A Typical Use Case
In all regulated markets and for high value transactions, customer onboarding is an important and necessary first step in the relationship.
Key Tasks
- Customer fact-find
- KYC and AML checks involving positively identifying the Customer’s identity
- The creation of documentation relating the products and services provided
- The signing and possible witnessing of the documentation compliant with eIDAS
It usually requires multiple interactions involving paperwork, meetings, telephone calls, identity validation, signatures, and archiving. Finally completed over a period of days or weeks.
The hidden cost of transactions
- Frustrations on all sides
- Many decision points with drop out opportunities
- Wasted time and effort
The Opportunity
- What is the current cost of onboarding a customer?
- What is your drop out or conversion rate?
- What is the lost opportunity cost?
Digital Transformation
- Create smart documents populating all the relevant forms at the same time from the fact find
- Share, discuss and amend these documents in a real-time virtual meeting
- Validate the customer identity, using automated comparison of official documents
- Sign the documents using an appropriate eSignature
- Laminate, share and archive the documents for future reference.
- A legally acceptable solution delivered within an hour from start to finish
The Benefits
- Faster completion
- Happier customers
- Fewer dropouts
- Greater transparency
- Less fraud
- Greater trust
- Save 90% of the current onboarding transaction costs.