Due to the response to the COVID-19 pandemic, banks, and financial services companies have faced unexpected difficulties over the past year. By accelerated adaptation initiatives and a greater emphasis on their digital presence as consumers go online to access essential services, the industry is rethinking the future of digital banking. During these troubling times, business leaders are increasingly realizing the enormous potential of digitization and the need to integrate it into onboarding to maintain a foothold in the sector.
Digitization is a Necessity Not an Option
The pre-COVID-19 financial industry still had to update the digital experience by incorporating consumer preferences into business strategies, despite the demand for digital experiences among customers of all ages. In recent months, there has been a dramatic acceleration in the digital race. The ‘nice-to-have’ or ‘Plan B’ is no longer applicable for digital onboarding and real-time communication tools, but rather it’s a mandatory requirement. Companies need to look at video conferencing, digital document management, digital signature, video identification and biometrics, and cloud services and use smart automation to reduce operational burdens and ensure security compliance.
Faster Implementation is Key
The response to COVID-19 has put the spotlight on two major categories of disadvantages in traditional onboarding namely slow processes and poor customer experience. 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 a demand for faster and easier digital onboarding processes.
Aggregate and Integrate
The need to address the disaggregation of client data, processes, and stakeholders was a core problem in financial services at the beginning of 2020. It is vital to support a remote digital onboarding model with repeated cycles of government-imposed social distancing by implementing intelligent orchestration within the IT structure of the organization, which leads to greater organizational agility and resilience. This strategy enables businesses to incorporate third-party technologies such as biometrics, cloud, real-time messaging services, artificial intelligence (AI), NBA (next-best-action) seamlessly while streamlining interactions with digital consumers.67% of customers prefer self-service instead of speaking to a company representative. AI can help integrate this. Smart analytics and artificial intelligence (AI) are being used by businesses to figure out what really matters to their customers. This enables them on the platforms of their choosing to give consumers what they care about.
eKYC for Secure Onboarding
Digital onboarding provides companies with the opportunity to react at the pace of information to changes. Organizations using these solutions can, within a few minutes, sign up their clients, open their bank accounts, complete a loan procedure, and their KYC – a process that had previously taken days to complete. This is exactly why organizations, in order to prepare for the future, must act now. Organizations will have to work alongside a recovery strategy as business resumes, where both downtime and inefficiency of employees will have an undesirable impact. Early eKYC adopters are now writing their success stories and redefining the consumer needs baseline. We also live in a world where consumers are busier than ever, which means that it is important to eliminate friction across the entire customer journey across both digital and physical channels and allow hybrid experiences. Customers are pleased not to deal with time-consuming, non-essential documents and have the ability to concentrate on more important and meaningful data. IDcentral’s suite of digital onboarding services provides end-to-end eKYC solution that helps customer onboarding with ease without compromising the security. Additionally, IDcentral also helps reduce customer drop-out rates by transcending beyond the lengthy processes and inefficiencies of current solutions. IDcentral’s highly accurate OCR is able to extract exact information even if the document uploaded is blurred or skewed by 360 degrees which improves customer experience by eliminating iterations while uploading the ID documents. IDcentral’s liveness solution includes 3D Mapping, Skin Texture Analysis, Micro Movement Detection capabilities which eliminate the slightest possibilities of morphing and spoof attacks. Companies can pick and choose the services they need as per their vertical and risk appetite and access these services free for the first six months which can save a lot of your cost. It is a completely self-serve platform which you can integrate into your system within a few hours and start using it.
Better Communication for Better Customer Satisfaction
For businesses, data is becoming the most coveted commodity, which is why integration becomes all the more important. To ensure that meaningful and appropriate information is still available, connect the various recording systems and keep the data synchronized and consistent. Employees can benefit from the availability of data and boost communication between teams, work effortlessly together and create more value. Innovation is simple because it does not understand how each variable relates to the other. Businesses have to bear in mind that the more connected everything is, the better for the best long-term result.
Expand Existing Connections
Instead of an immense opportunity to establish relationships, client onboarding is often perceived as a repetitive process. For the customer, the lack of concrete details on their onboarding status becomes frustrating. In addition, the absence of a customer’s centralized view can lead to possible fallouts. Make digital onboarding interactions, even in more complicated situations, as simple as possible. Onboard an entire family in a single process. Include multiple goods and facilities that do not share the same processes (like checking the eligibility of a more complicated service in detail for an individual person). Therefore, to attract the customers of today and convert them to loyal clients, a strategy centered on smoother digital onboarding is more than necessary.