Digital onboarding is the process of bringing in new consumers over the Internet. A person registers with a business entity to have its products or services during the process. They will present their data and, if necessary, even biometric information like a facial scan or fingerprint. A business may simply and securely identify the person through a digital onboarding procedure.
Before the widespread use of remote onboarding, people would frequently supply their data in-person or by mail which is time-consuming and costly. With digitalisation becoming a key tool for the majority of businesses, they all require a dependable and secure digital onboarding channel. The COVID-19 outbreak has hastened this process.
Types of Onboarding
Know Your Customer or popularly known as KYC in the banking and financial sector is directly related to the customer onboarding process. However, KYC is an important identification of customers tool that businesses utilise in their digital customer onboarding process. The following are the different types of onboarding.
● On-site Onboarding
The normal onboarding method entails the individual approaching the company’s office to provide data as identity and biometrics evidence. Modern business establishments have dispensed with this practice of onboarding.
● Partial on-site Onboarding
Businesses provide new consumers with electronic documentation to fill out at their leisure. However, customers must present them in person at the corporate office. This is also changing fastly with the emergence of digitalisation.
● Digital Onboarding
Individuals need not visit the business establishment to finish the procedure but with the same speed, security, and assurance, all processes are done digitally.
The Digital Onboarding Process
The digital onboarding process involves the online company platform which allows the company to ensure compliance and convert the potential new lead into a loyal customer. During the early days, all a customer required was an email ID with a digital card. But as digital fraud cases increased the process requires extra security layers. The customer onboarding process is a major step to build a relationship with the customer. Hence, it is vital time for the company to make a good impression on the customer. And the consumer might choose to abandon the onboarding process if they find it too confusing or prolonged.
Major Stages of the Digital Onboarding Process
● Pre-Onboarding Communication and Planning
During this stage of planning, the company communicates with fresh employees or clients to establish the context for the procedure for onboarding. Greetings emails, information on how to use online portals or platforms as well as necessary information about the company may be included.
● Onboarding: Introduction to a new scheme
During the onboarding stage, fresh employees or clients receive more in-depth exposure to the company. Its goal, standards, and vision are all part of it. They may also undergo orientation, meet their peers, and learn everything about the organization.
● Ongoing Learning and Engagement: Post-Onboarding.
Following the completion of an initial onboarding process, the company continues assisting fresh employees or customers by offering access to extra information and instruction materials. This allows people to continue learning and growing in their job, as well as connect with their employers over time.
Benefits of digital onboarding
- Business gets a new customer
The single major advantage is getting another client following all of this work. This is a major step in business expansion.
- A strategy focused on customers
The only way for an enterprise to flourish is to keep its customers in focus. Develop a process towards them, to benefit them better experience.
- Ease of doing business
With online onboarding, the entire procedure is significantly more basic and simpler to grasp. When a business moves from physical to digital options, it improves data organization and simplicity of use.
- Faster procedure
When customer onboarding is speedy, users receive faster responses, remarks, and affirmations. It follows all procedures that guarantee verification of data in addition to quick processing.
Role of Identification in digital onboarding
With the introduction of digital onboarding, there is an urgent need to improve the security and safety of online transactions and exchanges. With present initiatives, such online identity verification systems have significantly increased the trustworthiness of online businesses by adding a layer of protection and confidence. Yet, a lot of improvements have to be made as the perpetrators usually move ahead of any anti-theft system.
Transaction and account-related cybercrime are becoming one of the most serious challenges that organizations face throughout the world. Businesses can minimize fraud while improving the entire client onboarding process through more comprehensive digital authentication solutions.
Digital onboarding is the process of integrating fresh employees or consumers into a business utilizing cutting-edge technology. This is accomplished through the use of digital technologies such as web portals, mobile applications, and educational management systems.
PayTabs offers complete solutions with a personalised experience for the digital onboarding process Hence, we can define their criteria and adopt the ID verification solution to get more clients while maintaining high operation standards and keeping everything secure. PayTabs works persistently to improve digital identity verification systems to overcome any online challenges that come across, including the menace of identity theft.