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Save the World & Say No to Paper Onboarding!

Digital onboarding will in a medium to long-term view overtake paper forms and traditional KYC data gathering. This digitalization enables the reduction of the workforce and costs for firms and companies, especially in the banking industry and bank account opening workflows. Once we onboard customers, we can easily manage them and they can become users of the CRM interface. We can share the provision of a client portal, KYC remediation, or supplementary onboarding necessities such as file upload (ID, proof of address, and so forth) via the platform.

Using CRM software employees can customize the onboarding solution and influence the onboarding journey. Employee onboarding can also enhance the company’s capabilities by enabling flexibility of the human resources team with efficient talent management at hires.

Digital onboarding financial services with InvestGlass

At InvestGlass, we provide an all-in-one CRM solution that incorporates a complete onboarding process. Our clients have the choice between full digital onboarding, full paper onboarding, or a mix of both; even if remaining with paper increases the manual workload. We can divide digital onboarding into three main stages. First, the customer must fill in a form or multiple forms to correctly input their information into the system. Second, we launch approval processes and conduct ID verifications. Finally, we may have to pursue KYC remediation at a later stage.

Information gathering

We can present the invitation to collect data in various ways depending on the desired user experience. Banks must digitize their onboarding forms, which can then be sent to specific prospects. You can share these forms through email or embed simple signing forms into your website. If prospects have already been given a client portal, depending on the organization’s privacy policy, the forms may be shared directly via the portal. Prospects fill in the required information and files via the forms, and you receive a notification when they have completed the process.

Approval and verification

Digital onboarding aims to simplify customers’ adoption by deciding whether to accept or reject said prospect. Businesses also want to verify the identity of prospects and check their names in AML and warning lists. In order to verify individuals and people filling the forms, you can use a variety of InvestGlass partners from AML checks to facial recognition ID verification. These checks can be automated or launched manually depending on your needs. Once a prospect is categorized, e.g. low risk, medium risk, or PEP individual, you can launch (again automatically or not) an approval process. The approval process allows accepting or rejecting prospects depending on their answers, risk level, and so forth. You set the rules of the game.

Know Your Customer – “KYC” remediation

After accepting a prospect, you can create access to a client portal, initiate communication, share documents, generate investment proposals, and utilize all the features and products of the solution to establish robust and enduring relationships. More importantly, you can create marketing automation and easily develop KYC remediation processes. E.g., you may want to set a KYC remediation check if a user changes his address, nationality, or marital status. KYC remediation represents checking customers’ information. It is usually made timely or on special events. Via InvestGlass, remediation can be notified on any device, and remediation forms can be shared via email or client portal. Obviously, traditional ways such as phone calls or in-person meetings are still doable but we want to turn digital!!

Do not forget the client is human!

Let’s focus on tricks and tips when onboarding prospects. Whether you are a challenger bank or an established one, they might trigger your interest.

  1. The organization is everything. When setting up your forms and onboarding process, make sure that the workflow and each step are clear and complete.
  2. Remain simple and fast. You should not ask a prospect to fill in a form for more than 10min.
  3. Spread onboarding. In order to maintain the engagement of your prospect, spread your process over several steps or stages.
  4. Set clear expectations and goals. This will help you to assess metrics and your onboarding quality. Thus, helping you maximize your customer acquisition.
  5. Get feedback regularly. Enable feedback from your prospects and clients in order to improve your workflows.

Save the World & Say No to Paper Onboarding! 

Adopt digital onboarding and expect an 80% increase in your retention rates! Yet, monitor closely your process as 60% of customers abandoned digital onboarding last year for multiple reasons such as complexity, length, etc. So let’s get ready if you are a digital bank, broker, retail bank, or IFA it’s your turn to stop using paper!

Start your free trial of InvestGlass digital onboarding