Can digital onboarding ensure swift and easy onboarding?
The single-minded implementation of digital onboarding may not spell the end of all troubles for banks when it comes to onboarding. Research suggests that as many as 90% customers continue to drop out of the onboarding process thanks to inefficiencies in the digital onboarding process. One of the biggest reasons is that human-in-the-loop processes for identity proofing are still included.
Some of the other reasons could be:
Legacy Systems and Processes: Companies often have complex and outdated legacy systems and processes in place, which can hinder the seamless implementation of digital onboarding. Integrating new digital solutions with existing infrastructure can be time-consuming, costly, and technically challenging.
Regulatory Compliance: Companies must comply with strict regulations and security measures when handling customer data. Balancing the need for a streamlined onboarding process with compliance requirements can be a delicate task. Ensuring data privacy, identity verification, and fraud prevention measures while providing a smooth customer experience can pose challenges.
User Experience Design: Companies may struggle to create a seamless user experience that minimizes friction and simplifies complex processes, such as document verification or data collection. Achieving a balance between security, compliance, and usability is a continuous challenge
Integration and Data Silos: Digital onboarding often involves integrating multiple systems, databases, and third-party services to collect and verify customer information. Companies may face difficulties in seamlessly integrating these different systems and overcoming data silos, which can result in disjointed processes, errors, or delays.
While the challenges are pertinent, Celusion’s onboarding platform – ONBOARD is a digital onboarding solution that can help you onboard a customer in 15 minutes! With OCR technology that uses deep learning, it is also connected to KYC registries that can remove human intervention in the onboarding process while ensuring regulatory compliance and security.