Creating a frictionless experience for onboarding clients

25 September 2020

Streamline revenue with frictionless onboarding

The more hurdles potential customers have to jump to avail of your services, the more likely it is they will drop out at some point in the process. The slower your onboarding process is, the more slowly your revenue streams move. So why – in 2020 – do most major financial institutions still use arduous, manual processes?

What if accessing customer data safely and securely was as simple as the click of a button? What if the whole process could be streamlined from two weeks to two minutes?

Onboarding is a process rife with delays and frustrations. Regulated financial businesses have an obligation to ensure their customers are who they claim to be, but banks and other institutions require different data points, including nationality, date of birth, and proof of address. Requiring customers to supply this information manually is time-consuming from the customer’s perspective, and it’s inefficient for businesses. What impact does that have on drop off rates in the onboarding process?

valid8me addresses these challenges, and empowers individual consumers to hold full control over their data. Utilising a centralised approach, data is held in an individual digital vault and users can grant access to companies as necessary. Individuals can store identity cards like a driving license, a recent bill that proves their address, and other commonly sought pieces of information. Users can then offer a particular institution the permissions they need in real-time, and revoke them as necessary.

There are also benefits from a GDPR perspective. For onboarding businesses, a digital vault removes the need to hold on to customer documentation and data; blockchain provides an audit trail which should suffice. Customers can easily offer different access levels according to what an institution needs, sharing only the minimum amount of data to meet regulatory requirements. Customers retain control over their data, while you get to realise revenues more quickly.

Protecting customers from financial crime whilst improving user experience is a win-win for the future of fintech. Valid8me presents the finance world with a unique opportunity; to reduce the burden of compliance while increasing customer satisfaction.

Get in touch to find out more here

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