18 Apr
In an age when consumers expect everything to be available at their fingertips, swift and frictionless customer onboarding is essential to keeping them satisfied with your business.
A customer’s first impression of your company will come from their onboarding experience. That will determine whether they become engaged users or churn before starting. Creating a smooth and enjoyable onboarding process is essential for any business. Still, it can be especially challenging for companies in the digital age where customers expect an immediate, personalized, and intuitive experience.
What is Digital Onboarding?
Digital onboarding refers to the process of engaging with new customers using an online medium, such as a mobile device or a computer. It encompasses several different processes that often occur during the first stages of customer engagement, such as identity verification, risk and compliance checks, and account creation.
Companies are required to gather the necessary information from users and ensure that the process is user-friendly. If done correctly, customer onboarding can be an opportunity to turn first-time users into enthusiastic and engaged customers who are excited about using your product or service.
Why is Digital Onboarding Important?
Users’ first impression of the company comes from their onboarding experience. Suppose they have to jump through hoops to verify their identity or provide too much personal information. In that case, they’re likely to be turned off and look for another provider. Conversely, if the process is simple, they’re more likely to give the company a chance. That’s why it’s so important for companies to focus on creating a great customer onboarding experience.
Digital Onboarding Challenges
The onboarding process for any business is vital. It’s even more critical for companies in the digital age where customers expect a quick, personalized, and intuitive experience from the moment they sign up. The key to providing excellent customer onboarding is to find the perfect balance of protection and convenience. Too much security can make the process cumbersome and time-consuming. At the same time, too little security can leave your customers vulnerable to fraud. It’s crucial to find a happy medium that will give your customers peace of mind without making them jump through hoops.
Benefits of Digital Onboarding
- Growth: Onboarding new customers faster so you can grow your business
- Lower Costs: Paper-based onboarding is expensive. Using digital forms and workflows reduces costs and rework.
- Compliance: A digital onboarding solution can help ensure compliance with various regulations, such as KYC (Know Your Customer) and AML (Anti Money Laundering) procedures.
- Excellent Customer Experience: Digital forms provide a positive customer experience, a critical factor in ensuring customer retention and satisfaction.
- Speed: Digitalization can significantly improve onboarding speed. Automation increases the speed of entry and accuracy of data. By automating the onboarding process, you can reduce the number of manual errors, which will also speed up the process. Paper-based onboarding can be arduous and time-consuming, especially if you have to enter the information from paper documents into a computer manually. In contrast, digital onboarding lets you store all the documents, forms, and records electronically.
- Scalability: Digital onboarding is not only fast but also scalable. You can onboard hundreds if not thousands of customers at the same time.
User-Friendly Digital Onboarding
We all know that the customer onboarding process can be a pain, especially when it comes to digital channels. Customers are often required to provide sensitive information to verify their identity. This can deter many customers who would rather not share this information online. So how can you ensure that your digital onboarding process is satisfactory?
There are a few things you can do to make sure your customers have a positive experience with your digital onboarding process:
- Make it as easy as possible. Take the time to go through your digital onboarding process and see if you can make it easier for the customer. You can remove any unnecessary steps or information that could prevent your customers from moving through the process quickly and easily. You’ll want to get the customer through the process as quickly as possible and make it painless.
- Provide clear instructions. When asking customers to complete a task, provide clear instructions on what you expect.
- Allow for multichannel onboarding. Building digital onboarding around an omnichannel strategy ensures that customers may access the program in whatever way is most convenient to them. Whether it be on their laptop at home, on their mobile phone at work, or on a tablet while traveling. For this reason, you must ensure that your digital onboarding solution can work across multiple devices and channels.
- Make sure your customer has access to any information they need as they move through the process. Being able to access the information you need at any time is key to being able to move through the process quickly and easily. If your customer doesn’t access the information they need, they could become frustrated and less likely to move through the process.
- Make sure your customer’s questions are quickly answered. This will ensure customers have a good experience and make them more likely to become repeat customers.
- Explain the benefits of signing up early in the process. You want to let customers know what they will be getting if they use your product and how it will help them.
- Choose the right identity verification solution provider. One of the essential things is identity verification when it comes to digital onboarding. This can be a tricky process but choosing the right identity verification solution provider can make it easier.
Identity Verification and Digital Onboarding
As more and more businesses move towards a digital model, onboarding new customers has increased in importance. In the past, customer onboarding was primarily a face-to-face process. With online commerce and communication, that is no longer always possible. Businesses need to find new ways to verify customers’ identities and ensure they are who they say they are. One way to do this is through digital identity verification.
Identity verification is the holy grail of digital onboarding. With an efficient identity verification process in place, you can easily eliminate most types of fraud. Identity verification also helps you provide a better customer experience by removing repeat questions and frustrating forms that require redundant information.
Customers today expect a seamless and frictionless experience when they sign up for a new service. With so many options for businesses to choose from, digital onboarding and identity verification have become crucial components of early-stage customer experience. By verifying identity and providing a user-friendly onboarding process, companies can ensure that customers can quickly and easily access their new service.
Components of a successful Digital Onboarding process
The last thing you want is to have your account opened and funded but not activated because of a missing step. A successful digital onboarding process involves several different stages. Each step of the onboarding process impacts the next, so getting them right from the outset is important. The steps can be grouped into four phases:
- Document verification and identity confirmation, they are completed when a user first submits their information online or in-branch.
- Know Your Customer (KYC) compliance checks are conducted by a specialist to verify the accuracy of data provided by users.
- Account opening, the profile is created, and the user can access services.
- Communication with users throughout these stages which keeps them informed and engaged.
How to introduce Digital Onboarding to your business?
When you’re introducing digital onboarding to your business, you want to find a solution that is easy to integrate. Digital onboarding is not just about checking boxes but also about creating an engaging experience for your customers. You can achieve this by using tools such as video verification.
How does Digital Onboarding with Fully-Verified work?
Fully-Verified’s real-time, human, video identity verification technology allows you to quickly verify the identity of anyone, anywhere. Here is an overview of the process:
- We digitally collect information from your customers.
- We validate documents during our verification procedures to ensure they’re legitimate.
- We authenticate customers using face verification, OCR, and artificial intelligence.
- Our system cross-checks customer data against government databases to ensure that the user is not on any sanction lists or is a Politically Exposed Person.
- The digital onboarding process uses technology to make this whole thing much more streamlined and efficient for everyone involved!
Take your digital onboarding processes to the next level with our options of verification:
- Live-Verify: This secure and seamless two-way video verification service combines the strengths of human specialists and AI technology into a single solution.
- Self-Verify: This innovative automated identity verification solution enables people to verify their identities unassisted. The process is fully automated and recorded, reviewed by our trained specialists, and can be completed in minutes on any device.
Digital onboarding is essential to any company, big or small. Digital identity verification makes sure the user is who they say they are. Fully-Verified gives companies an easy and cost-effective way to ensure that the customer’s identity has not been compromised by fraudulent activity.
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Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.
Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.
