July 5, 2022 – FIs need to onboard clients to their products and services, but the process is often frustrating, labor intensive, and error prone. There is an industrywide awareness of the need to enhance onboarding, but many bankers report that onboarding efforts do not receive enough funding to achieve significant improvements.

This report includes findings from an April 2022 Aite-Novarica Group survey of 18 commercial bankers during and after the third annual Small Business User Experience Forum. All respondents were bankers familiar with their institutions’ onboarding efforts and tended to have roles focusing on product management, treasury management, or digitalization.

This 24-page Impact Report contains six figures and one table. Clients of Aite-Novarica Group’s Commercial Banking & Payments service can download this report and the corresponding charts.