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.
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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.
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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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