Starting with a new employer can be a frightening prospect. Many people around the world have found themselves left to sink or swim when starting a new job. This can be through not being given appropriate training and onboarding when starting a new role. Equally, you can find yourself bombarded with overwhelming amounts of information leading you to feel lost in the early stages of your new job.
Whether this is down to the need for someone to start quickly or that the employer needs to get to full productivity as soon as possible, it can make a new chapter difficult to start. It is important to strike the right balance with onboarding and this is most likely to happen through digital onboarding.
What is Digital Onboarding?
The Digital Onboarding process is the manner in which organizations and companies incorporate their customers and users in a fast, simple, secure, and guaranteed way. The user-organization relationship is presented as a key moment for two fundamental aspects: the security of the company to acquire as a client, a legitimate user, and the final decision of the potential client to become a client.
Onboarding is the process of acquiring or subscribing to new users and ensuring that they have access to all the services and products that a company can offer. It is the official beginning of a direct relationship with an individual as a registered user and official client. This is a crucial step in which it will be decided whether potential clients become a part of the organization.
The concept of onboarding is well known throughout human resources and talent management. It is used widely in any field that requires an organization to incorporate a person into its structure as a client, employee, or user. To make the process quicker and easier, it can now be completed completely online and remotely from any device using a camera.
Identification and Digital Onboarding
Digital identification is completely transforming Digital Onboarding in the financial sector. Banks and financial institutions have finally understood the needs of today’s customers. They have renovated their processes to offer an experience to their users that is comfortable and accessible. Not only this but using the Digital Onboarding process they have reduced costs and optimized performances.
Why is it helping businesses?
Companies in the competitive financial sector have benefitted from this new technology and legislative framework. Firstly, the technology is easy to use by the user and makes the tedious and complex process, a simple and fluid one. Video Identification allows for real-time verification which eliminates huge waiting delays.
Companies that have used this technology have seen their customer acquisition rise exponentially and have increased their conversion rates. This is because not only is the process quicker and easier, but the technology also protects customers against fraud. It operates to the strictest video identification security standards.
How does it work?
For online businesses, the digital onboarding process uses the platform that your company has developed or chosen from a list of contenders. The platform is used for compliance and for converting potential customers into paying customers which will form your customer base.
For many online businesses, email and credit cards and PayPal has long been sufficient for onboarding purposes. However, it has proven to be insecure with fraud cases quite high and still being reported. This has resulted in the new digital onboarding processes talked about here.
However, it is important to remember that this is more than just a security check. It is the beginning of establishing a relationship with a new customer. It is important to get this stage right as it forms the first opinion of your company and can make or break the decision for the customer as to whether they will stay on with your company.
Despite the added security that the digital onboarding process offers, a major issue in the industry is that customers still abandon the process. This is usually due to the poorly designed digital onboarding platforms that are widely used. They are often categorized as too difficult to use or too time-consuming to complete the forms.
It has been cataloged that the longer time it takes and the more difficult the process, the fewer customers that will complete the form. The solution for your company is to use simple and well-thought-out processes for your company’s digital onboarding processes.
Currently, making processes and due diligence easier for your customers and clients is essential. Utilizing the most up-to-date and efficient system can severely impact your potential customer to a dedicated client conversion rate.