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The digital onboarding process shouldn't be dismissed as a fad. It will soon become the default way to onboard not only clients but even your teams internally. Digital transformation is an important part of any business, and finding the right tools to make life easier is crucial. Digital onboarding with HelloFlow makes embracing new technology painless, as it is integrated with a bunch of necessary online services. But how does it work? Here's everything you need to know about the digital onboarding process.
Think of the digital onboarding process like you would the manual version. Imagine for a second that you're a bank, and you're onboarding a new customer. There are forms to be filled out, information to be verified, accounts to be created, etc. Digital onboarding replicates that same process, except now it lives online, plus it has a few tricks up its sleeves in terms of automation, but more on that below. This means the process can be conducted entirely remotely, without customers ever having to visit your office or branch, or speak to a representative. This allows your business to convert a lead into a customer using exclusively online tools at a much faster rate.
While the digital onboarding processes may vary from company to company, some key details can be identified across the board. Most importantly, businesses are required to capture the client's data, perform due diligence and acquire legal documentation.
From the customer's perspective, they simply fill out an online form, upload the required documents and wait for approval. This can be done through a phone or laptop, requiring far less effort than pen to paper. Depending on the country you're onboarding in, almost all data can be pulled from the local databases. For example, in Singapore, Myinfo allows you to acquire useful information about property ownership, vehicles and driving license, and even their financial situation like CPF details and yearly assessable income. This means the client doesn't have to provide as much documentation, saving them the hassle.
When onboarding is done manually, it can require a lot of back and forth over multiple touchpoints, including filling out a series of forms, printing documents and verifying identities manually. Naturally, this takes up a good chunk of time and effort. Oftentimes, processing a single client can take 14 days to a month. The online onboarding process cuts through the fat, so to speak. It can unfold more rapidly, so your client isn't left waiting and is often clearer for customers than mountains of paperwork. In some cases, you can onboard a customer in less than a day. Best of all, everything then lives on one platform, making it easier as a business to process all the data collected.
Digital onboarding in banking refers to the onboarding of a new private customer or a corporate client. But regardless of if you're within the banking sector or not, customers nowadays expect digital onboarding to be a part of the package. As mentioned above, having a solid data collection system makes all the difference, particularly when making business decisions based on numbers. On top of that, digital onboarding in banking means you can stay on the cusp of compliance changes without having to lift a finger; your system automatically adapts.
This is the major benefit of having a digital solution, particularly if you offer services across multiple countries and have to comply with regulations in different ways. Digital onboarding unlocks a great many automated functions that make conducting KYC, KYB, AML checks faster.
For customers, using digital identity verification makes the process truly remote and far more convenient. Not to mention, some services can automatically fetch and prefill a company or owners' data from a local registry to speed up the process and ensure compliance. It’s almost effortless, even signing important documents can be done digitally. In fact, 9 out of 10 banks with video identification tools during onboarding have found that their customer acquisition is up by 84%. The proof is in the pudding; having an intuitive, easy interface can make a serious process feel less tedious and run far more smoothly.
Still not convinced that digital onboarding is right for you? All signs show that the manual processes of yesteryear are holding companies back. It's also stopping customers from committing to you because if you're not with the times, how good can your services be?
Digital onboarding is not only cheaper for companies but also more efficient, user-friendly, faster at onboarding clients, more compliant, and far more accessible for everyone. Any errors detected during the onboarding flow can be addressed immediately rather than waiting for your team to review a form manually. The automation within the digital onboarding process can flag these errors at the drop of a hat. When you make a customer's life easier, that's when they are happiest. When you inundate them with paperwork and long waiting times, they won't forget it, and they'll tell anyone who will listen.
Digital onboarding is good for business, you'll find your internal workflows improve drastically with full access to data, making internal collaboration seamless and granting the ability to see where customers are in their onboarding journey.
With HelloFlow, all this and more is possible. Building a flawless digital onboarding solution doesn't have to cost an arm and a leg, or take months to build either. You can create a digital onboarding process right now and launch it the same day. No coding experience required. No developer needed. Let us show you how the platform works - book a demo today! Put our system to the test, sign up for a 14-day free trial now.