, customers want services reaching them instead of having to look around. More and more finance and mortgage companies are channelizing their sales and marketing efforts through mobile. Alert messages, push notifications, and business apps too are getting popular with customers. Going mobile has always led to impactful engagement.

Today, finance and mortgage software are reflecting the importance of customer on-boarding.

There are many customer on-boarding solutions available in the market, integrated with elementary mortgage software, loan origination software, and mortgage servicing software. It simplifies the job of initial-phase sales executives and later-stage customer service professionals, and makes every employee confident to interact with clients.

Finance and mortgage software solutions are capable of delivering the right perception. With a pinch of mobility, personalization, appropriate communication, and adequate insight, your customer on-boarding can take your business to the next-level.


Author Bio:

Anand Subramanian, Senior Business Architect at Tavant Technologies. Anand has worked in several process improvement projects involving multi-national teams for global customers. He has over 15 years of experience in supply chain warranty management, as SME, client advisor, IT consultant, business analyst and as a practicing manager of business analysts and has successfully executed several projects in logistics management, logistics integration, reverse logistics, supplier collaboration and mortgage software solutions and more.

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