In today’s hyper-competitive financial landscape, commercial banks face a critical challenge: how to onboard new business clients quickly, securely, and seamlessly. For decades, onboarding a commercial or SME client has been a complex, manual process—often taking anywhere from seven to 42 days. In a world where fintechs and digital-first banks can onboard clients in hours, this legacy approach is no longer sustainable. The imperative is clear: transform onboarding from a weeks-long bottleneck into a frictionless, digital-first experience measured in minutes.
Commercial banking is poised for significant growth, with global revenues expected to reach £3 trillion by 2026. Yet, this opportunity is at risk. For 67% of commercial banking clients, the hurdles of Know Your Customer (KYC) and onboarding processes are the single biggest barrier to switching or starting a new banking relationship. More than half of commercial clients are actively reconsidering their banking providers, and banks are losing billions annually due to onboarding inefficiencies and compliance challenges. In this environment, the ability to deliver a seamless, rapid onboarding experience is not just a competitive advantage—it’s a business imperative.
Fintechs have redefined what’s possible in client onboarding. By digitizing customer journeys, automating compliance checks, and leveraging composable, cloud-native architectures, they have slashed onboarding times from weeks to as little as two to 48 hours. The results are striking:
These leaders achieve this by:
Banks in Asia-Pacific are at the forefront of digital onboarding, driven by a customer-centric culture and intense competition. With 68% of APAC banks citing customer experience as a top metric, the region has embraced:
However, APAC’s rapid digitization brings regulatory complexity and heightened fraud risk. Banks are responding with advanced KYC, anti-fraud technologies, and agile compliance processes—shrinking onboarding times from weeks to hours.
EMEA banks are recognized for their strategic, regulatory-driven approach. Initiatives like PSD2 and open banking have compelled banks to modernize onboarding, prioritize data security, and enable seamless omnichannel experiences. Key trends include:
Case studies in the region show onboarding times reduced to under 10 minutes, with 90% straight-through processing and a 360-degree customer view enabling proactive service.
North American banks are accelerating digital transformation but face challenges in strategy alignment and regulatory fragmentation. Only 60% report a clear transformation strategy, and just 42% feel ahead of competitors. Still, the region is seeing a surge in transformational leaders who are:
The competitive pressure from fintechs is pushing North American banks to close the digital gap and deliver onboarding experiences that rival global leaders.
Modernizing onboarding is not just about speed—it’s about unlocking new business value. Banks that deliver seamless, digital-first onboarding:
At Publicis Sapient, we envision a future where commercial onboarding is:
Our work with leading global banks has demonstrated that onboarding times can be reduced to minutes, with 80-90% less manual effort and dramatically improved client satisfaction. By leveraging best-of-breed partner ecosystems and proven methodologies, we help banks transform onboarding from a pain point into a powerful engine for growth.
The modernization of commercial banking onboarding is a global movement, shaped by local realities but united by a common goal: delivering seamless, client-centric experiences at speed. Whether you’re in APAC, EMEA, or North America, the time to act is now. Connect with Publicis Sapient to benchmark your onboarding transformation and lead the next wave of digital banking innovation.