Commercial banks are great at managing risk, scaling portfolios, and underwriting complex deals. But when it comes to onboarding new hire or new clients, too many banks are still stuck in the past – slow, manual, and fragmented processes that frustrate users and drain internal resources.

In today’s digital world, onboarding isn’t just a back-office function. It’s a litmus test. If you can’t get it right, your people, including high-value commercial clients, won’t stick around long enough to see what else you have to offer.

Let’s look at the data, the problem, and what can be done.

The Ugly Truth About Onboarding in Commercial Banking

The numbers don’t lie:

• Onboarding a single commercial client can take up to 16 weeks and cost $20,000 to $30,000 per client according to Deloitte
• As many as 75% of onboarding requests never make it to completion, meaning valuable prospects drop out before they generate any revenue
• Tier 1 banks spend 83% of onboarding budgets on manual tasks, leaving just 17% for technology investment

This is a massive operational drag. Worse, it’s a massive reputational risk. A clunky onboarding experience sends the message that the bank isn’t agile, isn’t digital, and isn’t thinking about the user experience. And in a competitive landscape, that’s deadly.

Why the Lag?

Most commercial banks have been slow to adapt their onboarding practices because the legacy systems involved are complex and interdependent. Compliance, risk review, legal, KYC, credit – each function often has its own set of tools and documents, with little visibility across departments.

But clients don’t care about your internal silos. They care about speed, clarity, and convenience.

And guess what? So do your new hires.

What Modern Onboarding Looks Like

If commercial banks want to compete, they need to take a page from digital-first fintechs and even from their own retail banking divisions, which have been quicker to embrace automation and self-service tools.

Here’s what best-in-class onboarding looks like:

• Integrated workflows that eliminate redundancies by consolidating data sources and unifying documentation across teams
• Self-service portals, which 71% of SMEs say influence who they bank with based on onboarding tools and digital convenience
• Automation and AI that reduce onboarding costs by up to 50% and drastically shorten timelines

This isn’t just about tech; it’s about trust. A fast, seamless onboarding experience builds confidence from day one.

What This Means for Talent

At The Anderson Search Group, we’re seeing a shift. Banks that are serious about growth are prioritizing onboarding not just as a process problem, but as a talent opportunity.

They’re hiring client experience leaders. They’re looking for commercial banking professionals with transformation skills. They’re building teams that can rethink legacy workflows with a digital-first mindset.

If you’re a bank ready to rewire your approach to onboarding, partnering with the right talent can get you there faster.

Ready to Move Faster?

Let’s make it exceptional.

Contact The Anderson Search Group to find the talent who can transform your team.