Client onboarding is the process that welcomes new clients into business, addressing their concerns along with ensuring the services available are understandable by them. This client onboarding forms one of the most important functions from a business perspective as it has a direct affect over the client’s experience which in turn will affect profits of the company. It is important to streamline this process by meeting both the needs of clients as well as business. Solutions related to this process not only help retain clients with the company but also encourage them to continue buying new products and services from the company.
Nowadays, businesses focus has grown on allocating more marketing resources for retention of their current customers. Along with this, the word-of-mouth marketing by present clients may further help in onboarding newer clients resulting in growth for the company. With the current dynamic scenario of the business, it is important to make sure that the clients are satisfied with the services being provided to them. Organizations spent huge amount of money and resources for acquiring a client; hence losing these clients results in loss for company that has in turn forced companies to come up with advanced solutions to retain these clients. The global market for client onboarding solutions market has been segmented on the basis of type, end-use industry and geography. Based on type the market has been segmented into automated solutions and non-automated solutions. IT, healthcare and manufacturing among others form the various end-use industries based on which this market has been segmented.
Global client onboarding solutions market on the basis of geography has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.One of the primary advantages for this market is Increase in processing capacity and consistency by providing a personalized service offering that has been a major driver for this market. Client onboarding solutions allows retention of clients that saves a lot of costs and reduces back office rejection rates for the company further acting as another driver for this market. Use of these solutions also streamlines the process of new business creation providing chances of working with new clients.
Furthermore, this significantly reduces the time manually spent in compiling and managing client documents along with increasing customer satisfaction because of process efficiency. Besides all these factors, it ensure secure storage and timely retrieval of client content as well as chances of referrals from the existing clients. With all these elements contributing to the growth, there are certain restraints that negatively affects the business. Some of these factors include chances of human error because of its dependence on manual and paper-intensive processes and poor data management practices among others. Considering all these drivers and restraints, it is the growing focus on customer experience and customer retention that is expected to provide huge growth opportunities for this market.
Geographically, North America formed one of the main regions that has contributed to the growth for this market. It is the growth of customer retention plans along with rise in application of automated systems for client onboarding process has been some of the important drivers for this market. Asia Pacific also formed another major region along with accounting one of the fastest growth in this market globally. Japan, China, and India among others are some of the major countries contributing to this growth. Technological shift promoting timely access to customer database and information has been some crucial factors for the growth of client onboarding solutions market in this region.
Some of the key players that are operating in the global client onboarding solutions market include Xerox Corporation (The U.S.), NexJ Systems Inc. (Canada), Smartwave Technologies (Canada), Kofax (The U.S.), Doxim (Canada), and Fenergo (Ireland) among others.
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