Understanding the need for digital tools for the enhancement of business processes is essential to modern-day success! One vital digital process that should be on every business’s radar is digital onboarding.
This specific technology has evolved rapidly over the years, and to satisfy the current customer expectations of business-client interactions, it is in every business’s best interest to stay up to date with the newest digital onboarding solutions. These smart processes are also highly beneficial to business, ensuring speed, accuracy, and convenience when vetting potential clients, and delivering an innovative service that places companies ahead of their competitors.
Customer onboarding explained
The customer onboarding process, also known as Know Your Customer (KYC), is the beginning of the business-client relationship. It is the fundamental step in which businesses decide whether a potential client should be formally introduced into their client system, as well as a time in which a consumer can decide to proceed in becoming a business’s client. During this process, clients will need to provide a range of personal information that allows a business to successfully verify identities through various means. The now widely used digital onboarding solutions have made this process a lot quicker and easier than the traditional manual approach.
Out with the old and in with the new
While traditional customer onboarding strategies were once the ideal approach to customer onboarding, they have since become outdated. This is due to the flawed manual processes that offer slow, inaccurate, and highly complex strategies that are no longer conducive to the modern digital society. Manual onboarding is no longer the only option, and many businesses have turned to digital processes to enhance customer experience and business security through the onboarding journey. This sees the back and forth of filling out forms, the printing of documents, manual ID checks, and up to a month-long process of manual onboarding replaced with real-time, paperless, and secure onboarding strategies that can be conducted both in-person or remotely. There is no doubt that the digital customer onboarding process benefits both parties in the business-client relationship.
Benefiting from digital transformation
Digital customer onboarding software has completely transformed businesses across various industries, especially those in the financial sector. Here are a few ways that any business could benefit from digital transformation through the very first client touchpoint:
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Remain competitive
“Customer is king”, as has often been said, is more important in today’s digital markets than ever before. Competition is rife, and implementing digital processes is the best way to stay ahead of the competition.
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Enhance user experiences
Digital onboarding, especially remote customer onboarding, enhances the user experience through convenience and ease of use. The digital approach streamlines the process by making use of user-friendly software that allows clients to upload data quickly and easily.
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Reduce application fall-off rate
Lengthy onboarding processes sometimes result in the client changing their mind and not going ahead with the product/service. With paper documents not required during digital onboarding, it results in less fall-off and higher impulse purchases due to these reduced barriers.
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Save time
What is usually done over a span of weeks can be completed in just minutes with a digital customer onboarding process, saving time for both the employees and clients within a business.
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Receive accurate results
Moving to a digital approach removes the risk of human error when vetting clients. Digital software can accurately identify clients and validate their information in real-time.
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Improve fraud risk management
The increased accuracy of digital onboarding allows businesses to minimise fraud risk. The software can quickly detect the accuracy of personal information from client documents, allowing businesses to filter out any attempts of fraudulency.
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Increase revenue
All of the benefits mentioned above ultimately increase business revenue. Through efficient customer onboarding and improved methods of managing customer risk, businesses undergoing digital transformation can be sure to increase their turnover.
Using various digital solutions, businesses can experience the full value of digital onboarding.
The smart solutions for successful onboarding
Digital onboarding solutions are paramount to success in the current, advanced market. These processes are designed to provide a seamless online onboarding solution that provides clients the freedom to complete their onboarding from a remote location. The reduced need for face-to-face onboarding may seem intimidating when it comes to business risk management; however, using biometrics such facial verification with liveness detection, businesses can accurately validate the identity of a customer in an instant without the hassle of paperwork. When presented with documents – through digital document uploads – such as IDs, passports, work permits, and more, businesses can rest assured knowing that smart online ID verification and digital document verification software can provide comprehensive results within a minute. Additionally, should businesses be presented with high-profile clients, there is once again a solution – PEP screening. Cross-referencing data against bureaus and sanction lists, businesses will receive an extensive report of the PEPS activities, allowing them to make an informed decision when onboarding these clients.