What is digital onboarding?
Digital onboarding is an online process whereby an individual signs up with a company or a government/institutional service or, in the case of finance, banks, in order to later access the products and services there.
The individual provides their personal data, and if required, some biometric information such as a fingerprint or face scan for biometric authentication. The digital onboarding process allows the individual to be easily and securely identified at a later date.
What are the benefits of digital onboarding?
Despite the traditional onboarding processes that see new clients forced to find a space in their busy schedules to visit your organization onsite for a time-consuming activity, digital onboarding has several benefits that deserve to be mentioned:
1. Streamlining administrative processes
Digital onboarding allows people to sign any document at any time, saving time for paperwork and administrative process: by digitising the entire experience, anyone involved in the process of onboarding new customers or employees saves time and money often spent on burdensome back-office activities.
2. Reducing operative costs and environmental impact
While traditional onboarding entails paperwork and printing, digital onboarding allows to digitize each step of the process without any lost efficiency.
Moreover, by digitizing documentation and reducing paper waste, companies can approach their business in a more sustainable way, contributing also through the reduction of frictional mobility to CO2 savings. This can be functional to a potential increase in the ESG rating, both for the reduced environmental impact and the implementation of a transparent and user-friendly solution that also brings benefits at the social and governance level.
3. Ensuring compliance
Digital onboarding means you can continually leverage compliance processes that effectively check and onboard new customers according to the most recent regulations.
4. Enhancing engagement and customer experience
Today’s users are increasingly demanding and looking for easy-to-use and efficient solutions. Digital onboarding enables companies to improve consumer engagement and establish a more profitable working relationship.