Remote onboarding is the only way to keep up with the customer expectations of today

Over the decades, digital banking applications have continued to evolve, revolutionizing business processes and fulfilling emerging market demands. Banks and financial institutions have been leveraging technology-powered solutions to streamline routine operations. The focus has now shifted to enabling digital services that are accessible by customers from wherever they are and whenever they need them. The COVID-19 pandemic has catalyzed the transition of service touchpoints from brick-and-mortar counter windows to computer screens.

Customer onboarding and KYC functions entail acquiring and verifying the applicant’s credentials to fulfill regulatory mandates and industry norms. Conventionally, these necessitated a visit to a bank to submit physical copies of documents and photographs. The restraints imposed by a raging pandemic and changing customer expectations are now driving the evolution of contactless onboarding options.

Remote onboarding has emerged as the new norm. Organizations equipped with the right digital banking tools will acquire an edge in the industry.

Remote onboarding—the challenges

For a successful implementation, fulfilling the expectations of all stakeholders—business leaders, compliance teams, operations executives, and customers—is essential. This necessitates a recasting of the following tasks for digital data collection and service delivery:

• Forms: The generation and presentation of customized electronic forms that can be filled in and signed by the customer.
• Documents: The collection and management of soft-copies of documents of varied formats and categories.
• Identity: Acquisition of photos and videos of the user for video KYC and remote KYC processes that replace manual and semi-manual KYC tasks.
• Authentication: Scrutiny of the documents for genuineness and appropriateness, checks for data integrity and consistency, and prevention of spoofing attempts.

These steps will be followed by regular KYC checks, the evaluation of the customer’s financial stature (of importance in loan/mortgage applications), approvals, and account creation. 

HOW REMOTE ONBOARDING WORKS IN PRACTICE

Customers upload the necessary documents with step-by-step guidance offered over a friendly interface. An in-built document and ID card scanner facilitates the extraction of the relevant information from the files. The data is then used to create automatically generated, pre-filled forms, which the customer can verify and electronically sign.

The application records the user’s video for digital identity verification. Face match techniques and liveness checks unlock the true identity of the user and create a 3D identity map. With a suite of AI-powered tools, identity checks are reinforced while customers enjoy a hassle-free experience.

The data points extracted from identity card scans and other documents are presented to a verifier for cross-checking. The system can perform validity tests by correlating and comparing the data across documents and against public databases, in line with applicable data protection and privacy guidelines.

All the pre-requisites are completed in conformance with regulatory mandates. Remote KYC approaches can seamlessly replace manual KYC tasks, helping banks evolve effective strategies for today and the future.

What are the benefits?

• For banks: Remote onboarding speeds up the processes without compromising on compliance needs. Accurate, bias-free decisions are possible. In addition, the positive customer experience paves the way for future upselling and cross-selling opportunities. Digital onboarding enhances business efficiency, unshackling banks from operational challenges.
• For customers: Users enjoy the convenience of anywhere, anytime account opening options. A hassle-free experience and quick account activation add to their delight.

It’s imperative to modernize customer engagement workflows to address evolving needs. Remote onboarding is integral to ensuring business success.

FUTURE-PROOF YOUR REMOTE 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 augmented with liveness detection to offer remote onboarding options to customers. Be ready to transform your account opening and customer engagement processes.

The future of onboarding will be driven by digital technologies. Let’s help you get there.