As the world is fighting a health pandemic as well as an economic crisis, the shift to digital is above all more essential than ever. Today, more and more banking enterprises are moving towards building a true digital experience for their customers. Customer onboarding during this situation of pandemic becomes convenient and hassle free with remote digital solutions.
With Digital Onboarding solutions, banking sectors can accelerate the customer onboarding journey by automating the end-to-end process with advanced biometrics capabilities that capture accurate information, which is in compliance to regulatory standards. With digital onboarding, the process of opening a bank account becomes much faster and easier.
Digital way forward
The Digital Customer Onboarding empower banks to provide a seamless, real-time, and secured, end-to-end encrypted audio-visual interaction with the customer. It also makes sure that the quality of the communication is adequate to allow identification of the customer.
The Digital Onboarding solutions help the banking enterprises with the following features:
- Conducting digital KYC- Taking photographs, scanning and acceptance of officially valid document, & video capturing in a live environment.
- Video in Person Verification enables capturing customer photograph and PAN card, conducting Aadhaar e-KYC authentication in a live environment.
- AI based facial recognition ensures the integrity of the V-CIP as well as the information provided by the customer.
- Onboarding customers at their homes with a simple SMS that can provide a link to the application form.
- Accelerate your verification process through automated workflow, which in-turn improves the revenue realization period.
- Real time alerts as well as notifications to Customers, Agents, Dealers & stakeholders
Key Benefits to Digital Onboarding Solutions
Digital onboarding will soon become the standard as the industry shifts towards the digitization of banking services, thereby providing the banks with advantages like:
- Customer Centric Solutions: You always need to keep the customer at the center of focus, which is only an acceptable way to develop a business and to improve customer experience with intuitive navigation. It means not only the gathering of data and bearing an inevitable administrative inconvenience, but also to understand the needs of the prospect. The digitized workflow enables the process to be built around users and their preferences
- Quick Onboarding: Bank onboarding is normally a cycle of much hardships I.e., you go to the office, stand in long queues & doing tedious paperwork, etc. The digital onboarding process can register an individual at that time with all the needed requirements and additional documentation that the bank itself may require for their needs
- Enhance productivity: The most important advantage to digital onboarding is productivity. With the help of system-guided data validation, all types of data errors, internal handling effort and time are reduced. Here are some of the ways with the help of which digital onboarding brings in productivity:
- E-Signature saves time, energy & accelerate the process
- Mobile-first customers can now have an alternative to paper
- Workflow guidelines abolish errors
- Mobile-first customers can now have an alternative to paper: it’s simpler and more convenient to sign on a mobile device. Giving customers the benefit of e-signatures using their smartphone eliminates the obstacles. Therefore, customers can enjoy the freedom to select their method of transaction.
- Easy to use: The process itself and the details involved are easy to understand and execute. A change from paper to data allows for improved rearrangement. It thereby allows autofill implementation so as to avoid asking the same questions, enabling user-friendly & interactive information and digital signatures. Any person who possesses an electronic device with a Wi-Fi connection and a high-resolution camera can easily get through a digital onboarding process. It thereby prevents needless rerouting to physical channels by interacting with the banking app or the web interface.
How Digital Onboarding Can Foster Financial Inclusion?
As trust is the cornerstone of banking and financial services, digital identity is important to create an online trust model. It helps to verify transactions and user identities in a reliable way. The convenience brought about by smooth and intuitive authentication, for example the use of biometrics and mobile devices is also important, particularly for people who’ve not often used digital services before.
Digital financial services and branchless banking services can be provided easily across several platforms, I.e., by mobile phones, other commonly available access points and field agent banking. Users can also choose which channel is best suitable for their requirements.
For people who often have to travel long hours to reach a bank branch, the comfort of having financial services at their doorstep is huge. Ultimately, by achieving a critical mass of customers and by reducing the operating costs with digital processes, banks can deliver services at affordable costs.
In times of physical distancing & remote working, banking sectors are moving towards innovative ways of connecting with their customers. Digital collaboration helps banks serve customers better. The Customer Onboarding solutions thus empower banks to start off their customer relationship by onboarding them in half the time.