Digital Transformation & Insights
Digital onboarding solutions and digital adoption services are the names of the game in 2021 all across the globe. Millions of companies from tens of industries, including retail, banking, recruiting, or software development, are using digital onboarding solutions to improve employee engagement and streamline customer acquisition.
The challenges faced by almost all companies during the COVID-19 pandemic have brought most of them to a tipping point, making them realize the huge importance of digital transformation. After careful consideration and understanding of the benefits of adopting digital adoption services, the vast majority of these companies have concluded that it is mandatory to invest in a modern digital solution that can offer them a streamlined digital onboarding and origination process.
A proper digital onboarding solution can help your company automate many processes, collect the most important details of your clients in one place, showcase your company’s culture, personalize the onboarding and pre-onboarding process with your own brand image, and decrease the time to productivity for new employees.
Digital onboarding helps you tailor the process for each new user, guiding your customers throughout the journey so they can better understand how your products and services can help them achieve their own version of success.
How does Digital Onboarding Work?
In 2021, more than ever before, a growing number of customers are dropping out during the legacy onboarding flows due to the time-consuming and cumbersome identity verification process. Take for example a new user who wants to open up an account for a transportation app. If they are in a hurry to rent a car and start driving, the company needs to provide them with a quick onboarding process that takes less than a few minutes.
The onboarding process, in this case, should include downloading the app, creating a new account, verifying the phone number, submitting the driver’s license and ID, uploading a selfie, and doing some final check-ups. This entire process shouldn’t take more than a few minutes, and the user should be able to perform all the steps without access to an external device, other than the smartphone he or she uses.
To top it all, the business should verify this information as soon as possible. If the user needs to rent a car in less than 10 minutes and the company verifies the information in that amount of time, the user can immediately rent a car and start driving.
The Importance of Creating a Seamless Customer Onboarding Experience
Attracting this new generation of digitally-savvy customers requires skill and patience. Companies need to replace outdated, paper-based onboarding processes with fully digital, well-structured online processes. Creating a delightful and engaging onboarding experience is a must for companies that want to shape the future and get an edge over their competitors.
Creating a seamless customer onboarding experience comes with the following benefits for your company:
- Allows potential clients to become users in a matter of minutes, while saving time and energy
- Opens up new channels to market, making it easy for a wide range of customers to use your services
- Gives you the opportunity to become a way maker in your industry by replacing paper-based form and outdated processes with fully-digital onboarding operations that offer a slicker, more engaging experience
- Enables you to save your customers’ time, increase your internal team’s satisfaction, boost time to money, reduce total cost of ownership (TCO), and ultimately take your brand’s recognition to a whole new level.
Important Features of a Digital Onboarding Solution
Professional tools for digital onboarding and origination need to come in place with a certain set of features. They also need to be regulated and comply with all relevant remote identification directives: KYC, AML, eIDAS, GDPR, offering the same level of technical security and legal compliance as face-to-face identification.
Here are some of the most important features a digital onboarding solution should include:
- Automated CDD, AML, and KYC technology processes that can streamline the tool’s compliance with modern regulations
- Biometric authentication provides an extra layer of security and verification
- OCR (optical character recognition) enables customers to take a snapshot of their IDs and documents and then pre-populate specific fields, thus reducing the time to open up a new account
- Customizable workflows: some of the best digital onboarding tools out there such as TORP use a BPMN standardized flow which enables businesses to transform their internal business processes into self-explanatory digital workflows.
- Cross-platform responsiveness: this allows users to enjoy a superior onboarding experience, regardless of the platform they choose to use
- AI decision engine: a professional onboarding tool uses an AI decision engine to streamline tasks even more. For example, TORP leverages Azure Machine Learning to offer outstanding results.
- Analytics & chatbot conversions: these are another two very important features every digital onboarding solution needs to possess. TORP uses DRUID for a chatbot and Power BI to offer high-end analytics to its customers.
Work with a Powerful Digital Onboarding Solution
Choosing a reliable partner for your onboarding needs is mandatory for success in 2021 and beyond. TORP is a state-of-the-art solution that makes your business accessible anywhere, anytime, to all potential customers.
Our tool comes equipped with all the features of professional digital onboarding solutions, offering you the proven promise of a 1-minute onboarding process, a 50% reduction in onboarding drop-off rates, and a 3-weeks onboarding MVP ready.
Discover more about how TORP can take your business to a whole new level by checking out our TORP presentation page.
