Today, the financial system is undergoing important changes with digital solutions that allow the use of products and services remotely.
The digital onboarding process is a business innovation strategy that allows remote identity validation and data capture processes to be carried out. It offers security to companies and confidence to their customers. Among the objectives that companies can achieve are:
- Remote debit account opening. (Up to level 4)
- Streamline the identity validation process
- Hiring of personal credits
- Approval of credits at a distance
- Access to data in real time
- Better digital experiences.
- customer attraction
- financial inclusion
This is the result of the progress in digital innovation that companies and institutions of the financial system experienced during the year 2020. Given the health situation, the obstacle due to distance opened the doors to a transformation in the processes.
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- Now the validation processes for contracting financial products and services have 100% reliable security systems. This is a topic that accompanies digital onboarding: cybersecurity.
- Information security in remote customer onboarding processes is essential. Since it allows it to have the expansion that is seen today in the financial system. This security is based on identity verification with multi biometric technology.
- Now, how to do a secure digital onboarding? Companies have their processes to offer new experiences to their customers, contact points and information security. In general, this is an onboarding plan of the process that companies carry out with their clients:
- The company or financial institution informs or notifies its clients of the new digital onboarding process. It can include benefits, use of this modality and information security.
- Once the client chooses the remote modality to contract a product or service, an appointment is assigned.
- An executive or representative performs the digital onboarding process for hiring from a platform: welcome, information registration, identity validation and contract signing.
- A back-end verification is carried out to confirm the veracity of documents and before government institutions, as well as any blacklist.
- The process is approved or rejected according to the identity verification. In this way, the onboarding process is closed.
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Even innovation allows remote digital onboarding processes to be carried out from a mobile device, internal back-end validation of documents and final ruling via the web. The duration of the digital onboarding process for the placement of financial products and services remotely can last less than 10 minutes. The platforms allow you to streamline processes with total security and confidence for your customers.
Another advantage is training to implement onboarding processes as a strategy. With the use of software for onboarding, you reduce costs and time, since the process is automated. Now you know, digital onboarding is a process that allows you to create new points of contact with new customers to place financial products and services. The integration process depends on each company and the experience they choose to offer.
Onboarding is the star of the way in which banking operations are carried out remotely. This strategy is a vision of digital transformation that shows the financial sector a series of efficient channels to resolve demand in adverse situations.
If you wonder what onboarding is, it is an induction process that allows people to be remotely incorporated into the acquisition of products, services or as collaborators of a company.
In this article we are going to talk about onboarding in the financial sector and knowing it can be key to the growth of your company. Whether you're in a role as a high-level contributor or figured as an entrepreneur, onboarding platforms have a lot to offer you.
Today, the ATM network handles cash withdrawals in 99.2%, while over-the-counter operations resolve:
- Deposits
- payment of credits
- check payment
- Services pay
- balance inquiry
- Accounts opening
- Bank transfers
Unfortunately, users are unaware of the operations they can carry out from digital banking without having to go to a branch or at an ATM.
However, the current context requires paying attention to the gradual process of digital transformation that the confinement has accelerated since 2020.
Thanks to onboarding, different entities open digital accounts, bank accounts, insurance, credit, among other financial products. Undoubtedly, digital bank accounts in Mexico experience a new scenario for the financial system.
Digital onboarding displaces over-the-counter operations.
- Improve the customer experience.
We know, the queues and the transfer is one of the reasons why most prefer to attend tasks remotely. And when it comes to finance, today's onboarding platforms gradually achieve secure experiences for remote information processing.
Without onboarding
- Investment of time at the window.
- Procedures with printed documents that can be damaged.
- It is common at the window, not all doubts are resolved and customers cannot use a mobile phone.
With onboarding
- Solve in less than 10 minutes.
- Organization of client documents from cloud.
- Personalized attention from a mobile device where an executive can resolve customer concerns.
- Ensure customer loyalty.
Done, improve the customer experience with customer onboarding, offer a backup to your company, the next step is loyalty. But, do you think that your client or supplier wants to wait in front of the window or with an executive in a branch to find out about the loyalty plans that your company offers? Know this:
Without onboarding
- Loyalty plans are limited to offer with printed brochures and requires a new procedure.
- Purchasing a physical loyalty card can be overwhelming and unnecessary for customers.
- Communication happens only once directly and in the best cases via email.
With onboarding
- You can offer a variety of online loyalty plans such a: digital account, points to make purchases online or use of QR codes to access clubs and other benefits.
- The client has the possibility of managing a digital loyalty card linked to a bank account.
- Create a point of contact by videoconference and improve customer satisfaction by onboarding.
- Build trust.
When it comes to money, trust is key among people when choosing a bank or financial institution. And today the added value of a bank account is the variety of services, opportunities and benefits that can be accessed as a process of digital transformation. How can you build trust?
Without onboarding
- When starting, it may be that you do not have the regulations and best practices and without even considering it.
- Contracts on paper take time away from the customer's experience in acquiring a financial service or product.
- Users run risks due to alteration of physical documents, identity theft or unlawful acts of fraud.