Fully digital onboarding processes are the future of financial services and insurance (FSI) organizations. However, even as many FSI organizations move their application processes online, some companies still require phone calls with financial advisors, multiple logins to third-party sites, and trips to the post office to submit paper documents. These processes continue to be tedious for customers, and staff at financial institutions can also feel the drain on resources. Manual processes and paperwork can create significant administrative overhead costs and long turnaround times.
For example, Dharma Merchant Services, a Merchant Services Provider (MSP) that offers B2B credit card processing solutions, previously struggled with a tedious onboarding process. The process began with a phone call where a sales team member would walk each applicant through the process of submitting a paper form. That paper form then needed to be printed out, filled in, and mailed or faxed back. Upon receipt of the applications, staff would have to manually enter client information into their database.
To streamline this tedious, multi-step application process, Dharma Merchant Services decided to invest in an online form builder and data collection platform that connects to their CRM platform, Salesforce. With this investment, each application now takes 10 to 15 minutes to complete using an online form. Upon form submission, all information is loaded into Salesforce, where further communications and records are automatically updated. With this digital advancement, Dharma Merchant Services experienced a 78 percent reduction in processing time.
What does a faster, automated application process mean for the future of online banking?
By automating data collection with a secure online platform, banks can streamline processes for staff and customers while keeping sensitive data protected every step of the way. Cadence Bank’s data collection transformation story is an example of this in the real world.
Cadence Bank already had digital banking services in place to satisfy customer demands for convenient online account applications. However, behind the scenes, Cadence Bank was managing a tangled web of mergers with other banks that had pre-existing online applications. Staff had to convert and host these other applications, while paying close attention to changing federal regulatory standards.
To simplify this process, Cadence Bank turned to FormAssembly’s all-in-one form builder and data collection platform to integrate new application forms into their core business practices. Cadence Bank discovered that their investment in a smart data collection platform would bring additional improvements to their internal processes and service offerings while maintaining security and compliance.
Because Cadence Bank could connect FormAssembly directly with Salesforce, they could track applications at each step and process new accounts with increased speed and accuracy. While including documents like identification, proof of income, and business licensing paperwork can add further complication to the online application process, Cadence Bank used FormAssembly’s file attachment capabilities to provide an easier way for customers to submit necessary documents. Equipped with a comprehensive database of detailed applicant information, Cadence Bank is now exploring automating customer signatures, which will make their online application a fully automated end-to-end process.
Jason Gabrieli (CFP), Investor Coach at HFM Advisors, LLC, also advocates for moving away from paper forms and bringing all application processes online. “People are getting used to doing things online and having a clearly-worked out onboarding process,” Gabrieli said. “Old processes can dig at your credibility and show that you’re living in the past or not up with the times, which can translate into a loss of client trust and potentially their business.”
Through advanced form technology with streamlined integrations, FSI organizations can consolidate data in one place, maintain security, and save time. This process advancement paves the way to a future where applying for financial services online is fast, personalized, and fully automated. With this shift, customers can expect pre-approved services and simplified application processes, while FSI staff are relieved of tedious paperwork and manual data entry. By automating data collection processes, financial service organizations can improve internal efficiency and attract new customers with a compliant, trustworthy, and reliable solution.
To learn more about automating the onboarding process with form technology, click here.
