Foreseeing the post-pandemic future of customer onboarding processes
The COVID-19 pandemic has triggered far-reaching changes in our lives. The economic shockwaves are yet to subside. Across the world, industries have been under severe duress, their growth strategies stymied, their resiliency tested.
Financial institutions have been grappling with their unique challenges. The restraints on customers’ in-person access to services have led to new operational demands. While digital payments gained traction, several business-critical tasks got impacted. These include the opening of new accounts and fulfillment of KYC or re-KYC requirements which warranted the collection of physical documents and the customer’s personal appearances.
The pandemic has taught us to harness technologies in innovative ways. As traditional onboarding and customer servicing processes became inadequate, a new range of solutions has emerged. For example, online account opening options that incorporate digital KYC and remote KYC techniques
, are becoming mainstream needs.
The factors that will shape the future of customer onboarding
- Customer experience Users demand hassle-free access to services from wherever they are. Transparency and responsiveness enthuse them; cumbersome
, time-consuming paperwork dampens their interest
- Efficiency goals: The streamlining of workflows and elimination of unproductive work are enduring objectives
- Changing regulatory environments: The pandemic is enforcing a rewriting of the rules that govern businesses. There’s a gradual shift toward contemporary, innovative approaches such as e-KYC.
Digital onboarding – The challenges and how AI tackles them
The key functional requirements of digital onboarding tools are:
- The collection of relevant data from the customer
- Verification of the documents and identity in line with KYC mandates while preventing impersonation and spoofing
Digital onboarding requires the deployment of technological tools endowed with the intelligence to unearth data from images, videos, and documents; validate them accurately; offer actionable insights; all this with complete compliance of the industry norms, mandates, and data security and privacy regulations.
AI addresses these needs comprehensively.
With AI-based visual analytics and language processing tools, it’s possible to extract information from documents with outstanding accuracy. This opens up two exciting possibilities: for customers, forms are auto-filled; for banks, data validation tasks get easier. Advanced facial recognition algorithms facilitate digital identity verification by comparing the customer’s photo and video. The customer’s live presence can be validated through random gesture checks while geo-tagging establishes their actual location.
It’s easy to perceive that the future holds: you can already see the changes today:
- Customer-friendly, intuitive interfaces: Opening of accounts will be a delightful experience with AI-powered personalized interfaces that guide users at every step.
- Robust, bulletproof authentication: Machine Learning algorithms will bolster verification techniques, enhance accuracy, and make the exercise risk-free.
- Paperless workflows: Language processing and computer vision-based analytics will ease the transition to electronic documentation, doing their bit for a greener world.
- Integrated workflows: Upstream and downstream systems will be seamlessly integrated for accelerated decision-making.
AI technologies truly transform onboarding processes, enabling fully automated or human-in-the-loop workflows. As industry norms and regulations evolve, well-designed AI solutions keep pace to meet future needs.
Future-proof your customer onboarding process now
Digid is a digital onboarding solution that facilitates faster, robust, and secure authentication and onboarding of customers. Built with cutting-edge AI technologies, the solution helps organizations enhance operational efficiency, comply with e-KYC needs, improve customer satisfaction, and grow their market share.
Leverage real-time digital identity verification services and be ready to revolutionize/transform your account opening and customer onboarding processes.
The future of onboarding will be driven by digital technologies. Let’s help you get there.