Three in four business owners said in a recent survey that they never finished onboarding new financial services and products because they found the process too onerous. Customer experience management platform provider OvationCXM recently surveyed more than 4,000 business owners about the customer experience they received from their financial institutions. Most respondents were satisfied with their institutions but expressed frustration with onboarding new products. Six in 10 business owners/operators described their most recent onboarding experience as “somewhat” to “extremely difficult.” At the same time, 76% found it so complicated and confusing that they walked away in the middle of the process.
As for the reasons why businesses never finished onboarding, the top frustration cited by respondents was “working with too many people/organizations.” Other reasons given were the costs were higher than expected, the process was too complicated, difficulty in getting timely responses from the service provider, confusing instructions and difficulty in finding needed information.