Client Onboarding Checklist: How Banks & Insurers Can Turn Expectations into Reality in 4 Steps

October 29, 2019

7 minute read

Client Onboarding Checklist

Client Onboarding Checklist

In the previous article in this series, Key Principles for Creating an Effective Client Onboarding Experience, we touched on the importance of bringing speed, personalization, and security to every facet of the client onboarding process. By making strides in these areas, organizations can create a truly positive customer experience from the start. In reality, however, there is a common showstopper:

Reality Check: Efforts to achieve the ideal customer experience are often stalled by a torrent of manual processes & unstructured data.

How can banks and insurance companies overcome this and deliver a better client onboarding experience? Follow our four-point client onboarding checklist to learn how to develop customer-facing processes that place the highest levels of speed, personalization, and security at the forefront of your organization’s customer onboarding experience.

Step #1: Streamline Data Collection

The best type of customer onboarding experience is one that gets it right the first time around. That means obtaining all the necessary information in one fell swoop while delivering a seamless, hassle-free experience for the customer. For many organizations, however, that’s easier said than done.

Reality Check: Many financial services firms overload customers with requests for the same information—which can alienate clients and expose breakdowns in the company's data management processes.

The data you collect during the client onboarding process will inform all aspects of your future relationship, from the products customers sign up for at the outset to the effectiveness of personalized recommendations and services you offer down the line. Collect all the necessary information at the outset—once and only once—and develop a map of your full intended customer journey with data requirements for each stage.

Step #2: Consider Internal Stakeholders & Streamline Processes

Now that you know what information you’ll need for successful customer onboarding, it’s time to examine how stakeholders across the organization utilize customer data on an ongoing basis.

Reality Check: From customer support to marketing & more, numerous stakeholders require access to customer data during the lifespan of the business relationship.

Leveraging robotic process automation (RPA) to streamline repetitive processes enables banks and insurance companies to eliminate the manual burden of filling in the same information again and again.Even better, automation can reduce human intervention and error, speeding traditionally manual processes and ensuring that data is accurate and consistent. When information is organized into a single source of truth, managing the client relationship—from initial account setup to future personalized service offerings—can be handled with ease.

Step #3: Use File Analytics to Speed Approvals & Improve CX

Fifty percent of customers surveyed said they would share personal information with their bank or insurance provider if it could be used to create a personalized experience1.Leveraging the data provided during onboarding can be tricky, however. This is where file analytics comes in.

Reality Check: Without a way to extract vital information and leverage it to obtain insight, identify trends & tailor the customer experience, the true value of an organization’s data is unrealized.

File analytics allows ingestion of massive amounts of information in order to reveal trends, patterns, and other insights that may not be readily apparent to a human. The payoff is a greater ability to assess the risk level of new clients, determine approvals, make informed recommendations for new products/services, and more.

Step #4: Give Customers What They Want

When it comes to delivering the kind of experience that turns customers into raving fans, the age-old business mantra “the customer is king/queen” couldn’t ring truer.

Reality Check: Creating a great customer experience goes beyond smooth onboarding. To transform customer expectations into reality, banks & insurers must adopt smart, client-centered solutions that facilitate a great experience from outreach to account open & beyond.

Whether it’s offering secure mobile service or providing upfront transparency about how sensitive data will be used, making your customer needs central to your client onboarding process is a winning strategy. In order to transform customer-facing processes, accelerate workflows—and ultimately deliver a faster, better customer experience—banks and insurers must adopt the right technology solution.

Look for a data enrichment software that automatically identifies, classifies, and extracts vital data locked away in complex documents (emails, scanned and paper documents, image files, Word documents, and more). By adopting a robust data enrichment solution, banks and insurers eliminate error-prone manual processes, accelerate client onboarding, and free up knowledge workers to spend time on more important tasks—like delivering exceptional customer service and turning client expectations into reality.

Key Takeaways

A fast, personalized, secure customer onboarding experience sets a strong foundation for the entire client relationship. With the right strategy and the robust AI-based data enrichment solution—banks and insurance organizations can deliver on clients’ loftiest expectations while driving revenue, offsetting costs, and improving long-term business outcomes.


1Adlib Software, How Important is Customer Onboarding for Banking and Insurance Customers? (SurveyMonkey: 2019)

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