Category: Digital Onboarding

Welcome to our category dedicated to the exploration of the future of onboarding customers in the digital era. This comprehensive resource is brimming with insightful articles that probe into the most recent trends, challenges, and technological progress shaping the onboarding landscape across a variety of sectors.

With the rise of digital technologies, the process of welcoming new customers has seen a profound transformation. Contemporary onboarding practices now incorporate frictionless user experiences, robust security protocols, and adherence to dynamic regulatory requirements. Our detailed articles provide a deep understanding of these elements, empowering professionals to navigate the intricate world of welcoming customers digitally.

The subjects covered within this category extend from the utilization of artificial intelligence in streamlining verification procedures to the influence of regulatory shifts on onboarding processes. Our goal is to furnish readers with a sophisticated understanding of the future of welcoming customers in the digital age, its impact on enhancing user experiences, and its critical role in boosting operational efficiency.

For those intrigued by the complexities of welcoming customers in a digital environment, the implications on customer relationships, and its part in shaping the future trajectory of businesses, our content-rich category is a must-read. We invite you to join us on this exploration of the future of onboarding in the digital age and to stay abreast of the most recent developments in this fascinating field. Embark on this knowledge journey with us, as we delve into the realm where technology and customer experience intersect.

Healthcare Industry And Digital Onboarding- Top 3 Tips On Onboarding Doctors

Posted on | by Signzian

The global digital health market size exceeded USD 195 billion in 2021 and is expected to grow at a CAGR of over 16% by 2030. The market will expand as demand for remote patient monitoring services increases. This must put a smile on your face if you are advocating an enterprise in the digital healthcare industry. But there are particular concerns that you need to keep in mind and address.

You are eager for your patients to meet the ideal doctor who has joined your team. However, before that can happen, they must be incorporated into your organization; this is where many healthcare industry businesses falter. Manual transfers between internal and external departments, problems with credentials, and physician engagement are typical obstacles to physician onboarding. In addition, delays in physician onboarding can result in weekly revenue losses of up to $100K, and bad onboarding has been linked to higher employee attrition.

According to the New England Journal of Medicine, when you factor in the expenditure of recruiting, onboarding, and yet another vacancy and hiring situation, the total cost of hiring a physician who doesn’t fit and then quits can easily approach $1 million. Effective onboarding may support your retention efforts and boost productivity, performance, and morale. It’s essential in the current market, devastated by the pandemic, as the United States could have a physician shortage of up to 124,000 primary care and specialty doctors by 2034. Delivering a superior onboarding experience is your secret weapon in the battle for medical talent, especially given that just one in three doctors claim to have had formal onboarding.

Fortunately, these following 3 tips will help you significantly enhance the physician onboarding experience for the doctors in your organization.

1. Automate Onboarding In The Healthcare Industry

The process of onboarding doctors can be laborious and challenging. The physician onboarding process is made simpler for everyone involved with automated workflows. It promotes process transparency and eliminates the chance of human error in manual involvement. As recommended, every workflow and trigger should be incorporated into the automated process. This will make it possible for everyone, regardless of department or whether they are internal or external, to participate in the onboarding strategy. In addition, physicians are prompted along the route with advice on what to do thanks to automated digital onboarding.

This gives your healthcare industry personnel the ability to consistently deliver an excellent, standardized digital onboarding experience and knows exactly where a physician is at any time along the process. It is especially crucial during the drawn-out and critical credentialing procedure since the tracking capability and precision minimize the guesswork and unpredictability of the human method.

2. Provide A Mobile-Device Digital Onboarding Experience  

Simplify the holistic employee experience for your physicians and team by delivering a beautiful user experience and enabling them to access their onboarding information and prompts on their chosen mobile device. Never let them fret about what comes next or wonder whether they missed a step.

3. Engage All Your Physicians

Regardless of tenure, properly onboarding your physicians helps them feel more connected to your healthcare industry enterprise and gives them the tools they need to provide the most excellent care for your patients. Efficacious employee engagement strategies include:

  • Preboarding
    Follow up with a kind email, letter, or welcome-to-the-team gift box between the offer letter and the first day. Before they even arrive on the first day, give them the impression that they are a valuable and significant part of the company.
  • The first week
    Put your attention on making them feel at ease. Introduce them to the teams they will be working with, host a team lunch, and pair them with a mentor or friend. These social connections play a significant role in forging a relationship with your company.
  • Opportunities for an ongoing engagement
    Promote honest dialogue and foster inquiry. To stay in touch, host an internal focus group or send email surveys.

