Ways to optimize your account opening digitally

If you could open your bank account, Demat or trading account in 15 minutes sitting in your pyjamas at home while sipping coffee, wouldn’t you love it? That’s the kind of user experience that customers are looking for. That is the kind of experience that BFSI and stockbrokers should provide for faster customer onboarding.

Why is it then that so many customers abandon the online process midway and revert back to the old manual style? What inhibits them from completing the process digitally?

Businesses need to analyse these reasons carefully because they are losing out on many prospective customers only because their online account opening solution is not fast enough or tech-savvy enough or customer-friendly enough for new users to go through the entire process.

So what are the ways in which the online account opening process can be optimized using digital software?

Creation of a platform driven by Artificial Intelligence which can be upgraded to accommodate future trends — Ensure that the digital onboarding platform you use is designed to accommodate future trends while providing a great customer experience. Else, you run the risk of customers moving elsewhere because of a sub-optimal experience.

Direct integration into a financial platform – It is always better to ensure that the online account opening solution integrates seamlessly into your existing set of systems. That is the best way to ensure that the process moves smoothly from start to finish and you have better monitoring and control.

OCR to eliminate manual input– The Customer Onboarding platform should eliminate the need for manual input of data. That is the area that causes maximum irritation to customers. It also increases the chance of errors which frustrates the customer and makes them abandon the process. Using a modern OCR software ensures that the forms can be auto-filled using the data on the identification documents uploaded. At Celusion, we use OCR with Deep Learning to ensure that forms are auto-filled from the identification documents uploaded.

Inbuilt compliance with KYC regulations  Automated Verifications is another mandatory requirement and the platform should have the flexibility to provide Video in-person verification (Video IPV) or Video KYC at the time of application, without the need for a separate process or a trip to the bank. At Celusion, we offer both — Video IPV for unmanned verification and Video KYC for a live manned verification method.

Automation of decision and approval process– The platform should have a smooth, seamless, and automated process for decisions and approvals based on risk tolerance levels. This will ensure that the entire process is complete in the shortest possible time and the account is ready for use. At Celusion, the software has an inbuilt process for managing objections resulting from incorrect name matches or face matches.

Availability of online account opening solution across channels– With the increase in volumes of account opening, it is important that all channels come onto the same digital platform and use it to open accounts, be it a bank account or a Demat & trading account or a loan application or even an insurance policy application. Whether it is customers filling the form themselves (DIY), or internal telesales teams, or internal field sales teams or external sales agencies, all come onto the same platform.

Progress Bar to indicate the progress of the application– It would be nice to have a progress bar similar to the one you see on an online shopping site. That gives customers a fair idea of how far they are on the progress of the application. Customers love the clarity and they always like to know how much more to go before the process ends. It is human psychology and it makes sense for the platform to display the same.

Resume journey option– This is another feature which appeals to customers when we talk about Online Account Opening or Demat Account Opening Solutions. Many a time they start off on an online application but due to some reason, they abandon it in the middle. Many abandoned sessions stem from ordinary, everyday interruptions like the ringing doorbell, important phone call, or a crying infant. When these interruptions occur, your customers should be able to pause the application, then jump right back where they left off in the process, without having to start over. A Resume option would help them pick up from where they left off. If they have to resume from the start, they may explore other options too and a few prospective customers may be lost. On the other hand, a gentle automated reminder via email and SMS to Resume may just bring them back after some time. It is nice to have customer-friendly flexible features instead of being extremely rigid.

Optimal solution across devices– It is important to ensure that the software works comfortably on any device be it a desktop, a laptop, a tablet, or a smartphone. Since most new customers could be expected to use a smartphone, it is important for the Customer Onboarding Software to be mobile-friendly for a larger reach. The experience should be similar to a laptop or a mobile phone. The Unified Accounting platform by Celusion is easy to use across devices.

Real-time monitoring to analyze application trends– In a dynamic world, it is important to be able to review real-time application information and customize products. In high-risk applications, there may be a need to manually review the application before final approval.

What we can do for you –

A quick and easy online account opening solution is challenging but if you are able to integrate the same into your system, you have a definite edge over your competitor. In the light of the social distancing rules created by the pandemic since March 2020, it is of greater importance now, for enterprises to switch fully to online account opening platforms for ease of business.

At Celusion Technologies, we have created a product, Unified Account Opening, which enables onboarding a customer in less than 15 minutes. Our platform is compliant with guidelines laid down by RBI, SEBI, and IRDAI. It can integrate seamlessly with your existing systems and provide your customers with a satisfying experience. To know more about the product, visit us at https://www.celusion.com/unified-account-opening/. Our customers will tell you, how this product is doing wonders for their business.

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