Digitally Onboard Your Banking Customers within Minutes
Customer onboarding is a crucial step that helps banks build a long-term relationship, making the customers’ journey smooth and fruitful. Although different banks have a different approach to carrying out the onboarding process, there is one common element, i.e., fast and seamless interactions between customers and the bank.
Traditional onboarding methods are tedious and can lead to frustrating experiences for customers as there are multiple visits, documentation, answering the same questions at different intervals.
Therefore, there is a desperate need to use digital onboarding solutions for banks
that make the processes frictionless, engaging, accurate, and fast and provide end-to-end onboarding with omnichannel user engagement. Digital onboarding will bring all the steps involved into one platform so that both bank and the customers can engage and finish the process in less than 5 minutes.
Let’s look at the five steps of digital onboarding of your banking customers to be completed in less than 5 minutes.
Steps for Digital Onboarding Process for Banks
Application and Data Capturing:
A banking customer will use an internet browser or mobile app to open an account through digital onboarding solutions for banks. Usually, banks build an in-house digital onboarding system or use third-party vendor verification solutions based on their business needs. Some of the top-notch digital onboarding solutions for banks offer significant data capturing facilities and enable banks to finish the documentation at one go without asking for the same data twice and minimise drop-off rates. In addition, the customers can easily use their webcam or mobile phone camera to take pictures of their ID and other documents and complete the uploading of documents within a couple of minutes.
Identity Verification:
After data capturing, digital onboarding solutions for banks will facilitate efficient and smooth e-KYC or video-KYC checks by analysing, verifying and validating the documents to confirm their legitimacy. Next, the solution enables banks to make sure the customer undergoing the digital onboarding is genuine and not some hoax. Using tools like biometric facial recognition and liveness detection, the banks can confirm the customer’s true identity. The different onboarding verification methods include:
Selfie-based digital onboarding:
The best digital onboarding solutions for banks enable selfie-based customer onboarding for fast verification. By using document capturing and face recognition technology, the customers are allowed to upload their documents remotely through their phones or laptops once the user id matches the stored data. This onboarding method is ideal for banks that deal with advanced markets.
Video call-based onboarding:
For semi-advanced markets, video call-based onboarding is ideal for both customer and vendor verification. The method utilises a secured and quick way for online customer verification, and the entire process can be accomplished in less than 5 minutes. The customer will have direct interaction with the bank’s official, and the entire processing can be recorded with timestamps so that there are errors or miscommunication. It not only speeds up the onboarding process but also allows customers and officials to complete it without their physical visit to the bank.
Account Approval:
Knowing whether the account opening process is a success or not can be nerve-wracking for customers. Digital onboarding solutions for banks allow them to carry out pre-screening options and help them make quick decisions which can drastically reduce the approval time. As a result, the customer will get a green signal in less than 5 minutes.
Disclosures and Consent:
As banks have started using digital onboarding for more and more customers, there is an excellent chance of going paperless from end to end. The e-sign facility will allow customers to digitally sign the documents related to disclosure and consent, reducing the processing time from days to just minutes.
The only way to achieve banking customer onboarding under 5 minutes is by utilizing digital onboarding solutions for banks. In the current scenario of the pandemic and rapidly growing market, most banks have adopted digital onboarding solutions. It allows customers to get access to their financial products within minutes, which helps the bank and allows them to build a long-term relationship with the customer creating a win-win situation.