The relationship of banks with their customers is based on the services and timely responses offered, ease of performing banking tasks, etc. Before banks get into providing sophisticated services to their customers, it is crucial to get them on board and make them their customers in the first place. A time-consuming process that often resulted in a bad user experience is how customer onboarding was done till a few years ago. However, banks and fintech are revisiting the entire onboarding process without even having to ask the customer to visit their physical bank or fill an infinite number of forms online.

What is Wrong with the Existing Onboarding Process?

Unlike other industries or businesses, banking involves tasks like the collection of various customer data and keen verification and background checks in order to comply with the KYC regulations. Only when these criteria are met, the bank will able to onboard the customer to open an account which makes this process crucial and inevitable. As important as it sounds, the process involved is tedious for both the bank and the customers. Manual intervention is highly required in the traditional onboarding process which paved way for error in data and high consumption of time and effort. To add on, many banks still rely on their legacy systems to carry out the customer onboarding process that makes the maintenance of data across systems and teams highly challenging. This is why banks need to come up with more innovative and simpler ways to carry out documentation, verification, and customer onboarding tasks using the latest technologies in the market.

Why is Automation a Necessity in Customer Onboarding?

Customer onboarding or commonly known as Know Your Customer (KYC) in the banking and fintech industry can be made much easier and faster by automating the process through digital devices and the latest innovations. The result of these automated processes is online or remote-based digital customer onboarding. Integration of RPA and Artificial Intelligent is one of the effective solutions to perform digital customer onboarding since automation helps in faster document processing, regulations checks/updates, etc. Implementation of digital identification systems allows the banks to ensure their customer a seamless and secured platform to transform their banking experience more comfortable than earlier.

By taking the customer onboarding process to the next level, banks are striving hard to future-proof their internal operations and stay competitive in the market. Implementing API to automate and integrate data to simplify the onboarding process has more than just one advantage. Automating onboarding through API allows banks and fintech to streamline the overall process for new customers, makes the data easily available and accessible for future reference, and ensures regulation and accuracy throughout the KYC process. Apart from this, banks will be able to drastically increase their ROI, stay ahead of the emerging fintech companies, and provide a more personalized and reliable banking experience to their valuable customers.

Aspire revamped the digital platform for a major Canadian Credit Union

This is a story of how one of the largest banks in Canada managed to digitalize their entire customer onboarding process to verify KYC documents faster than ever and integrate easily with 3rd party fintech interfaces. The customer was able to achieve all the above while cutting down the process from one hour to just five minutes with zero errors using Aspire’s IQ bot. The intelligent bot is smart enough to analyse and notify the respective team if the required document is incomplete or missing.

Read the full case study to know more about how Aspire made it possible for the customer to change their digital onboarding process to a matter of minutes here.