WHY CUSTOMER ONBOARDING IS DIFFICULT FOR FINTECHS AND FINANCIAL INSTITUTIONS
Customer acquisition is only the beginning. The real challenge is converting interest into activation, trust and meaningful participation. Fintechs and financial institutions have invested heavily in customer acquisition. Millions are spent on advertising, digital campaigns, incentives, partnerships, product development and brand awareness to attract customers and convince them to take the first step. They download the application. They visit the branch. They click “Get Started.” They begin registration. And then, somewhere between interest and activation, many disappear. Not necessarily because they do not need the product. Not because they are uninterested. And not necessarily because the marketing strategy failed. In many cases, the customer simply encountered an onboarding journey that was too complicated, confusing, slow or difficult to complete. This is becoming one of the most underestimated challenges facing the financial services industry. The industry has bec...