You are most probably thinking of how to smoothen your digital onboarding process. Maybe you are responsible for customer and employee onboarding in your company.
If so, this article will help you learn more about the benefits and issues of digital onboarding. Take a look at tools, technologies, and guidelines that help you make your digital onboarding process simple, fast, and secure.
What are Digital Onboarding—definition and possible issues
Digital Onboarding is explained in one sentence: A process of bringing/subscribing new employees or customers to your business remotely. More poetically, it is your opportunity to establish sympathy with your customers without meeting them in person.
We believe that, at least on some level, you onboard new users digitally. However, from our experience, most companies possess a considerable gap for improvement in digital onboarding. Mainly because they do not have the resources to upgrade this process themselves. Secondly, by having no chance to keep up to date with the newest technologies and digital onboarding trends.
Whatever insecurity you might have about the digital onboarding process of your customers, here you can learn how to get rid of it and make your operations smoother, faster, and more secure.
“A well-done digital onboarding can reduce your operational costs by 60% and increase your sales by 200%.“
Why do you need to advance in your digital onboarding process?
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You will improve your customers’ experience
Fulfilling clients’ expectations is always crucial, and you only have one attempt to make the first impression. People do not want to spend time visiting bureaus and filling out documents. Remember how often you have heard: ‘I like XY bank more because, with them, I can do all my operations via my mobile phone.’ This all starts with the onboarding process done well. If not, you will make an impression of a stuffy company that wants to appear modern but has missed the train.
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You will make your employees happier
For real. Manual crosschecking essential data in tons of documents does not lead to happy teams. A suitable digital onboarding solution eliminates the need for further controls and speeds up the whole process of new client registration. That is how you can 1) onboard more customers faster while 2) keeping your people focusing on their actual job (sales, account management, customer relations) 3) instead of making them ‘checking bots’.
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You will eliminate your current security issues
You will get multiple-level security and fraud prevention with a decent digital onboarding process solution. It is an elegant way to eliminate human factor-based mistakes. The OCR, RPA, IDP, or all of them ensure the process is 100% secure.
Which digital onboarding tools suit your business (Digital onboarding vocabulary)
Since hundreds of companies are dedicated to the digital onboarding business, the technology making the digital onboarding process is accelerating every day. Data scientists, developers, and innovators are listening to their customer’s needs and trying to adjust the general solutions or even come up with tailor-made ones—just like us at Docbyte.
But this can lead to ‘buzzwords chaos’. Therefore, this vocabulary will make it more straightforward for you to understand your possibilities. It will be easier for you to decide which tools are essential for improving the digital onboarding process within your business.
Collect and classify documents automatically without your customers having to send a required document as an attachment.
This machine-learning process extracts information from any document in any format. The unstructured data will be processed automatically, which saves your employees’ time. On top of that, it is easily integrable into your existing solutions.
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Identity Verification/Authentication
Verification of identity-related documents is an essential step in the digital onboarding process. Several tools come up in this part of the process, one of which is Face recognition based on a selfie taken by your customer.
Shortly, IDP compares a document to official records and authenticates it based on the results of this comparison. With identity verification, we can also talk about Facial biometrics – AI algorithms compare the scanned photo to verify the individual’s identity.
However, in the identity verification process—especially in high-risk environments—you may need to verify the User authentication. This can bring you to qualified preservation of digital signatures, which not only verify but also secure documents.
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Fraud detention
Because of uploading verification documents, the digital onboarding process creates new ‘opportunities’ for fraud, too. From our experience, these are the most occurring types of fraud connected to onboarding customers:
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Invoice fraud
In this case, fraudsters reach out to your company, stating that the supplier payment details have changed. Then, they request changing the invoice details so you transfer the payments to their account. However naive and simple this scheme may look, it often works—from tens of thousands to millions of euros.
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Identity fraud
Accessing someone else’s credit card or bank account details illegally to gain financial advantages is a typical example of identity fraud. A stolen identity allows criminals to impersonate someone else, and it is not easy for you to detect this type of fraud without a proper digital real-time solution.
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Receipt fraud
Changing the payment details on a receipt or using duplicated invoices are just two of many popular receipt fraud techniques among fraudsters. Since these are done cleverly and almost impossible to be caught by the human eye, you will need advanced tools able to recognize the fraud.
Sum up:
Digital onboarding is one of the primary tools for overall customer and work experience improvement. It captures information, gathers data, and archives them while keeping them 100% secure throughout the process.
The digital onboarding process brings several benefits—from paper elimination from the process to a significant reduction of your operational costs and increasing your sales:
- Flexibility with business operations—you can continue onboarding your client remotely, no matter the physical circumstances.
- Time and cost reduction—your employees can focus on developing customer relations instead of filling in and checking the account opening process.
- Adjusting to customers—everyone can onboard at their pace and whenever it suits them without needing to visit offices during opening hours.
- 100% security and safety—however great your team members are, the human factor is a common element coming in the way of onboarding security
Creating a multichannel onboarding experience makes it much easier for your customers to create a positive relationship with your business. And since you enable your employees to focus on what they love on their job (which is not filling out the sheets), they will thank you, too.
