Use Digital Onboarding For Better And More Secured Customer Verification
When a new account is created, the process of onboarding involves familiarizing the consumer with the product or service of your company. It entails confirming their identity through ID verification and may include biometric technologies like iris scans, voice recognition, fingerprints, and selfie matching. Along with gathering contact details like email addresses and phone numbers, the onboarding systems also involves gathering personal data like addresses and possibly credit card numbers. But how can all these be done virtually with zero error? The answer is Digital Onboarding.
Customers can create an account from the comfort of their homes or another location with secure web access with the assistance of digital onboarding. This system enables new clients to complete these abovementioned stages online instead of visiting a physical branch or store. This approach is more practical than conventional onboarding and offers your company and client a higher level of account security.
Benefits of Digital Onboarding:
- Improves and streamlines workflows: The ability to upload government-issued IDs, selfies, and other data makes ID verification easier with digital onboarding and provides quick access to the required forms. With its assistance, you may add new customers faster and safely.
- Enhances Customer experience: The procedure maintains a seamless user experience while providing financial institutions with increased security. Customers can sign up without leaving their homes and more quickly and easily comply with the AML and KYC requirements.
- Maintain Conversion rates: This approach makes the procedure simple enough to keep conversion rates high. When new clients go through the process smoothly, they are more likely to finish the onboarding process faster.
- Cost-efficient: Digital onboarding reduces labor expenses using automation, AI, and machine learning. That avoids the need for multiple employees to help onboard your clients correctly.
- Easy compliance: Digital onboarding includes AML and KYC compliance methods that aid businesses in avoiding infractions. By using this method, you will avoid fines and penalties.
What does this safe identity processing include?
The technologies and instruments are accessible to assist businesses in establishing a smooth onboarding procedure that also offers a strong defense against fraud. Here are a few examples:
A candidate’s identification can be confirmed or verified using facial recognition. The customer only needs to take a selfie to complete the procedure. Face-matching technology matches the image to the identification document, while liveness detection ensures the selfie is taken in real-time.
By artificial intelligence and machine learning, customers are guided through the selfie process, ensuring that photographs are sharp and clear and that all necessary information is collected. It is crucial to select the appropriate option for your customers as digital identity verification technologies offer numerous combinations and intensities of these technologies.
Depending on the level of protection desired, a variety of solutions are available. A passport, for example, can be confirmed using its machine-readable part. For further levels of security, infrared, UV light, or chip reading employed to check the validity of the documents submitted by the customer.
Businesses are required to adhere to several laws, including the GDPR and KYC laws. Throughout the whole onboarding process, compliance must be a top priority. Automating consumer due diligence, such as KYC checks, is possible using software robots. You can also eliminate errors in the compliance process by checking data against internal and external databases.
Simple UX design:
Customers do not want to waste time figuring out your digital platform; that’s why the user experience should be simple and intuitive. Make sure your method segregated into clear steps that users can follow with little to no difficulty.
Strong Management Teams:
Even the most cutting-edge digital onboarding technology needs a strong management team to operate. Think about the technology that enables administrators to safely evaluate all identification and compliance data, including watchlist results, uploaded documents, and facial picture data. With real-time visibility, you can control the entire process.
A fast process:
A lengthy onboarding procedure can make customers feel unsatisfied with your company. Making sure your company has mobile capabilities, enables an effective, faster onboarding process. Time-consuming processes can be automated via robotic process automation (RPA). Document processing can streamlined by artificial intelligence technology like natural language processing (NLP). Business users and citizen developers can further streamline the onboarding process with the help of low-code and no-code development options.
Best Practices for Digital Onboarding
The digital customer onboarding best practices may appear to be similar to those for general onboarding, but there are some differences. Let’s look at a few examples.
Understand What They Need (And Who Your Customers Are)
While this is a general best practice for all business processes, it is particularly important to anticipate what your customers will require during a digital onboarding experience.
Unlike physical customer onboarding, customers have to be more self-reliant in activating their service or product and answering their own questions during the process. So, make sure that you are setting them up for success.
Examine the most frequently asked questions by the clients during the onboarding process.
Do they get tripped up on your product’s technical setup? Consider including tutorial videos for new clients.
Do the customers abandon onboarding because they are unsure of the next steps? Emails reminding them to complete new/pending tasks could be helpful.
Make A Consistent Multichannel Experience
Consumers today use a variety of channels, including email, social networking sites, and most importantly, mobile.
The brilliance of digital customer onboarding is that it enables you to provide your customers with a multichannel experience. However, you must ensure that the experience is consistent regardless of the platform.
Your customer onboarding experience must be adaptable, and new clients should be able to continue from where they left off with ease. For example, if they begin setting up an account on their computer, they should be able to complete it on some other device, such as a phone or tablet.
Connect New Customers To Your Customer Support Team
Digital onboarding programs intended to assist new customers in becoming self-sufficient users. However, when going digital, you do not have to completely eliminate the human element.
Your support representatives may no longer be handholding your clients all through the onboarding process. However, they are still an essential part of ensuring new customers have all the resources they need to succeed.
Maintain open lines of communication between onboarding specialists and customers. Inform customers about how to contact your support staff and who to contact if they have any questions.
Customers desire quick and secure onboarding when creating an account. Identity verification is essential for ensuring that the individual opening an account is actually who they claim to be and is not a fraudster using stolen personal information. Using the appropriate online identity solution and AI, you can design an onboarding process that adored by users and despised by fraudsters.