Customer satisfaction is a key differentiator for any organization, and it begins with the customer’s initial engagement. Onboarding is the first customer touch point. A poorly implemented onboarding experience may leave an unfavorable impression that lasts. The traditional onboarding process is lengthy, paper- and people-driven, and can involve multiple departments to meet regulatory requirements. Rather than take several weeks and cause customer dissatisfaction, the onboarding process can become a more-rewarding experience by using an Intelligent Customer Onboarding solution.
COVID-19 has created unprecedented interruptions. It has also presented unprecedented opportunities to rethink how customers experience a brand.
Consider the banking industry. New and updated regulatory guidelines enable financial institutions to onboard customers with zero contact. The trifecta that guides banks in their onboarding process is Compliance, Cost, and Time.
With a focus tilted heavily toward compliance, the time required to onboard a customer – and the onboarding experience – has taken a back seat. By redesigning and improving their onboarding process, banks have an opportunity to enhance compliance while dramatically reducing the cost and time required to onboard customers.
Current customer-onboarding solutions are often ineffective due to their unstructured and lengthy process, an abundance of verifications and regulations, the sheer number of documents to process, and integration with legacy systems. By adopting a seamless omnichannel onboarding process, banks can change how customers experience the decades-old onboarding journey and reduce the onboarding time from days to minutes.
A digital and intelligent customer onboarding process incorporates smart data capture using OCR, biometric identity verification using facial recognition, API-driven compliance checks, digital consent and signatures, easy integration capabilities, and video KYC to enable remote and zero contact onboarding process. This smart onboarding process can also incorporate AI/ML technologies to automate decisions to onboard customers.
The re-imagined process proposes real-time ID verification, API-based compliance check, and real-time liveness check to speed-up the process and improve customer satisfaction.
In addition, an intelligent customer onboarding solution can improve regulatory compliance and data accuracy, bringing about a shift in several key metrics.
- Enhanced Customer Experience: Reduce onboarding time and abandonment rate, and potentially increase CSAT and NPS scores.
- Cost Savings: Reduce onboarding costs, eliminate costs associated with fraud-related leakages, and enable early identification of high-risk customers to avoid regulatory fees.
- Revenue Generation: Recover lost revenue due to delayed onboarding, and leverage the enhanced customer experience to promote customer loyalty, lower churn rates, and improved chances of cross-selling and up-selling.
- Employee Engagement: Reduce turnaround times and redeploy staff to focus on core banking activities.
Our Intelligent Customer Onboarding solution was created in partnership with ProcessMaker. An industry leader in enterprise workflow and business process management, ProcessMaker uses a low-code platform to ensure seamless process orchestration. This platform enables the integration of modern apps with legacy systems, alleviating information silos and increasing productivity for the most complex workflow projects, and ensuring compliance control, policy management effectiveness, and risk-management transparency.
Wipro and ProcessMaker together showcased a reimagined customer-onboarding journey at the Telstra Innovation Hackathon 2020. The solution won the People’s Choice Award and Second Runner-Up position.