We never have a second chance to make a good first impression': a maxim still relevant in terms of customer experience, both in the financial market and in the world of distribution. A first good customer experience is a guarantee of loyalty.
On the other hand, the steps relating to the opening of an account, or the subscription of a contract can be slow and strewn with many manual management steps. These processes run the risk of discouraging the customer and pushing him into the arms of the competition.
Especially since we must not overlook the risks of fraud inherent in these processes, which have increased very sharply since the arrival of the health crisis, not to mention fraudulent subscriptions by 'bots'.
As part of the digitization of customer journeys, which aim to make them autonomous, it is not only necessary to digitize the necessary documents but also to strengthen the compliance control of the documents and supporting documents provided.
All the difficulty therefore lies in the balance between a simple and fast customer experience, and the need to find a way to constantly check the supporting documents and validate the identities of customers - while guaranteeing the fluidity of the customer journey.
For those responsible for risk management, data security, digital transformation, compliance, and marketing, making digital onboarding more fluid, while preserving the organization from the risk of fraud is a real challenge. it is possible to identify as part of automated and intelligent identity checks.
As such, different processes can be put in place:
1. Mobile ID verification: In the case of mobile ID verification, customers take a photo of their driver's license, passport or ID card with their smartphone and upload to the system. Credential data is quickly transmitted and verified to ensure compliance. Identity verification is an essential step in fraud prevention, and customers appreciate the ease of uploading documents from their mobile.
2. Facial recognition technology: How to guard against identity theft? Facial recognition technology combines presence detection technology with automatic capture to confirm that a candidate is taking a photo of themselves. Intelligent automation technology compares the candidate's video and image to the photo on their ID card in parallel. The person's profile is validated only if the match is confirmed.
3. The Mobile ID framework: Know-your-customer (KYC) and anti-money laundering (AML) regulations are constantly changing. An intelligent automation platform facilitates compliance control for financial institutions, but above all the integration of new constraints when they appear.
Other factors to consider for effective customer onboarding include compliance with applicable regulations. In this context, the automation of KYC controls, for example, makes it possible to cross-reference the data obtained with those existing in internal or external databases and thus limit errors in the compliance process.
Similarly, offering a fluid and intuitive customer experience is a loyalty lever, not to mention the speed of access to services for the most impatient.
In other words, ensuring the simplicity and efficiency of onboarding while respecting regulatory compliance is just a click away, across all industries.