Smarter onboarding for digital banks with smart forms

Digital banking has unlocked a world of convenience, but the onboarding process still poses a major hurdle. A study by PwC revealed that nearly 60% of customers abandon banking applications that are too lengthy or complex. In India, with rising digital expectations and financial inclusion initiatives, the pressure to make onboarding seamless, compliant, and fast has never been greater.

So, what’s holding digital banks back?

The Problem: Friction at the First Step

Despite offering digital channels, many banks and financial institutions still rely on:

   •  Manual data entry from document uploads

   •  Fragmented KYC and verification steps

   •  Offline or delayed payment processes

   •  High drop-off rates due to clunky user interfaces or poor mobile experiences

These issues cause delays, errors, and compliance risks — ultimately hurting conversion rates and customer satisfaction.

The Solution: Smart Forms for Hassle-Free Onboarding

Smart forms powered by AI, OCR, and API integrations are solving these pain points head-on. A digital onboarding platform with smart forms brings together automation, compliance, and customer-centric design in one unified flow.

Here’s how it works:

Key Features of a Smart Onboarding Solution

1. Onboard via Mobile Application

Enable customers to begin and complete onboarding from their smartphone — anytime, anywhere — with intuitive, responsive design tailored for mobile usage.

2. OCR Using Deep Learning

Smart forms leverage advanced Optical Character Recognition (OCR) powered by deep learning to:

   •  Extract data from PAN, Aadhaar, and other documents

   •  Auto-fill identity and address fields with 99.5% accuracy

   •  Eliminate manual entry and reduce errors

3. KYC API Integration

Integrate with KYC registries like CKYC, Aadhaar, or your internal Customer Information System (CIS) to:

   •  Fetch verified information instantly

   •  Auto-fill fields without user input

   •  Ensure compliance with regulatory norms

4. Online Payment Collection

Allow customers to make online payments during onboarding for:

   •  Account opening fees

   •  Initial margin or deposit amounts

   •  Annual maintenance charges

This ensures the customer can immediately begin their investment or banking journey after verification.

Real Impact: Better Conversions, Lower Drop-offs

With smart digital onboarding:

   •  A leading Indian stock broking firm opened 89,000+ accounts in a single month

   •  Rejection rates dropped to under 3%

   •  Application completion times were cut down from hours to just minutes

These results translate to higher customer satisfaction, faster go-to-market, and increased revenue potential for digital banks.

In an era where customer experience is everything, your onboarding process can make or break the relationship. Smart forms are more than just automation — they’re a strategic investment in customer trust, compliance, and scalability.