How every financial business can achieve fast and secure customer onboarding?

Customer expectations are high. They demand a seamless and fast experience when it comes to financial services. A cumbersome onboarding process may result in the loss of potential customers and business.

However, you should consider speed and convenience at stake for secure customer onboarding. With proper strategies in place, you can facilitate smooth experiences that breed trust and get your customers started quickly.

Let’s explore how you can achieve fast and secure customer onboarding as a financial business, beginning with the challenges.

Challenge: The Balance between Speed and Security

Today, financial businesses like yours, have a unique problem—providing secure customer onboarding while making the process efficient. To avoid fraud and money laundering, regulations like KYC (know your customers) require thorough identification checks. Traditionally, this meant manual document verification, which was slow and laborious.

 But there’s good news: technology has advanced.

A winning formula: eKYC Verification

eKYC verification stands for electronic Know Your Customer. It uses technology to automate the customer onboarding process, thereby reducing the time spent on it tremendously.

Let’s see how it works:

Digital Document Submission: Your customers need to only upload their ID proofs or other documents electronically without any physical copies required anymore.

Automated Data Extraction: OCR technology extracts relevant information from these uploads, minimizing manual data input.

Identity verification: Sophisticated algorithms go through government databases, among others, to check if the documents are genuine or not.

Liveness Detection: Biometric checks, such as facial recognition, also ensure that the person uploading these documents is indeed who they claim to be.

Beyond eKYC: Additional Strategies for Secure Onboarding

Nonetheless, though eKYC verification is a game changer, your business can still ensure secure and efficient onboarding in other ways.

Streamlined Application Forms: Keep your application forms concise and ask only for essential information.

Clear Communication: Provide clear instructions and explanations throughout the onboarding process.

Multi-Factor Authentication: Deploy multi-factor authentication (MFA) as an additional security layer during login and transaction processes.

Data Encryption: All customer data should be encrypted at rest or in transit to prevent unauthorized access.

Continuous Monitoring: Monitor customer activity for suspicious patterns and implement risk-based authentication processes.

Take the Next Step: Embrace Personalization and Transparency

Investing in eKYC verification and implementing secure onboarding strategies will be very beneficial for your future business. Enhancing speed without compromising safety will allow you to create a successful consumer experience that builds confidence, which drives business growth.

Though speed and safety are the pillars of customer onboarding success, there is more to it. Here’s how you can take your onboarding process a step further:

Personalization: Use data and analytics to personalize the onboarding process. This may include customizing information based on the customer’s risk profile, choice of products, or prior interactions. For instance, a low-risk applicant for an ordinary savings account may require less documentation than those applying for high-limit credit cards.

Progress Tracking: Inform your customers about how far they have gone with their onboarding through well-placed progress indicators. This openness helps reduce anxiety and create trust. Think about progress bars, estimated completion times, and status reports.

Educational Resources: Offer easily accessible educational resources that help customers understand your product offerings.

Multilingual Support: Provide materials for enrolling new customers and supporting them in different languages to accommodate everyone's distinct needs.

Post-Onboarding Follow-up: Do not let account creation mark the end of your customer enrolment exercise. Instead, welcome new customers with messages of goodwill, product introductions, or promotions, allowing them to easily transition into using your services.

Building a culture of security

 Security is not just technology but also culture within a company. How do you build a security culture in your organization?

Employee Training: Regularly train your employees on secure ways of enrolling customers and best practices regarding data protection.

Internal Audits: Conduct regular internal audits to identify security loopholes in your enrollment process and rectify them accordingly.

Customer Awareness: Educate your customers about cyber-security measures that will help them keep their information safe from hackers.

Conclusion

Financial businesses like yours can start building trust with their customers by focusing on fast yet safe onboarding. This boosts customer satisfaction and loyalty and positions your business for long-term success. However, a smooth onboarding process can make all the difference between attaining more customers in today’s competitive market.

DigiPay.Guru is a globally recognized fintech solution provider that offers advanced digital payment solutions to banks, fintechs, financial institutions, NBFCs, and businesses. Our comprehensive suite called DG Bank provides products and services such as Mobile Money, Agency Banking, International Remittance, eKYC, Prepaid Cards, Merchant Acquiring, and Scan & Thru.