As the business landscape continues to evolve at an unprecedented pace, firms must constantly find ways to remain competitive. One critical area that firms can no longer afford to ignore is client onboarding. Yet, inefficient client onboarding remains a pervasive problem that affects the growth and profitability of many firms.

According to a survey conducted by PWC, 65% of clients stated that a poor onboarding experience would make them less likely to do business with a firm. Furthermore, inefficient client onboarding can lead to lost revenue, as firms risk losing up to 20% of potential revenue if onboarding is not completed in a timely and effective manner.

Another study by McKinsey & Company found that a well-executed client onboarding process can improve customer satisfaction by up to 30%, increase cross-selling opportunities by up to 20%, and reduce onboarding time by up to 60%. This translates into a significant competitive advantage for firms that prioritize their client onboarding process.

However, the benefits of efficient client onboarding are not limited to customer satisfaction and revenue. Firms that implement streamlined onboarding processes can also reduce operational costs by up to 20%. By automating manual processes and implementing digital solutions, firms can reduce the time and resources required for onboarding.

It is clear that inefficient client onboarding can be a significant hindrance to the growth and profitability of a firm. Therefore, firms must invest in improving their onboarding processes to remain competitive in today's business landscape. By doing so, firms can increase customer satisfaction, revenue, and operational efficiency while reducing the risk of losing potential clients.

Find out how Claims Gate helps law firms digitise client onboarding, by getting in touch with our friendly team, via our website or LinkedIn!