What is onboarding friction?
Friction in client onboarding is a term that refers to the obstacles and challenges customers face when trying to establish a relationship with a new service provider. It can include anything from lengthy forms and slow processes to unclear instructions and poor user experience. In this blog post, we will explore the concept of friction in client onboarding and provide tips on how businesses can reduce it, ultimately improving customer satisfaction and retention. We will also discuss Togggle, a decentralised KYC solution that can help businesses streamline their onboarding processes and minimise friction.
Where does friction come from?
One of the primary sources of friction in client onboarding is the cumbersome and often time-consuming process customers must go through to provide their personal information and complete the necessary paperwork. This can include submitting identification documents, filling out lengthy forms, and waiting for manual approval. To reduce this friction, businesses can streamline their onboarding processes by simplifying forms, automating document verification, and providing clear instructions for customers.
Another source of friction in client onboarding is the lack of transparency and communication between businesses and their customers. Customers may feel frustrated or uncertain about the status of their onboarding process, leading to dissatisfaction and even attrition. To improve communication and reduce friction, businesses can provide regular updates to customers about the progress of their onboarding and make it easy for them to reach out for assistance if needed.
Data privacy and security concerns can also contribute to friction in client onboarding. With the increasing number of high-profile data breaches and cyberattacks, customers are understandably cautious about sharing their sensitive information with businesses. To address these concerns and build trust with customers, businesses must prioritise data protection and implement robust security measures to safeguard customer information.
Enter Togggle - Friction Free Onboarding
This is where Togggle, a decentralised automated KYC solution, can play a vital role in helping businesses reduce friction in client onboarding.
Primarily, Togggle empowers organisations to make use of One-Click KYC via the reusable credentials of previously verified individuals. This cuts the onboarding to one step, and greatly reduces the bounce rate.
Togggle leverages cutting-edge technology to enable secure and seamless identity verification, ensuring that customer data remains safe and private. By using Togggle, businesses can streamline their onboarding processes, build trust with customers, and ultimately reduce friction.
In addition to providing enhanced security and privacy, Togggle offers several features that can help businesses minimise friction in their onboarding processes. The platform's user-friendly interface makes it easy for customers to submit their information and complete the necessary steps, while its automation capabilities allow businesses to expedite the verification process and reduce waiting times.
To further reduce friction in client onboarding, businesses should focus on providing exceptional customer support. This can include offering multiple channels for customers to reach out for assistance, providing timely and accurate responses to inquiries, and proactively addressing any issues that may arise during the onboarding process. By prioritising customer support, businesses can ensure that their customers feel valued and well-taken care of, reducing the likelihood of attrition and improving overall satisfaction.
In conclusion, friction in client onboarding can have a significant impact on customer satisfaction and retention, making it essential for businesses to address and minimise these challenges. By streamlining onboarding processes, improving communication, prioritising data privacy and security, and leveraging innovative solutions like Togggle, businesses can effectively reduce friction and provide a seamless, enjoyable experience for their customers.
As the business landscape becomes increasingly competitive, it is more important than ever for businesses to focus on customer experience and retention. By adopting new technologies and best practices, such as decentralised KYC solutions like Togggle, businesses can stay ahead of the curve and ensure the long-term success of their client onboarding strategies.