By: Editorial Staff, Date: October 26th, 2021

Despite substantial investments and rising internal satisfaction, financial institutions in the United States are still falling short of customer expectations according to a recent ABBYY survey. ABBYY’s Digital Strategies in Financial Services survey received responses from over 100 financial institution executives regarding onboarding processes, technological investments, and customer satisfaction. The results of this survey show that customer satisfaction within the financial industry continues to wane thanks in large part to difficulties associated with onboarding new customers.

According to the ABBYY survey, 73% of executives list improving customer service/experience as one of their top three priorities for the next twelve months. Yet in spite of the fact that a majority of executives surveyed agree that new customer onboarding is one of the biggest challenges associated with improving customer satisfaction, only 33% of executives list improving their onboarding process as a top-three priority.

The ABBYY survey points out a number of challenges associated with onboarding new customers, including ID validation and verification, lack of visibility, and difficulty choosing the right technological solutions. All of these issues have created an onboarding process that is cumbersome and inefficient for financial institutions and their customers alike. In fact, the survey shows that only 15% of respondents are highly satisfied with how long it takes to onboard new customers.

These concerning results surprisingly come at a time when internal satisfaction within financial institutions is reaching new highs and a time when institutions are investing more than ever in technological solutions designed to improve the customer experience. This leads to the conclusion that there still exists a certain level of disconnect between the decision-makers at these institutions and the customers that they serve. If the results of the ABBYY survey are to be believed, financial institutions in the United States still have plenty of room for improvement in the coming years when it comes to keeping customers happy.

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