We advise internal discussion of your engagement strategy and creating an engagement program consistent with your company’s goals and values. For example, you want it to seem powerful and authentic instead of some generic engagement program. In addition, by standardizing the procedure and incorporating the phases into your automated workflow, you can ensure that each physician receives the same level of attention to engagement through digital onboarding.

How Can We Help With Onboarding In The Healthcare Industry?

You can chat with our team of specialists in employee experience. We’re available and prepared to assist you with automating the onboarding procedure so that your new hires are pleased. We’re only a click away when you’re ready for your physician digital onboarding plan to put people first and let the process take care of itself.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

 

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Law Firms In The Era Of Technology- 5 Tips For Lawyer Digital Onboarding

Posted on | by Signzian

The law firms and institutions in the legal industry are developing quickly, just like many other sectors. Therefore, automation and digitization of typical corporate activities will be essential in the constantly evolving legal landscape.

It can occasionally be difficult to onboard new clients or attorneys. The delays that the onboarding process creates constitute a significant problem for businesses. In addition, lawyers have to work hard for their clients, which makes it challenging to complete tasks quickly.

Above all, a solid attorney-client connection is essential for your company to expand, attract new clients needing your services, and keep those you already have. But unfortunately, HR technology can be the crucial component missing from your company’s success.

The speed with which companies can help onboard new customers and attorneys, thanks to technological advancements, can speed up the process of doing case research and training new associates. Therefore, when you implement new technology into your company, you will gain a lot of advantages.

Here are some pointers and techniques you may utilize when introducing new technology to your business to welcome clients and employees.

1.   Complete Tech Supplier Research

You must thoroughly research the tech supplier you want to choose. Then, before transitioning to a digital onboarding system, understand how much your law firm can afford and budget accordingly. These steps will ensure that your law firm receives the best service possible.

The Link app, connected with artificial intelligence (AI) identity verification and electronic signatures via DocuSign, is one example of recent developments in HR technology. Your business can keep ahead of the curve by locating competitive technology providers that provide cutting-edge systems.

2.   Assess Workflow Management In Law Firms

Before using new technology, reviewing your current onboarding process and addressing the shortcomings that clients or associates experienced will pay off. Perhaps there weren’t enough training materials, or clients felt disconnected from the process.

You might use an online workflow management system at your company. Using top-notch workflow software makes assigning duties while onboarding new staff much simpler.

3.   Provide Virtual Teleconferencing Options In Law Firms

Knowing how important you are to those requiring legal representation should persuade you to give your clients top-notch service constantly. Your law firm’s clients and associates’ trust in you as their advisor should always come first. Using digitization instead of a paper-based approach or relying solely on phone calls, you can distribute legislative updates to everyone more swiftly.

Remember that authenticity is the most significant policy when practicing law because it will bind your law firm together. If you want to onboard clients remotely, platforms like Zoom and Google Meet are two good choices. Even if it necessitates spending time electronically, increasing face-to-face encounters during onboarding can increase productivity and talent retention.

4.   Consider Cloud Technology for Digital Onboarding

Consider making the transfer to a cloud server if your company hasn’t already. With a private cloud server, you can manage where your data is kept and keep a close eye on who has access to sensitive data. Scalability, lower expenses, less paper consumption, and efficiency are just a few advantages your company can take advantage of to stay one step ahead of the competition by utilizing cloud technology.

Whether you want to run your business using Amazon Web Services or Google Workspaces, cloud server platforms offer your company the best security features to safeguard your data from potential intruders. Additionally, using a private cloud gives your law firm more freedom and flexibility because anyone may access any information.

5.   Be Patient With New Applications

Any new system that is integrated into your processes has a learning curve. Therefore, your law firm will need to exercise patience during these transitional times for your clients to understand that onboarding is a process that takes time and set realistic expectations for them. This is irrespective of whether it involves implementing a new cloud server infrastructure or maintaining digital recordings of legal documents.

By registering for cloud server applications you can get assistance with several duties, like updating clients via their messaging platform and exchanging crucial onboarding paperwork. It’s essential to correspond because it keeps lines of communication open inside your company.

