With increasing adoption of digitization and the customer journey veering towards online channels, financial institutions are fast migrating to digital processes. Most functions, including payments and customer service, have already moved online giving customers the flexibility to perform banking tasks on their personal devices from the comfort of their homes.
Customer onboarding, however, remains one of the few functions that has not been completely digitized, despite inherent difficulties in the traditional onboarding processes. In many financial institutions, customers still need to be physically present in the branch to begin the new relationship. Moreover, the process is long, with too many steps, and is typically controlled by the bank personnel, rather than the customer. Owing to the transactional nature of the process, there is little opportunity to create an emotional connection with the customer. Also, with more financial institutions moving their processes online, customers often see banks sticking with the traditional paper processes as outdated, which might adversely affect the brand’s image.
Why consider Digital Onboarding
Onboarding Requirements and Customer Journey
There is more to digital onboarding than a pretty website, registration forms and backend integration. Typical requirements also include UX expertise, KYC tools, web mobile platforms, security, integrated back-end referral management and new data acquisition strategies, among others.
With Adastra, you can improve your customer journey and make the digital onboarding process – right from showcasing product options to contract signing and feedback – simple and seamless.
Adastra’s process allows for instantaneous back-end processes like credit decisioning through quick data preparation, profiling (statistical and correlation analysis), credit approval and amount decisioning, so that your customers do not have to wait.
We also provide solutions for automated documents processing through advanced AI and machine learning powered tools, helping you significantly cut down on manual intervention and improve overall documentation accuracy.
Adastra’s Expertise in Digital Onboarding
Adastra provides a dedicated service for banks to design, develop, deploy, and continually optimize a high-converting, fully compliant onboarding within weeks.
- Expert Advice – First, Adastra’s expert consulting team delivers a clear product concept, risk strategy and third-party/core integration roadmap tailored for your unique onboarding needs. All recommendations are based on Adastra’s exhaustive experience in the fintech onboarding space, spanning over 20 countries.
- Built-In Services – Then, Adastra’s team builds your onboarding flow using our platform. With built-in KYC, solvency, and anti-fraud features along with various other pre-integrated services to choose from, your digital onboarding can be built and ready to go live in less than 3 months.
- Ongoing Insights – Post-launch, track the conversion performance every step of your onboarding journey via KPI-tracking dashboards.
Adastra helps you greatly improve time-to-market of your digital onboarding process and guarantees customer satisfaction. Moreover, you remain in total control of the process and each step is tailor-made based on your bank’s unique needs.
Looking to digitize your customer onboarding experience? Book a consultation with our experts to learn how.
Book a Free Consultation
We will contact you as soon as possible.