In the business world that exists today, it is a known fact that it is not easy to acquire and retain customers. Business leaders are always looking for ways to improve their processes to enhance customer experience and thereby generate better profits. A very popular technology that is being used to streamline customer onboarding is robotic process automation. RPA is generally used to automate a wide range of human-based repetitive tasks for a seamless experience.
Integrating RPA into customer onboarding yields the same results and helps transform customer journeys. Let us take a look at how automating customer onboarding can help solve challenges posed by manual onboarding and enable businesses to experience better revenue growth at reduced risks.
Customer Onboarding Made Easy Using RPA
A well-crafted onboarding system that combines intelligent operation with advanced analytics can enable businesses to create a great impression among their customers. Before we discuss how RPA helps in eliminating challenges faced by the previously existing onboarding process, let us take a quick glance at what the challenges are. Onboarding is considered to be one of the most complicated yet important processes. Some of the problems that are commonly encountered during customer onboarding are:
- The entire onboarding process is often done manually and requires a lot of time and effort.
- Businesses experience long turnaround times because manual back-office processes are time-consuming.
- Disconnected processes and the existence of multiple touchpoints create confusion and ultimately a bad customer experience.
RPA solves these challenges and simplifies the process of customer onboarding by automating the operations. Here’s a breakdown of how RPA helps streamline the customer onboarding process.
- Initial Stage: This stage refers to when customers submit the requested information and businesses verify them to check if they qualify or not. During this stage, businesses aim to provide a great first experience to the customers while ensuring the accuracy of the information that has been provided. RPA helps with this by performing better than humans and verifying the information accurately while also collecting secondary data that is required for the business. While RPA automates the data collection and verification process, human workers can focus on other critical tasks.
- Online Registrations: This is closely related to the application process and is a crucial process that shapes the customer experience. During this phase, businesses ask for customer information, and RPA helps manage this data by connecting disparate systems and processes. Automating this process ensures that only a minimal amount of data is requested and that the registration process is hassle-free for the customer. RPA also helps in providing detailed and accurate onboarding metrics while verifying data and increasing the stakeholders’ visibility.
- Data Management and Continued Monitoring: Data management doesn’t end with customer onboarding. Managing customer data is a cost-prohibitive process, and by employing RPA businesses can cut down the costs incurred while also managing the data efficiently. Robots can perform tasks such as verification of addresses and account details without having to depend on human intervention. RPA can also be used to ensure that the customer data is constantly updated and that every update is automatically populated in the organization’s internal systems. RPA can also be used to perform social monitoring and collect relevant customer information that can be used as an opportunity for up-selling existing customers.
Thus RPA plays a crucial role in optimizing the entire onboarding process. Since it does not require IT infrastructure charges or upgrades, it helps businesses to cut down costs while transforming the customer onboarding process at the same time. Easy installation, implementation, and minimal intervention are some of the benefits enjoyed by businesses that have integrated RPA into their customer onboarding process. It also eliminates human errors and can help increase the productivity of the employees by carrying out repetitive tasks. Once the robots finish the work assigned to them, they can be used to perform other tasks as well. Furthermore, businesses that automate their customer onboarding process can leave a positive and lasting first impression among their customers. Now that an increasing number of businesses are embracing digital transformation, it is important to future-proof your business by employing the latest technologies to remain competitive.