Technology in the In Law Firms And The Legal Sector

We are all aware that technology enables us to complete more of our professional objectives efficiently. Using the most recent technology will help you better serve your customers, whether you’re onboarding them or using video conferencing to have a first-time meeting with them. The investment will eventually pay for itself.

Other industries like finance and healthcare have already adapted to automation to a great extent. Even insurance goliaths, infamous for their late adoption of technology, are churning fast to catch up. It is only a matter of time before the legal industry does the same. So, to be ahead of the curve, you should find a good onboarding service provider. It would be your first step in the road ahead. We at Signzy can help you with this. With our state-of-the-art technology and simplified no-code API resources, you can fast-track this swiftly.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

Blockchain Technology In The Indian Fintech Industry- How Will The Technology Venture The 2020s?

Posted on | by Signzian

Did you know that the global market for blockchain technology will be worth $67.4 billion by 2026? The biggest market value distribution for blockchains is found in the banking industry. India is presently seeing the introduction of this technology.

India has developed into a significant global fintech industry hotspot and has given fintech start-ups considerable space. Covid-19 sped up the fintech sector’s expansion, which is now experiencing record investments and an explosive increase in the use of its services. It was essential for the financial industry to transition to app-based operations as sectors shifted to digital platforms.

The fintech industry has gone a long way with encrypted logins, full access to financial data, and practically all functions available at your fingertips. App-based processes do, however, need less time and effort, but it’s unlikely that they will result in secure transactions, protection against fraud, or transparency to prevent any wrongdoing. Here, blockchain technology has the potential to improve and even completely transform the entire tech-based financial industry.

Understanding Blockchain Technology

A blockchain is a decentralized, open, and distributed digital ledger that keeps track of transactions across numerous computers in such a way that any changes to the record would impact all following blocks and the network consensus. Increasing and leaving its mark in every industry, including fintech, real estate, agriculture, and healthcare, this mushrooming technology is expanding.

Boosting The Booming Fintech

It is clear that with blockchain technology, conventional financial processes may be completely transparent and based on fast, secure transactions. The new fintech transactions can create peer-to-peer networks, quick transactions, and total transparency without needing an intermediary.

Blockchain focuses on lowering the risk for financial institutions and offering secure, encrypted data that are safe and unmodified, potentially making the financial industry more transparent, less vulnerable to fraud, and less expensive for consumers. This enables the industry to concentrate on artificial intelligence- and machine-driven intelligence-based decision-making.

Financial Management Without Banks

Digital wallets, digital payments, and digital lending have all established new market segments due to the expanding new-age client sector. Blockchain technology can effectively govern this ecosystem. Blockchain-integrated digital wallets are protected by private keys while possessing their unique public address, allowing them to send and receive payments. With blockchain technology, wallet holders with private keys are the sole owners of the assets, unlike traditional currency, where banks take responsibility for holding money.

The Relevance Of Digital KYC

Trust and identification have always been difficult to establish in a financial transaction. Blockchain technology will be essential to automate the manual, paper-based, time-consuming, and expensive process of maintaining clients’ up-to-date records through digital KYC. igitization has enormous potential to keep data correct and foster genuine trust among parties conducting online business. Customer consent, data theft, and identity theft are essential parts that facilitate the task for all parties.

Borderless Payments With Blockchain Technology

Financial institutions can concentrate more on improving the speed and effectiveness of payment choices as the industry shifts toward borderless transactions. In addition, regulating the resources required to authorize payments and making them convenient for international payments further lowers the total cost of ownership.

Blockchain technology will revolutionize the fintech industry. Blockchain technology has excelled in the modernization of traditional financial institutions that fintech has risen to do. In addition, the data privacy advantage of blockchain has been building up the much-needed trust between users and providers in the fintech industry.

With an increasing focus on payments, closely followed by securities and trade finance, blockchain will focus on evolving complexity and delivery timeframe, improving financial institutions’ operational efficiency.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

 

The No-code Approach: Onboarding made Easy!

Posted on | by Signzian

The financial industry is witnessing a paradigm shift with an uptick in the emphasis on digital client onboarding. As a top-level CTO of a banking enterprise or a neo-banking venture, you are always looking for technology that eliminates the deadwood involved in manual paperwork in onboarding new clientele. Finally, you can now heave a sigh of relief as we present the perfect fintech companion for fulfilling all your digital onboarding needs. 

