How do you build a Frictionless Digital Onboarding Process?

There are many ways to reduce friction in your Digital Onboarding process. Harnessing data from external systems and eliminating silos are a few of them. Integrating location services and PayPal and Google Pay into your systems is another way to reduce friction. Reducing the number of steps in the process can increase customer retention. But there are other ways to create friction-free onboarding processes as well.

To make the onboarding process seamless for your customers, you must invest in training your customers. Self-training is not sufficient to establish a solid knowledge base. During onboarding, allocate free training hours for new customers. Make sure new customers know where to contact you with any questions or issues. If possible, provide a ticketing system for customer support. Moreover, make sure you provide a variety of contact methods, including email, phone, and live chat.

Table of Contents

Self-service

A frictionless digital onboarding experience is important to the customer experience. A smooth journey is important for retaining and converting customers, and frictionless self-service functionality makes the process quick and seamless for the customer. Frictionless self-service also helps improve the customer experience by promoting personalized interactions. Customers are more likely to stay with a company that offers frictionless self-service functionality than those that do not.

Customer onboarding experiences must be easy, frictionless, and secure to be compelling. Friction leads to customers abandoning the process.

Mobile optimization

There are numerous factors to consider when creating a mobile-optimized customer onboarding experience. Page speed, responsiveness across platforms, and compressing images and videos are all important considerations. Converting mobile users requires an intuitive experience that is free of friction. In fact, friction is the number one reason why mobile users abandon digital onboarding experiences. Here are three tips to ensure that your mobile onboarding process is as friction-free as possible:

First, understand your customers’ devices. Then, use mobile to enhance the customer experience across all channels. You must also resolve comprehensive identity resolution. This means identifying the customer’s identity and how they use multiple devices and platforms. Second, know your customers.

Identity verification solutions

For financial institutions, ensuring seamless, frictionless onboarding of new users and clients is an essential element in promoting lifetime loyalty. While fraud protection is always a top priority, frictionless digital onboarding requires the ability to identify and authenticate customers in an efficient way. With the increasing popularity of mobile banking, companies must look for identity verification solutions that can help them meet these objectives. Luckily, there are solutions available that can help them achieve that goal.

While it is possible to provide a friction-free digital user onboarding experience, businesses have to take into consideration the unique needs of their respective customers and business goals. Moreover, many businesses are aiming to expand globally while reducing friction.

Compliance with Know Your Customer (KYC) requirements

Complying with KYC requirements in digital onboarding is critical for many reasons. The process of verifying customer identity is essential to preventing money laundering and terrorism financing. It can help protect businesses from identity fraud and other financial crimes, but it must be continuous and seamless throughout the customer relationship. For companies to be successful in the digital age, KYC is an essential part of their overall customer-onboarding strategy.

KYC requires that banks verify a customer’s identity and verify their background data sources. This process is conducted during onboarding to financial services. KYC requires banks to know the customer for their lifetime of the service, which may include monitoring of circumstances and ownership. If KYC is not implemented correctly, financial institutions risk exposing themselves to the risk of money laundering and terrorist financing. KYC ensures that banks and other companies are able to identify potential threats and safeguard customers.