Improving Digital Onboarding Processes for Financial Services - A Multivocal Literature Review

It is vital for financial institutions to acquire and digitally onboard customers in a user-friendly and seamless manner. This is relevant and urgent for financial products. Despite its importance in the financial sector, digital onboarding has not been studied from a business process perspective. To address this gap, we conduct a multivocal literature review to examine how customer onboarding is defined, its main sub-processes, associated issues, how onboarding processes can be improved, and the value of such improvements. Our results show that the main issues conprocess improvements aim to address customer experience, compliance, incorporating digital technologies, and data-driven decision support. Therefore, the results of this paper are twofold. First, we address a gap in the study of digital onboarding from a business process perspective. Second, we classify the findings in a framework for improving customer onboarding processes in financial services. The framework is particularly useful for business and process analysts who work with redesigning onboarding processes for digital financial services.