On-Boarding in a Digital World

blog watch video 23 October 2018

For many, the on-boarding process is the first interaction they have with you. In a world where customers expect speed, convenience, and seamless integrations it becomes crucial that we enable them at every given opportunity. A well-designed on-boarding process thus becomes a key competitive advantage. Yet, we find ourselves using paper-based, lengthy, and cumbersome processes to on-board our customers, often failing to address key risk factors, and neglecting the value of convenience.

In a quest to inform our own journey we conducted an experiment. We opened an account… ground-breaking, we know. Logging into a well-known retailer’s online platform we set out to open a new account. After filling in lengthy forms, providing our personal details, agreeing to Terms and Conditions, and spending more time than was reasonable navigating the jargon, we had an account. Except, our profile was fake. We had managed to open an account with an amalgamation of details resulting in Person A, having an account tied to Person B’s ID number, for which Person B would be held accountable. Surely this could not be? Even in the absence of paper, we now had an even bigger problem, fraud.

Relying on our experience we set about solving the conundrum that we were facing. How do we empower organisations, whether they’re banks, retailers, insurers, etc. to on-board customers quickly and correctly whilst ensuring all the necessary checks are done?

 

The answer:

 

We created a prototype Selfie Customer On-Boarding and Origination App. With features such as:

  • Frictionless capture
  • Intelligent document recognition
  • Electronic data extraction
  • ID verification against the National Database
  • Identity verification via facial recognition against all national sources and presented documents
  • Geo location and address verification against golden sources
  • Digital generation of application from the captured data eliminating the need for paper
  • Digital signing

 

We managed to do on-boarding in under 2 minutes!

We eliminated the tedious paper-based processing, whilst still ensuring that what is captured is verified in accordance with all legal and procedural parameters. Partnering with Impressions and DocFusion, we’ve ensured that our customers are able to quickly and easily open accounts, without increasing the risks associated with standard on-boarding processes.

Now we can enable you to open accounts anytime, anywhere! With stronger compliance and reduced risk we are improving management visibility and control without impacting the customer’s experience. The end-to-end digitisation also greatly reduces the costs associated with printing, transporting, and storing paper documents, as well as reducing the number of steps, reworks, and error rates in the account opening process.

For more information read about it on our site: www.sybrin.com/digital-on-boarding-sales or watch the watch the video.

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