As more and more businesses move towards digital channels, digital customer onboarding has become an essential process for companies to acquire and retain customers.
In this blog post, we will explore digital customer onboarding statistics that businesses can use to improve their onboarding process and drive customer success.
Key Digital Customer Statistics 2023 – MY Choice
- Over 80% of customers prefer digital onboarding over in-person methods.
- Digital onboarding can increase customer satisfaction by up to 20%.
- 56% of businesses believe that digital onboarding can improve their customer retention rates.
- Companies using digital onboarding see a 50% decrease in customer abandonment rates.
- Digital onboarding can reduce the onboarding process time by up to 90%.
- Companies using digital onboarding report a 30% increase in customer engagement.
- The use of digital onboarding can reduce costs by up to 80% compared to traditional onboarding methods.
- 63% of customers would be willing to share their personal data during the digital onboarding process if it means faster service.
- Businesses using digital onboarding experience a 20% increase in cross-selling and upselling opportunities.
- Companies using digital onboarding see a 40% reduction in errors during the onboarding process.
Digital Customer Onboarding Statistics
Now let’s dive into digital customer onboarding statistics to help businesses understand the importance of a streamlined, efficient, and personalized onboarding process.
|Improved operational efficiency||40%|
|Faster time to market||36%|
|Ability to meet customer expectations||35%|
|Prioritizing more effective audience segmentation and targeting||55%|
|Driving growth through digital transformation||52%|
|Importance of having a cohesive omnichannel experience||74%|
|Belief that AI will lead to the biggest improvement in CX||34%|
|Expected compound annual growth rate of CX market in the U.S.||17.5%|
|Consumers willing to pay more for a better customer experience||86%|
|Companies with a dedicated customer onboarding team||67.4%|
|Enterprise organizations that rate onboarding approach as key value||82%|
|Customers who consider the company’s onboarding program when buying||63%|
|Customers who value personalization over speed for customer service||59%|
|Customers likely to switch brands if purchasing process is difficult||74%|
|Companies that report retention is cheaper than acquisition||82%|
|Customers willing to pay more for better customer onboarding||89%|
|Digital Customer Onboarding Software Statistics||Percentage|
|Survey respondents facing problems importing data into software||96%|
|Respondents who import data manually into software tools||27%|
|Respondents who use a combination of manual methods and internally built data importer||38%|
|Software users wanting to solve data importing problems with better integrations||36%|
|Software users wishing data import tools were easier to use||29%|
|Software users believing more automation is the solution to data import problems||26%|
|Survey respondents importing data every single day||54%|
|Respondents importing data multiple times per day||22%|
|Respondents who report it takes weeks or months to import data||23%|
|Respondents who experienced data formatting issues with data onboarding||76%|
|Respondents who experienced data validation issues with data onboarding||69%|
|Digital Customer Onboarding Latest Statistics||Percentage|
|Customers who have deleted an app because they didn’t know how to use it||80%|
|Customers who have returned a product because they didn’t understand how to use it||55%|
|Companies seeing employee engagement increase by investing in customer experience||20%|
|Highly engaged customers buying more frequently||90%|
|Highly engaged customers spending more per transaction||60%|
|Highly engaged customers having three times the annual value compared to other customers||3x|
|Customers saying understanding how they use products and services is very important||70%|
|Adults believing valuing their time is the most important thing a company can do to provide a good online customer experience||66%|
|People revisiting a website if it’s user-friendly||74%|
|Customers willing to pay more to work with a company with a good customer service reputation||68%|
- 73% of customers say that the onboarding process is an important factor in their decision to continue using a product or service (HubSpot)
- 67% of customers say that the onboarding process determines whether they will become a long-term customer (HubSpot)
- 40% of customers abandon a sign-up process that takes more than three minutes (HubSpot)
- 25% of customers abandon the sign-up process if it is too long (HubSpot)
- 39% of customers would switch to a competitor if they experienced a poor onboarding process (HubSpot)
- 57% of customers expect to be able to use a new product or service immediately after signing up (SuperOffice)
- 68% of customers expect personalized experiences from the brands they interact with (Salesforce)
- Personalized onboarding experiences can increase customer satisfaction by up to 30% (Salesforce)
- 75% of customers are more likely to buy from a company that knows their name and purchase history (Accenture)
- 91% of customers prefer brands that provide relevant offers and recommendations (Accenture)
- 63% of customers expect companies to use their purchase history to provide personalized experiences (Accenture)
- 67% of customers expect companies to understand their needs and expectations (Accenture)
- 59% of customers are more likely to buy from a company that offers a mobile-responsive experience (Salesforce)
- 88% of customers expect companies to provide a mobile-responsive experience (Salesforce)
- Companies with mobile-responsive sites have a 62% higher conversion rate than those without (Adobe)
- 60% of customers use mobile devices to research products and services (Salesforce)
Overview of Digital Customer Onboarding
Digital customer onboarding refers to the process of getting new customers to sign up and start using a product or service through digital channels. This can involve a variety of steps such as filling out a form, verifying identity, setting up accounts, and providing necessary information to get started.
