Using digital onboarding for more efficient and secure customer screening

When a new account is created, the onboarding process involves familiarizing the consumer with your company’s product or service. This involves confirming the customer’s identity through identity verification, which may include biometric technologies such as iris scanning, voice recognition, fingerprints and selfie comparison. In addition to collecting contact details such as email addresses and telephone numbers, the company’s environmental impact assessment team should also collect the following information onboarding systems also involves the collection of personal data such as addresses and possibly credit card numbers. But how can all this be done virtually and without errors? The answer is digital onboarding.

Customers can create an account from the comfort of their home or other location with secure web access using digital onboarding. This system allows new customers to complete the above steps online instead of visiting a physical branch or store. This approach is more convenient than traditional onboarding and provides your business and your customers with a higher level of security for their accounts.

Benefits of digital onboarding:

• Improves and streamlines workflows: The ability to upload government-issued IDs, selfies and other data makes identity verification easier with digital onboarding and allows quick access to required forms. With its help, you can add new customers faster and more securely.
• Improves customer experience: The procedure maintains a seamless user experience while providing financial institutions with increased security. Customers can register without leaving home and comply with AML and KYC requirements faster and easier.
• Maintain conversion rates: This approach makes the procedure simple enough to maintain high conversion rates. When new customers go through the process smoothly, they are more likely to complete the onboarding process faster.
• Profitable: Digital onboarding reduces labor expenses through automation, AI and machine learning. This eliminates the need for multiple employees to help onboard your customers properly.
• Easier compliance: Digital onboarding includes AML and KYC compliance methods that help businesses avoid violations. By using this method, you will avoid fines and penalties.

What does this secure identity processing include?

Technologies and instruments are accessible to help businesses establish a smooth onboarding procedure that also provides a strong defense against fraud. Here are some examples:

Facial biometrics:

A candidate’s identification can be confirmed or verified using facial recognition. The customer only needs to take a selfie to complete the procedure. Facial recognition technology matches the image to the identification document, while presence detection ensures the selfie is taken in real time.

Checking the photos:

Using artificial intelligence and machine learning, customers are guided through the selfie process, ensuring photos are sharp and clear and all necessary information is collected. Choosing the right option for your customers is crucial, as digital identity verification technologies offer many combinations and intensities of these technologies.

Document verification:

Depending on the level of protection desired, various solutions are available. A passport, for example, can be confirmed using its machine-readable part. For other levels of security, infrared, UV light or chip reading is used to verify the validity of documents presented by the customer.

Compliance :

Businesses are required to adhere to several laws, including GDPR and KYC laws. Throughout the onboarding process, compliance should be a top priority. Automating consumer due diligence, such as KYC checks, is possible through software bots. You can also eliminate errors in the compliance process by checking data against internal and external databases.

A simple UX design:

Customers don’t want to waste time understanding your digital platform; this is why the user experience must be simple and intuitive. Make sure your method is separated into clear steps that users can follow with little or no difficulty.

Strong management teams:

Even the most cutting-edge digital onboarding technology needs a strong management team to operate. Consider technology that allows administrators to securely evaluate all identification and compliance data, including watch list results, uploaded documents, and facial photo data. With real-time visibility, you can control the entire process.

A quick process:

A lengthy onboarding process can make customers dissatisfied with your business. By ensuring your business has mobile capabilities, you can establish an efficient and faster onboarding process. Time-consuming processes can be automated using robotic process automation (RPA). Document processing can be streamlined by artificial intelligence technologies like natural language processing (NLP). Business users and citizen developers can further streamline the onboarding process with no-code or low-code development options.

Best practices for digital onboarding

Best practices for digital customer onboarding may seem similar to general onboarding, but there are some differences. Let’s look at some examples.

Understand what they need (and who your customers are)

While it’s a general best practice for all business processes, it’s especially important to anticipate your guests’ needs during a digital onboarding experience.

Unlike physical onboarding, customers must be more autonomous to activate their service or product and answer their own questions during the process. So make sure you set them up for success.

Examine the most most frequently asked questions by customers during the onboarding process.

Do they get confused in the technical configuration of your product? Consider including tutorial videos for new customers.

Are customers abandoning onboarding because they are unsure of the next steps? Emails reminding them to complete new/pending tasks could be helpful.

Create a consistent multi-channel experience

Today’s consumers use a variety of channels, including email, social media sites and, most importantly, mobile.

The brilliance of digital customer onboarding is that it allows you to provide your customers with a multi-channel experience. However, you need to make sure the experience is consistent regardless of platform.

Your customer onboarding experience should be adaptable, and new customers should be able to continue where they left off with ease. For example, if they start setting up an account on their computer, they should be able to complete it on another device, like a phone or tablet.

Connect new customers to your customer support team

Digital onboarding programs aim to help new customers become self-sufficient users. However, when you go digital, you shouldn’t completely eliminate the human element.

Your support representatives may no longer hold your customers’ hands through the onboarding process. However, they remain a vital part of ensuring new customers have all the resources they need to succeed.

Maintain open lines of communication between onboarding specialists and clients. Inform customers how to contact your support staff and who to contact if they have questions.

Conclusion :

Customers want fast and secure onboarding when creating an account. Identity verification is essential to ensure that the person opening an account is who they say they are and is not a fraudster using stolen personal information. By using the right online identity solution and AI, you can design an onboarding process loved by users and despised by fraudsters.

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