This IDC Financial Insights report provides an IDC MarketScape assessment of six retail banking employee-assisted onboarding software solutions, how the major vendors compare with each other, and what criteria are most important for financial institutions to consider when making their buying decision. Evolving compliance requirements and advancements in analytics available during the onboarding process, along with demanding consumer expectations, are raising the bar on the onboarding function. This IDC MarketScape provides valuable guidance when examining existing onboarding solutions and/or planning for the future.
Marc DeCastro, research director, IDC Financial Insights Customer-Centric Bank Strategies, states, "Onboarding represents a unique time when the financial institution has a client with financial needs in front of them. Too many financial institutions do not capitalize on that, and having a solid onboarding solution for deposit accounts is a great way to start." In addition, Karen Massey, senior research analyst, IDC Financial Insights Customer-Centric Bank Strategies, says, "There is a great untapped opportunity for financial institutions to not only provide the most efficient session in onboarding a new customer but also better leverage vendor solutions for the right customer information to deepen the relationship."