Signzy is your one-stop, neatly-packaged, no-code AI-based digital onboarding solution that empowers leading financial organizations to deploy automated data management and customized client onboarding without any prior coding!

Yes! You read that right! Not a single line of code is required to deploy customizable solutions for your bespoke business needs. So hold your breath, ladies and gentlemen, as we are about to unveil path-breaking innovation in the field of fintech that holds promise and potential.

Why is No-code Approach Digital Onboarding The Talk of The BizTown?

The ultimate goal of any captain of the banking streamer is to reduce TAT (Turn Around Time) and offer an enhanced customer experience. Gone are the days when physical meetings needed to be fixed for the most straightforward banking procedures. Instead, optimized and customized secure digitized banking solutions have heralded the winds of change and set the tone for the future. 

By embracing the benefits of customized digital onboarding solutions such as Signzy, you get to open the gates to a world of benefits that suit the technologically challenged with seamless ease. When you leverage an automated customized platform such as Signzy, you make data management, solution deployment and machine learning a child’s play even for those who know zilch about coding!

Building complete AI solutions with No-code Approach that too without investing in expensive developer work results in optimized cost-efficiency and greater user flexibility. A single team member can deploy multiple modules to deliver customized onboarding, drag and drop solutions without consulting the IT team! Now, that’s progress.

Plus, not to mention that AI eliminates chances of human error, which ultimately translates into cementing customer trust and loyalty. Seems like a pretty win-win situation, we say!

Top 3 Reasons Why Deploying Signzy’s No-code Approach is a Smart Move

Let’s get down to some hard facts and number crunching to help you benefit from one of the best digital onboarding solutions and empower your financial enterprise like never before!

  1.  Optimized Deployment Time Enabled By Its No-Code Approach: 

Financial institutions are understandably short of time, and in a world where time and money directly correlate, you cannot afford to continue deploying age-old inefficient solutions. 

This is where Signzy comes into the picture with an extended hand. Being an inherently AI-based platform powered by a no-code approach, you don’t need a developer to build and crunch code. Its intuitive drag and drop approach results in a 90% reduction in TAT. Lesser time required for deployment results in a more significant, error-free onboarding process. 

Are you wondering what no-code tech brings to the table? Well, let’s break it down for easier assimilation. Imagine creating apps, AI tools, onboarding platforms, websites with just a laptop at your disposal and no pre-existing coding knowledge! 

Sounds too good to be true? Well, not really, as no-code technology enables even the not-so tech-friendly people to move the proverbial mountains effortlessly. 

No-code-based innovations have impacted a diverse range of industries, and the financial sector is no different. When done conventionally, the process of client onboarding in the financial sector still takes about a week to complete. When banks or neo banks deploy no-code solutions like Signzy, they optimize the clientele onboarding procedure quickly and smoothly through an AI-based online portal. 

All your KYC prerequisites such as forms, terms & conditions, secure biometrics enabled digital contracts are all packaged in one place. 

  1.  Secure, Flexible, and Customized Digital Onboarding: 

If you are worried about the security aspect of deploying this no-code-enabled platform, allow us to put your worries to rest. Whereas custom-built code built by a developer is open to errors and security risks, no-code platforms run on pre-tested systems that afford unparalleled biometrics enabled security to businesses and their database.

The flexibility that comes with this unique platform allows you to create customized flows and business tools with a drag and drop or click and point approach. Also, there is no learning curve to it, so no more research and number crunching. Instead, it’s as simple as waving your wand and getting the work done!

  1. Cost-efficient Customized Onboarding Solution that Helps Fintech Firms Breathe Easy!

Signzy offers customizable digital KYC solutions to a plethora of renowned financial institutions across geographies. As a result, companies have reported a 75% reduction in operational expenditure, 66% dip in customer churn rate, and 3% increase in sales productivity! These fantastic figures speak for themselves. 

Let’s try to understand what makes this achievable. First, these APIs offer a plug-and-play approach that allows you to create business tools on the fly. Also, they can be easily integrated with existing solutions ruling out overhead expenditures and developer costs. 

They carry out advanced microservices equipped to offer advanced features like forgery detection, AI-based risk detection, background verification against established government databases at a fraction of the cost.

