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Reading: Digital onboarding critical for banks today: IBS Intelligence 
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Dailynewsegypt > Blog > Business > Digital onboarding critical for banks today: IBS Intelligence 
Business

Digital onboarding critical for banks today: IBS Intelligence 

Daily News Egypt
Last updated: 2022/05/31 at 1:57 AM
By Daily News Egypt 2 Min Read
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Digital onboarding critical for banks today: IBS Intelligence
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The latest IBS Intelligence report, in partnership with global digital banking and payments platform provider CR2, looks at how critical digital onboarding is for banks and other financial institutions to retain their current customers while also attracting new ones. As a result, banks are attempting to create an easy, tailored, and frictionless end-to-end digital buying and contracting experience. Having the capability to digitally onboard customers simplifies and streamlines the very first user experience that a customer has with the bank as well as significantly reducing the cost of customer onboarding.

“Due to the COVID-19 pandemic, banks and other financial services providers in Egypt, and around the world, have faced unanticipated challenges,” said Sherif Soliman, Regional Manager Egypt, CR2. “As clients shift online to receive essential services, our financial industry needs to rethink the future of digital banking through quick adaptation methods and a deeper focus on banks’ digital presence. Digital customer onboarding has become the buzzword in the industry as business leaders begin to recognise the enormous potential of digitisation.”

The benefits and drivers of digital onboarding for banks are abundant, including higher efficiency and cost optimization. IBS Intelligence’s 4S framework sheds light on the essentials of digital onboarding. For a digital onboarding platform to provide the imagined benefits, it must have the following characteristics: Speed, Smart, Secure, Seamless.

In the Banking and Financial Services sector, digital onboarding addresses some of the long-standing issues with traditional onboarding models. It helps businesses onboard new clients remotely and quickly through integrated customer journeys.

Digital onboarding is the start of a customer’s digital banking journey. A holistic digital transformation must supplement a seamless digital onboarding experience, and a solid digital ecosystem is required to cater to higher customer expectations. Both digital banks and traditional financial institutions will need to develop strategies and solutions tailored to their specific environments.

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HDB targets 25% growth in profits, various activities by 2023-end: CEO
HDB targets 25% growth in profits, various activities by 2023-end: CEO
Banking
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Banking
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
Banking
Al Ahly Pharos tops brokerage ranking in May
Al Ahly Pharos tops brokerage ranking in May
Business
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