Banking post-pandemic has profoundly disrupted and has pressed a reset button as 56% of the global population are intended to avoid branch banking. The new thinking to adapt to the new normal for the banking and financial services stipulated the digitisation of customer onboarding and deposit-taking.
A smooth customer onboarding journey is becoming the norm rather than a differentiator. Fenergo, a digital transformation fintech firm states that about 70% of the millennials demand a frictionless integrated onboarding experience across all banking channels and one in three (36%) financial institutions have faced customer abandonment due to inefficient onboarding. To support the market conditions, customer needs to be combined with cost-effective business operating model with an increased demand for digital interaction, banks are accelerated to invest in fintech solutions to avoid the tedious application process with an all-round service offering – fast processes – easy banking – any time and from anywhere.
Digital Customer Onboarding improves customer experience with intuitive navigation by aggregating their data to make the process smoother or even effortless. The digital platform provides reliable online identification services that help the banks to quickly verify the customer data and subsequently accelerate the customer’s access to the banking products and services.
Financial Institutions are striving hard to leverage innovative technologies ranging from Artificial Intelligence, Behavioural Biometrics to Machine Learning to improve their existing mechanism of data capturing, KYC validation and due diligence checks while onboarding the customer.
Robust eKYC Validation
Enhanced customer due-diligence checks using AI & ML techniques reduces KYC risks for the banks and real-time integration of eKYC offered by third party API Services along with customer onboarding workflow substantially improves the process of AML monitoring and fraud detection & control.
Augmented Customer Experience
Intuitive user interface for onboarding with real-time notifications, gives the customer an instant gratification than the paper-based application forms.
Customer-Centric Offerings
Digital Onboarding empowers the banks to build a data-driven customer acquisition strategy with machine learning using statistical models and historical data of the customer. Banks can explore the behavioural analytics of the customer to offer them more tailored offerings improving customer satisfaction & retention rate.
Operational Effectiveness
AI-powered digitisation techniques entail the banks redesign the existing customer onboarding process and deliver high-quality products and services with minimal overheads optimising the onboarding time. Operational efficiency achieved through digital onboarding along with AI/ML-based Straight Through Processing (STP) eliminates manual data entry and processing errors with exponentially better customer service.
Macro Global PERA delivers an enormous value proposition as an integrated platform for customer onboarding and deposit-taking by enabling the banks to accelerate their customer acquisition in a simplified and streamlined manner to optimise the operational cost alongside ensuring regulatory compliance. To discover more on how Macro Global with its subject matter expertise can help you address the challenges, please reach us on salesdesk@macroglobal.co.uk (or) +44 0204 574 2433.
