Although we’ve been sharing a lot of the benefits regarding the implementation of a fully digital onboarding setup from the customer side, the truth is that there was a need for the measure from a security standpoint that went far beyond what the potential of the digital integration presented. In an effort to help better understand how a digital onboarding is not only nice to have but necessary, let’s look at the potential improvements versus the guaranteed benefits expected from implementing a digital onboarding experience, as outlined by this study:
Guaranteed benefits of a digital onboarding –
- Identity theft or impersonation risk reduction: by requiring the submission of a number of items accompanied by system security checks, the platform can establish secure correlation between documents, client pictures, fingerprints, etc. that might even be more reliable than an in person meeting.
- Faster information input and reduced errors: there are places that either accept manual forms filled out that must later be transcribed or will take a customer’s information by dictation, both of which have tremendous room for error, not to mention it takes much longer and requires more workforce time. By allowing for a digital onboarding experience the customer inputs their own information, can double-check it and make corrections, and it’s all much quicker than the alternatives.
- Better UX: it’s no question that a digital onboarding will undoubtedly provide a better experience for a prospect to become a customer. Everything will be set up with the least amount of questions or fields to fill out to speed up the process, they will be able to do it from their preferred location, and they can have access to support if needed, but it’s not a requirement. This will be appreciated by customers, and they show this through their loyalty.
- Operative cost reduction: depending on the company and their respective processes, the instilling of a digital onboarding process will significantly reduce the involvement of employee time invested in this particular part of the operations, freeing them up to do other more important tasks, or things that can leverage their specific skillset. How much time would it free up from your employees if they didn’t have to be involved in the onboarding process as much as they currently are?
Potential improvements, byproduct of a digital onboarding –
- Faster prospect-to-customer cycles: once your prospects find out that they can enroll in a service from the comfort of their homes, your entire sales cycle will decrease.
- More targeted upsell opportunities: giving your customers the opportunity to create their accounts and profiles on their own makes them more likely to be honest about their wants, and you can leverage the information they volunteer to create tailored recommendations for other products or services based on their preferences. This will ultimately be a win-win with happier customers that allow for bigger wins for the business as well.
- Immediate data verification times: long gone will be the need to have various employees double-check that the data is 1. True and 2. Correctly entered into the system. The onboarding process should have the capability to verify details and information right away and cross-reference with public records if needed.
- Better all-around KYC strategy: KYC or know your customer is a philosophy that leads to business success and longevity, and there’s no better way to truly get to know them than by having all interactions recorded digitally and made to capture their loyalty in the long-term.
Wants and needs are very different, but when it comes to digital onboarding it’s truly a combination of both. As a business, you need to be able to provide your customers with the best possible experience. Your customers need to know they can trust you with their data and that you’re the right business for them to associate with. Both you and your customer want a successful working relationship that is convenient and has the least amount of issues. All of this can be accomplished with the right strategy and a flawless digital onboarding experience for your new customers, which marks the beginning of what is sure to be a long-lasting patronage. Are you ready to go digital with your customers? Contact us to help you bring this experience to life for your business.