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reports that show how client onboarding has supported a fintech growth strategy
SetuplyJan 26, 2024 11:00:00 AM3 min read

How Client Onboarding Fits Into a Fintech Growth Strategy

In a highly competitive field like fintech, solution providers need to have a well-defined strategy for growth. Part of this fintech growth strategy includes staying at the forefront of technological advancements — not just within the context of their own solutions but also to enhance other aspects of the client experience. Onboarding is just one example.

By staying at the forefront of client onboarding, solution providers position themselves for efficiency without compromising the quality of the client onboarding experience. This enables scalability, accelerated revenue recognition, and increased sales opportunities — the combination of which helps contribute to a company’s financial health and growth.

Expedite Onboarding While Boosting Engagement

The traditional fintech client onboarding process is weighed down by manual tasks, from paper-based documentation and cumbersome data entry to manual compliance checks. While the labor-intensive nature of these tasks contradicts fintech’s speed and innovation, it also leaves clients with a less-than-ideal onboarding experience.

By replacing manual measures with client onboarding automation and tools, fintech providers can get clients up and running on solutions faster and support a user-friendly experience. The combination of speed and engagement lends itself to increased client retention and loyalty.

Consider this: The average customer retention rate for fintech is 37%. If you raised that rate by just 5%, company revenue could increase by up to 95%.


Position Yourself to Scale as Business Grows

The adoption of fintech solutions is growing for a number of reasons. On the one hand, businesses want to enable operational efficiency so they can more strategically allocate resources. Accessing insights to make data-driven decisions and better manage risk are also key motivators.

As the number of fintech clients increases, solution providers need to be able to handle bigger onboarding demands. Client onboarding automation and tools enable providers to accommodate client growth without increasing administrative burdens or losing out on client engagement opportunities.

Research shows that companies with an excellent customer experience (CX) stand a higher chance of growing consistently year-over-year. Employees at these companies are also 1.5 times more engaged. Being able to maintain these CX standards as fintech client volumes grow gives you a competitive advantage that translates into more growth.


Increase Cross-Selling and Upselling Opportunities

Did you know that 51% of businesses use cross-selling as their main growth strategy? In fact, cross-selling is what generates 35% of Amazon’s revenue.

For fintech providers, cross-selling and upselling can be powerful growth generators too. For instance, if you specialize in payment processing solutions for online retailers, there’s an opportunity to cross-sell loan products to clients that boosts your profitability.

Timing is course-critical in the effectiveness of cross-selling and upselling strategies. A well-integrated client onboarding system offers fintech solution providers this context. Alongside a comprehensive view of a client’s needs and preferences, sales team can monitor client performance post-onboarding to identify where additional services or features may be beneficial. These well-timed recommendations help increase the client lifetime value as well as retention rates.


Setuply Supports Your Fintech Growth Strategy

Client onboarding has always been critical in the growth of fintech solution providers. But as the market grows and client expectations change, the need to make onboarding scalable for providers and enjoyable for clients becomes all the more important.

With Setuply in your corner, you're positioned to grow your fintech business. Our all-in-one automation platform has the features and tools you need to simplify client data collection, prioritize client engagement, and ensure compliance. 

Want to see these features and tools in action? Request a Setuply demo today!