Loan Onboarding Process — Quickboarding

Time to analyze your Loan onboarding process — 5 Metrics and KPIs to Look for

Abhishek Mishra
Quickboarding

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Onboarding or new product origination is always a challenging and time taking process. Now, stop guessing what your customers want because now we can help you out. See exactly how to analyze your loan onboarding process and the top measurable KPIs for it. Understanding their mindset and increase your conversion rate with them and discover where customers are getting confused during the loan onboarding process and what’s getting their attention. The answer to all these questions are going to covered in this article.

In this article, we are going to talk about how to analyze your loan onboarding process. We will focus on the top measurable metrics & KPIs for your customer onboarding process.

If you’re still running your business on legacy processes and want to go digital then read our article on: How to choose loan origination software for your business?

What is Client Onboarding?

Client onboarding is the process of introducing a new customer to the company’s products and services, as well as showing them how to get the most out of them. Onboarding new customers involve listening to their questions and solving their doubts related to your services. It’s all about making their experience as smooth and fast as possible. Hence, customer onboarding refers to the process where you tell your customers all the services you are offering. The goal of onboarding is to get the customer on board. It’s not just providing all the information the customer needs to understand your product; it’s about knowing them and their needs.

Benefits of Client Onboarding

  • Your customers will come back again and again.
  • Your customers will tell about you to their friends and family.
  • Reduce the amount of time it takes to value and so on.

How to implement digital loan onboarding process?

No doubt there are many ways to implement a digital loan onboarding process, but using a loan origination tool not only saves your time but also makes the whole process an easy one. That’s what exactly Quickboarding does.

Discover the easiness of Quickboarding

  • No coding required, build your inclusive onboarding experience without code.
  • Easy analysis, analyze risk, attached documents using 3rd party API Integration.
  • Integration friendly, integrate QuickBoarding flows with your web and mobile application in just 5 mins.
  • Build as you go, continuously adapt and improve the boarding flow with the changing business. All without any technical customization.
  • Automated and conditional, define micro conditions for each flow stage all through a visual editor.

With this, you’ll be able to understand what customer onboarding means, what are the benefits of customer onboarding and how to implement a loan onboarding process followed by the best loan origination tool.

What metrics do you need to track for loan onboarding?

DIgital Onboarding Metrics

To find out what metrics you need to track for loan onboarding process it is important to go through the whole onboarding process and carefully examine every step customer take to move from registration to product acceptance.

Try answering these 5 questions

  • How long does it take users to complete the loan onboarding process?
  • How long do users take to complete each stage of the loan onboarding process?
  • What is the reaction of customers to the onboarding process?
  • How long does it take for a customer question or issue to be resolved?
  • What is the success rate of your product adoption?

5 Loan Onboarding Metrics to Track Completion of Onboarding Process

The main aim of every company is to help their customers in the loan onboarding process rapidly and easily. It’s because this is the time when customers will get to know in brief about the product, its detail that will enhance the value of the platform to them. There isn’t only a single onboarding completion target that every company is getting to hit. For start-ups, the product team needs to restate the funnel a couple of times before finding a formula that works. Companies should compare them before and after onboarding completion metrics after making changes to the onboarding funnel.

Progress through the funnel

These metrics tell an organization if certain measures should have tooltips or whether there should be a separate funnel for certain customers. For instance, let’s suppose client A easily set up their account whereas client B gets stuck setting up their account. After gathering sufficient onboarding metrics, project managers could test creating a separate funnel for client B customers. After collecting user onboarding metrics, trends like these will begin to emerge.

Response of customer

Customer experience is one of the most important metrics to track. That’s because customer experience is the most important. Hence, it is important to give users several ways to help. The customer even prefers to do it by their own self by using wikis, live chats, customer service calls etc.

Response Time

The another most important metrics is response time. Customers will simply not return if they get stuck and are unable to resolve the issue quickly. When customers’ complaints are resolved fast they’re more likely to stay around and once that happens, they will use the services more. Hence, tracking response time is very important as once a user query is not resolved within time, then the risk of losing that customer increases.

Product adoption rate

Completing the process of onboarding does not always guarantee that the user will buy the product. However, with the actual rate of product adoption, product managers should always try to reduce the stickiness in the onboarding funnel. Companies can easily do this by using their user onboarding metrics to identify the insights that improve the customer experiences

5 Client Onboarding KPIs to Track

Digital Onboarding KPI

Key performance indicators (KPIs) are used by businesses to assess how well they are meeting key business objectives. For loan onboarding, a customer success department must ensure that they have onboarding KPIs so that they can evaluate their progress against their objectives. Here are some strategies that needed to keep in mind.

Daily/Monthly Active users

  • Daily Active Users (DAU) — The total number of users engaging with your product almost every day. Users only need to view or open the product to be considered active.
  • Monthly Active Users (MAU) — It is the sum of total number of daily active users over a month. In this user need to view or open the product atleast once in a month.

Funnel Goals

Setting up funnels is the best way to start monitoring user drop-offs once you know how many people are coming into your product. By doing so for every single point of interaction during the onboarding stage allows you to get into it in more detail.

Customer Retention

Retention is the measure of how many users are returning to your product over time. Measuring retention is a good way to determine whether your onboarding process is effective overtime or not.

User Engagement

It is important to know how many customers you have and how active and engaged they are with your product. It helps you to understand the impact of your onboarding process and identify the new ways to convert in the places where there is the best engagement.

Improving product features

Getting feedback from users always helps a lot to know whether your customer is liking your product or not. Highlighting the features that are working well and improving them so that people will continue to use them is a simple way to improve your product. Identify areas that aren’t working well and find ways to make them better also, improve your overall service for users.

Also Read: How to : Revamp Digital client onboarding Experience

Conclusion

Onboarding is the first stage of the customer journey; companies must plan strategically to provide long-term check-ins with customers to ensure they are seeing value throughout their journey. You need to measure the right metrics to achieve the target you set. Your customer should be given the best possible understanding and clarification of how your product works for them. When it comes to providing an experience for your client, keep in mind that there are always options.

About Quickboarding

Quickboarding on/off-boarding resolution is the best suit for onboarding automation. Its receptive use and self conjugation platform help Banks, HR Firms, property, and Insurance firms in automating completely different reasonably on/off-boarding use cases. Contact the North American nation if you would like to envision and skill a digital transformation in your business.

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