Here are some statistics on the importance of digital customer onboarding:
- 86% of customers are willing to pay more for a better customer experience (SuperOffice)
- 40% of customers will stop doing business with a company if they have a poor experience (Zendesk)
- 52% of customers say that the first customer service interaction after making a purchase determines whether they will remain loyal to a brand (Salesforce)
- Only 32% of customers will return after one bad experience (PwC)
Digital Customer Onboarding Best Practices
To create an effective digital customer onboarding process, businesses should follow these best practices:
- Keep it Simple: Complex onboarding processes can discourage customers from signing up. Keep the process simple and streamlined.
- Personalize the Experience: Personalized onboarding experiences can improve customer engagement and retention.
- Leverage Automation: Automation can reduce onboarding time and errors while improving efficiency.
- Provide Self-Service Options: Customers appreciate the ability to self-serve and access resources on their own.
- Make it Mobile-Friendly: With more customers using mobile devices, it’s essential to ensure that the onboarding process is mobile-friendly.
Benefits of Digital Customer Onboarding
One of the main benefits of digital customer onboarding is the reduction in time and cost required to onboard new customers. Here are some statistics that highlight this benefit:
- It takes an average of 19 days for banks to onboard a new customer using traditional methods, while it only takes 5 minutes for digital onboarding. (Source: Digital Banking Report)
- Traditional onboarding methods can cost up to $10,000 per customer, while digital onboarding costs less than $100 per customer. (Source: McKinsey)
- 52% of customers have abandoned a bank application due to a lengthy onboarding process. (Source: Experian)
- Companies that implement digital onboarding experience a 55% increase in customer satisfaction. (Source: Deloitte)
- Digital onboarding can increase conversion rates by up to 50%. (Source: PwC)
Digital Customer Onboarding Trends
Digital customer onboarding is a constantly evolving process, driven by new technologies and changing customer preferences. Here are some statistics that highlight the latest trends in digital customer onboarding:
- By 2025, the global digital onboarding market is expected to reach $30.8 billion, growing at a CAGR of 16.2% from 2020-2025. (Source: MarketsandMarkets)
- 72% of financial institutions plan to invest in digital customer onboarding technology in the next 12-18 months. (Source: Deloitte)
- Biometric authentication methods, such as facial recognition and fingerprint scanning, are becoming increasingly popular in digital onboarding. (Source: Jumio)
- Video-based onboarding is also gaining popularity, with 41% of customers saying they prefer video calls to complete the onboarding process. (Source: Verisk Financial)
- Blockchain technology is being explored as a potential solution for secure and efficient digital onboarding. (Source: Accenture)
Challenges of Digital Customer Onboarding
While digital customer onboarding offers many benefits, there are also some challenges to consider. Here are some statistics that highlight the main challenges of digital customer onboarding:
- 63% of financial institutions struggle with integrating digital onboarding into their existing systems. (Source: Experian)
- 52% of financial institutions struggle with regulatory compliance requirements when implementing digital onboarding. (Source: Experian)
- Only 38% of customers trust financial institutions to keep their personal data secure during the onboarding process. (Source: Experian)
- 75% of customers believe that their personal data is at risk of being compromised during the onboarding process. (Source: Experian)
- 41% of customers are concerned about the complexity of the onboarding process when using digital channels. (Source: McKinsey)