Digital advancements are changing the nature of business and talent acquisition. Digital onboarding is the process of acquiring new customers through digital methods. This process is now turning into a standard operating procedure, the default way to onboard new customers. Banks and financial institutions have started recognising the potential of digitising such processes, they’ve realised the significantly more practical approach to onboarding is through digital means, it requires less time and money.
As for customers, this process is so important and useful because as the world is progressing, organisations lose so many potential customers at the initial stages. The onboarding is the first official interaction between the customer and business, if the process is tedious and difficult, the customer will not want to continue. With digital onboarding though, companies, especially fintech companies and banks can easily organise and structure their customer acquisition process. Digital onboarding also increases the productivity and internal workflow substantially because it gives the company access to significantly more data, streamlining internal cooperation.
Traditional processes are simply not cutting it anymore. The traditional process focuses more on the customer’s presence, they submit documents in person, but that’s not necessary anymore. When the entire process has been digitised, almost nobody is willing to go in person and will even go as far as abandoning the procedure midway. Giving customers paperwork and extended waiting periods can often lead to frustration because customers are now so used to the rapidity of the digital age. All in all, the conventional way to go about this is much more tiring and cumbersome, just not as efficient.
In tech though, digital onboarding is nothing new and has been the norm for many years now. It’s common that they use digital onboarding softwares and programmes because it gives the same result with much fewer resources in terms of manpower and money. Digital onboarding has been a norm for them for so long because it’s far more efficient. It’s much easier and less time consuming to complete this interaction online, where no cumbersome back and forth is required. All the customer’s information is available to the institution, and it speeds up the process.
Acquiring and onboarding customers digitally is also proven to be more efficient not only because it’s a fraction of the hours your employees have to spend onboarding customers, meaning a fraction of the price to pay in man hours, but also because documents and relevant information, data will always be registered in some type of database or system. This makes internal workflows seamless and streamlined.
Overall, digital onboarding is the superior method of acquiring new talent and customers. It is the future and will put anybody not willing to advance at a great disadvantage. With these advancements, platforms like Idenfo Direct have come into play and become imperative for organisations to integrate in order to implement digital onboarding and ease the processes for customers and the business alike. Idenfo Direct is an end-to-end solution for businesses to employ everything from KYC checks to digital onboarding, all with the click of a button.