When financial organizations focus on customer experience during their digital onboarding process, it becomes a key factor in their competitiveness, which can lead to increased conversion rates. AI features such as
- The instant creation of UCCs for a quick onboarding process
- Seamless integration with other applications
- Risk profiling of customers, and
- Modern portfolio theory for predicting future returns
has simplified and redefined traditional processes in finance by making them more efficient.
What becomes a challenge for Fintech
The primary challenge faced by many financial industries is the slow paced customer onboarding process. It can take weeks or even months to get new customers operational, and this setback can cost businesses a lot of money. Customers had to wade through complicated, extensive documentation of records that are required under various regulatory and legal frameworks. They are frequently required to visit physical branches in person, which is both inconvenient and often leads to customers dropping out.
Fortunately, there are ways to speed up the customer onboarding process. By using automation and other tools, businesses can get new customer accounts up and running in a fraction of the time it would take using traditional methods. This leads to happier customers and improved business performance.
A Seamless Onboarding Experience
For a seamless onboarding experience, we should focus on critical areas such as
Digitizing processes – It is common for financial businesses to fail to understand that digital means more than online and mobile. Customers demand sleek interfaces with a fully digitized process, but businesses persist in using manual, paper-based processes. This leaves them unable to provide answers for customers with queries on process status and completed tasks. Creating a single point of truth for each customer and getting rid of manual, disconnected processes will help in the quick onboarding of customers and collect and manage their data smoothly.
One time data collection – Customers are often annoyed when they have to repeatedly give the same information for various tasks. But, it can be alleviated with end-to-end interfaces enabling customers to input their information just once and have it show up elsewhere. This significantly reduces hassles for customers.
How DataMoo solves this
DataMoo redefines how financial institutions onboard customers and businesses. The instant UCC creation feature helps speed up the customer onboarding process from days to minutes, without any human intervention. This avoids delays and makes it easier for customers to get started with the product.
The USPs of DataMoo’s Customer onboarding include
Processing time – Customer onboarding of DataMoo requires only a few minutes, from the time they open the application to the completion of the process and activation of the account.
Smart form – We use a smart form that can collect customer information from the identification documents provided and fill out the form automatically. This avoids the repetition of document collection from customers.
APIs – DataMoo works with Intelligent APIs to execute back-end activities, like customer identity verification, credit checks, and account verification, rapidly and accurately. This avoids human mistakes.
Paperwork – We avoid the tedious paperwork that needs to be filled in and photocopied for submission.
DataMoo’s digital customer onboarding is designed to provide a quick, comfortable and seamless experience for customers that helps them access services with ease. It also aims to differentiate from traditional businesses by enhancing the quality and offering more variety. To know more about our product, mail us at reachus@datamoo.ai.