Thus the deployment of such proprietary APIs guarantees cost-optimization and an enhanced user experience.

Key Takeaway

Customized, scalable backend operations and faster digital transformation are unequivocally the need of the hour, and Signzy delivers just that and a lot more! So you can now curate business tools with absolutely no coding at the time of deployment, ensure faster delivery, expedite creation time and automate a significant chunk of the tedious work. Consequently, you can now focus on things that genuinely require your expertise and attention with the rest of the things being taken care of. 

Optimize client onboarding with a few clicks in a simple manner and close deals faster than ever! Not to mention the reduced costs of not having to hire developers. Simply the best! 

 

About Signzy

Signzy is a market-leading platform that is redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering totally customizable workflows. It gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru, and it has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

Onboarding

Optimized Digital Onboarding- An Essential Tool For Sales Boost

Posted on | by Signzian

Customer Onboarding is a crucial aspect of business development. But what executives miss out on is the fact that it can help their salesforce as well. 89% of customers reported that they would pay more for companies with better customer onboarding processes, according to a recent study by Forrester Research. 

Highly engaged customers buy 86% more than unengaged customers. Onboarding is an effective way to attract user interest. Efficient customer onboarding paves ways to develop a loyal customer base. Innovative institutions find methods to improve their existing systems. This article takes a look at how Digital Onboarding affects customer engagement and how we can use it to drive sales.

Customer Onboarding and its effect on Sales

New customers need a stepwise process to guide them to set up and use your product or service. Customer onboarding resolves this need. It takes the customer from the initial sign-up to activation of the product and use. This helps in delivering value as early as possible to the customer. Good customer onboarding ensures setting the TAT(turn around time) to a minimum while covering all the important information useful for the customer.

As each enterprise has different modes of processing, there are different types of customer onboarding. They are the following:

  • On-Site Customer Onboarding is the traditional form of onboarding. The customer approaches a physical store,office, or branch with proof of identity and other documents. The process primarily involves physical entities with a high TAT. A study from HubSpot cites 63% of customers finding this type of onboarding very inconvenient.
  • Hybrid Customer Onboarding uses the digital documents companies offer to the customers. These forms are filled in online and then submitted physically to the concerned office or branch. Even though an improvement upon the traditional method of onboarding, it is still far from deeming a convenience for customers.
  • Digital Onboarding of the customers is a completely digitized process. Customers do not need to visit an office or branch. They can complete the process online from any place of their choice. This does not compromise the safety, guarantee, or credibility. The process is also called Online Onboarding or Remote Onboarding.

Sales are influenced by numerous factors, but the onboarding process profoundly affects sales. What most salesforces miss out on is that closing a sale does not necessarily guarantee a completed onboarding process. It certainly does not guarantee the retention of the customer. The processes and services like customer onboarding following a closed sale are equivalently relevant.

A convenient, swift, and reliable customer onboarding process provides the customer with a delightful experience. It increases the chances of further business and retention. If the customer onboarding ensures all important data points are covered for the customer, later processes can retrieve saved information making them faster and easier to navigate.

In essence, customer onboarding helps improve the quality of obtained customers. It builds trust and preference among the customers. With almost all institutions digitizing their onboarding processes, the competition to improve customer onboarding is cutthroat. Improving even the slightest details in the onboarding process brings forth beneficial outcomes.

Challenges of Digital Onboarding

With the advancements in technology, it is clear that digital onboarding trumps conventional modes of onboarding. It is faster and more secure than its predecessor processes. Yet even digital onboarding has challenges to address and resolve. Some of them include:

  • The transition from physical to digital platforms
  • Minimizing friction in the process
  • Changes in Regulations
  • Avoiding technological stagnation
  • Data Management

Newer customers from older generations find it difficult to understand and process digital onboarding. The transition from physical onboarding to remote and online onboarding is difficult for individuals unfamiliar with newer technology. This demands attention from the onboarding platform.

In the age of information, most people will not wait for delays in processes. If the customers face friction in the onboarding process, they might abandon the journey. Drop-off rates can be as high as 75% during onboarding. It might even end up in customers opting for services from other providers. A churn rate of 5% is expected usually. As much automated as the process may be, there is always a chance of a need for manual intervention. The platform must keep this intervention to a minimum. These hurdles need resolution in the digital onboarding process.

