Bankloch

Enormous investments have gone into optimizing the customer onboarding process. Fintechs have led the way in creating real-time, frictionless onboarding experiences that not only establish a customer relationship and open the necessary accounts but also handle all required KYC due diligence. For fintechs, whose survival often depended on rapid growth, fast customer acquisition was critical - making seamless onboarding a top priority. In response, many incumbent banks have adopted parts of these fluid onboarding journeys, reducing the initial competitive edge fintechs once held. By contrast, offboarding a customer is rarely as smooth. Often manual and cumbersome, this process tends to receive less attention - understandably so, as it represents revenue loss rather than growth. However, opportunities may lie in transforming offboarding into a strategic moment. Automating and simplifying it reduces costs, and a seamless exit experience can preserve goodwill. A customer leaving today might...