Digital onboarding technology has a huge impact on online enterprises. Consumers’ onboarding into a company’s database allows firms to keep better track of their customers and better tailor their products and services to them. The current influx of well-designed digital identification platforms on the market that are simple to use by end users is transforming what was formerly a cumbersome and time-consuming process into one that is more streamlined and efficient.
What is Digital Onboarding
Digital onboarding is an online process in which a person registers with a corporation or a government/institutional organization to have access to its products and services later. The individual submits personal information and also, if necessary, biometric data such as a fingerprint or a face scan. The digital onboarding process enables the individual to be identified quickly and securely at a later time. Prior to the advent of digital onboarding, an individual had to provide their personal information in person or via mail, which was typically an expensive and time-consuming process. The demand for a secure and trustworthy digital onboarding solution has grown as organizations and institutions continue to migrate their activities online. This is especially true as the pandemic progresses, necessitating the reduction of person-to-person interaction.
Addressing Customer Abandonment Issues with Digital Onboarding
According to a study, 50-55% millennials are likely to use branch banking when a truly seamless customer onboarding is offered. For many online firms, an email address plus a credit card or PayPal account have long been enough for onboarding. However, with a substantial number of fraud cases still being recorded, this very casual onboarding strategy has been proven insecure. As a result, the digital onboarding industry has made a concentrated effort to add additional levels of protection to the onboarding process.
The customer onboarding process, on the other hand, is the first step in establishing a relationship with a new customer. And doing it right is critical because the customer is already forming thoughts about your organization at this stage. It’s still feasible that the client will abandon the onboarding process because it’s either too long or too tough to complete. Cart abandonment is one of a company’s most significant expenses. When a potential buyer abandons their purchase, your business’s bottom line suffers. Furthermore, the cost can be enormously larger if the customer simply closes their browser tabs and goes to a competitor. A quicker, more streamlined digital onboarding process greatly decreases these abandonment rates.
Need for Faster Onboarding
Traditional processes are generally slow, repetitive, and complex. Low speed of progress can lead to a 40% abandonment rate in onboarding, and nearly 7 out of 10 millennials demand a seamlessly integrated experience for digital services across all channels. There is an urgent need for faster and easier onboarding processes.
IDcentral’s suite of onboarding solution provides a next-gen end to end onboarding solution which makes customers digital journey smooth and hassle free. So, companies can have everything they need, to grow your business securely!
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