The advancing technology demands that the installed process be updated. We can not expect to install an onboarding process and let it be. It requires constant updates and additional plug-ins to improve. This coupled with the frequent changes in regulatory guidelines ensures that we must avoid technological stagnation.

Many institutions incorporate KYC and AML processes into the journey. This makes it easier for the customer as the whole process will cover multiple requirements. The data is obtained more readily. The obtained data should be stored with high-security measures. This is to avoid all forms of fraud and scams.

Optimized Digital Onboarding- The Boon to Boost Quality Sales

Having a digital onboarding solution is not enough in the prevalent competitive ecosystems. Institutions need to up their games by giving customers the most seamless and fast onboarding journey possible. This is not possible without taking into account the areas of improvement a generic digital onboarding solution has.

Onboarding is not a hurdle for the business, but rather a kit of tools to improve the number of quality sales. If optimized aptly, digital onboarding will increase customer retention and in the long run, overall sales. This is possible only if certain factors are addressed and utilized. They include:

  • TAT- Turn Around Time
  • Processing Friction
  • Regulation Compliance
  • Automation Quality
  • Technological Adaptability
  • Security and Risk Management

A reduced TAT and swift processing encourage customers to begin the onboarding journey. It decreases the activation energy for them. Indeed, what once used to take days or weeks to complete with manual intervention is now done in hours or minutes with digital onboarding. But, even this is further reduced with optimization. Schmick APIs and resources do not just look good but do this. TAT is reduced with better user experience initiatives and quality technology.

User experience and interface design have advanced to an immense degree. This makes the processing friction during the onboarding journey minimal. Unnecessary and cumbersome steps in the process are eliminated without compromising any compliance guidelines. All regulatory compliance measures are updated and integrated into the system. Frequent changes in guidelines are not a problem.

Quality automation and adaptable technology ensure no unprecedented roadblocks. Good technology is good when it goes uninterrupted. With newer machine learning(ML) methods and artificial intelligence(AI), decision-making and rule engines are advanced. They help prioritize necessities and eliminate unnecessary steps.

To prevent fraudulent activities, efficient safety measures are installed. Security becomes a prime concern when the risk is high. Thus, good onboarding resources implement proper risk analysis and management. As all this will be monitored by authorities, compliance is most certainly uncompromised.

These factors drive the customer to establish a healthy and dependable relationship with the enterprise. It helps in customer retention and even newer customer acquisition. Sales increase in numbers when the effort to be invested is minimal. 86% of customers prefer a good onboarding experience over a detailed education on services after they have bought it. 63% of customers demand quality support post-sale and during onboarding. It is the reason they would even consider making the decision. It is also interesting to note that it costs between 5 to 2 times more to acquire a new customer when compared to retaining one.

Hence, a good sale does depend on what comes after. The cretaceous strategies of sales are behind. Customers are aware and demand good products and services with efficient support. A good customer onboarding process not only makes the customer feel good but independent. 

Benefits of Optimized Digital Onboarding

Some of the major benefits of Optimized Digital Onboarding include:

  • Reduced TAT- Processing time is considerably reduced
  • Minimal Processing Friction- With an emphasis on details, processing friction is minimized by eliminating unnecessary steps and procedures.
  • Improved Regulation Compliance- frequently changing regulatory guidelines are no longer a concern. Technology-based compliance is also updated and effective.
  • Quality Automation – State-of-the-art AI with efficient digitization helps improve the overall process.
  • Adapting Technology- All backend features are updated regularly to not fall behind in progress.
  • Fortified Data Security- Customer data is highly secure with quality safety protocols and data management. Sufficient focus is given for fortification.
  • Risk Management- All customer-based risk is managed with priority categorization.

How Can Signzy Help?

It is only sensible to conclude that mere digital onboarding is insufficient to meet today’s customer demands. More optimized processing breeds better sales results and overall experience. But then the major question follows, how do we select the right service provider for Digital onboarding and other processing that can help your business?

We at Signzy, can certainly help you improve your business. Being one of the pioneers in financial and regulatory technologies, Signzy provides you with resources that make processes easier. Our Digital Onboarding solution stays ahead of the curve with prime technology while maintaining a focus on sales boosts too. With an impressive quiver of products and services, we provide you with extremely customizable solutions. These include our suite with 240+ APIs and AI-based resources.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

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