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Finance & Banking vocabulary · Fintech & Digital Banking

Onboarding

Meaning in finance & banking, with examples

/ˈɒnbɔːdɪŋ/nounCommon term

In finance & banking, onboarding means: The process of accepting a new customer, including collecting information, verifying identity, running checks and opening the first account or product.

In Turkish: müşteri edinimi, müşteri kabulü, müşteri olma süreci

How it is used

Used in digital banking, compliance and product teams. Banks onboard customers in branches or through digital onboarding with ID scans, selfies and video calls. A smooth onboarding journey means fewer customers give up halfway, while KYC rules decide how strict it must be.

Example sentences

  1. Digital onboarding now takes less than ten minutes for most new customers.

  2. Corporate onboarding is slower because we must identify every beneficial owner.

Common collocations

  • digital onboarding
  • customer onboarding
  • onboarding journey
  • remote onboarding
  • KYCShort for know your customer: the checks a bank makes to confirm a customer's identity, address and source of funds before and during the business relationship.
  • open an accountTo start a new relationship with a bank by creating an account in your name, usually after showing identification and signing an agreement.
  • beneficial ownerThe real person who ultimately owns or controls a company or account, even if it is held in someone else's name or through other companies.
  • mobile bankingUsing a bank's app on a smartphone or tablet to check balances, make payments, transfer money and use other services.
  • neobankA bank that works only through a mobile app and website, without physical branches, and often offers lower fees and fast account opening.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Fintech & Digital Banking

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This page explains English vocabulary for learners. It is not financial advice.