Digital customer onboarding process by Celusion Technologies
Let us take a look at the benefits of Digital Customer Onboarding -
The Digital onboarding process is the most important factor in increasing the lead conversion rate. The speed and convenience of the process assist in faster conversions.
The end-user is delighted by the digital experience as it is quick, efficient. Convenient and can be done from anywhere at any time.
All regulatory compliances are built into the system and strictly adhered to.
The digital customer onboarding process reduces costs drastically as it saves time and manpower.
Celusion Technologies has introduced a few digital platforms that can help businesses digitally onboard customers. They include
Unified Account Opening Platform
Digital Lending Platform
Sales Force Automation
Each of these platforms helps in faster onboarding of customers. Let us try and understand the features of these platforms and how they assist in the faster onboarding of customers.
Unified Account Opening Platform
The Unified Account Opening Platform is a unique, comprehensive product that has a single digital platform to handle customers of different products. Be it a bank account, demat, trading, loan or insurance account, the same platform and the same smart form can be used to complete the account opening process. The entire process from start to finish takes only 15 minutes. The customer simply has to select the product and upload the identification documents and bank details. The Platform uses OCR to fill the form and runs background verification to confirm the identity of the customer. Penny Drop is used for verifying the bank details. Once the checking is complete, the account opening charges are debited from the bank account and the account is ready for operation. This platform for digital customer onboarding was appreciated and Celusion Technologies was among the top 10 finalists in the global category at the MAS Fintech Awards.
Regulatory requirements mandate that the identification of the customer needs to be verified before an account is opened. In January 2020, the Reserve bank of India allowed Video KYC as an option to complete the KYC process. This was soon followed by a similar directive from IRDAI to the Insurance Companies. There has been a tremendous improvement in the rate of customer acquisitions after banks/ lenders/ insurance companies switched to the Video KYC option.
The Video KYC platform designed by Celusion Technologies allows regulated entities to complete the KYC process over a live video call with the customer. The customer has to upload the identification document on the video call. The Platform checks the authenticity of the document. Name matching ensures that the name on the document matches the name of the customer. The platform uses AI to do Face matching of the customer with the photo on the document. The questions are in random sequence to establish the liveliness of the customer. A live frame capture of the customer is done and the offline verification of Aadhaar with XML file generated not older than 3 days is also completed. Geotagging confirms the presence of the customer in India. The best part is that the entire process is over in minutes and completes the digital customer onboarding process. The customer has the flexibility to do this at his/ her convenience from any place at any time and that is a big bonus. Data suggests that banks who have switched to Video KYC for the Know your customer process have seen a significant spike in customer acquisitions.
It has never been easy to get a loan. There is too much paperwork involved and too many details to be provided multiple times. It also takes a very long time for the lender to verify the information provided and go through multiple stages of approvals before the loan is sanctioned. This leaves a lot of people underserved as the process scares them off. The smartphone and the accompanying digital revolution has unleashed a wave of change. Today, anyone with a smartphone can access loan portals for their own personal/business needs and obtain a loan with minimum pain and maximum ease. The Digital Lending platform designed by Celusion Technologies allows the customer to select the loan product, fill in minimum details and upload the identification document along with proof of income and bank details. Once the details on the documents are verified, the platform uses decision algorithms to arrive at the loan amount, the rate of interest possible etc. In case any details are incorrect or missing, the platform raises a query through email. The bank details are verified through a penny drop. On approval, the loan processing charges get debited and the loan is credited in due course. This is a seamless way of managing the loan lifecycle from start to finish and involves zero paperwork and minimal human interaction. It replaces human bias with decision algorithms which makes the process faster and error-free. Today anyone can access a loan if you have a smartphone and the underserved parts of the population finally have something to smile about. This is the beauty of the digital customer onboarding process that it cuts away the fluff and gets to the core of the matter.
Sales Force Automation
Did you know that sales personnel spend only 35 % of their time in actual selling or customer onboarding and spend the rest of the time on administrative and routine tasks? To eliminate this gross waste of time and precious resources, Celusion Technologies has designed a Sales Force Automation system that manages the leads and handles all the administrative and routine work related to sales. It keeps the system up to date with all information related to the customer, sets reminders to follow leads, helps sales teams to set targets, monitors performance and generally lets the sales team focus on their core task of selling. Conversion of leads into actual customer onboarding is the only real responsibility of the sales team and the Sales Force Automation software helps them to achieve just that. Sales Force Automation becomes a useful tool in the Digital Customer onboarding process and helps teams to achieve sales goals, faster and more efficiently than ever before.
In conclusion, we can safely say that the digital onboarding of customers has ensured that financial services are finally reaching the underserved segments of the population. Today, anyone with access to a smartphone is a potential customer. It has opened the gates for share brokers, banks, NBFCs, MSMEs and insurance companies to reach out and expand their customer base by making it easier for their customers to access their services. Remote digital customer onboarding is a convenient way for enterprises to reach the remote, rural locations that normally fall off the radar and remain underserved.
If you wish to know more about the digital customer onboarding platforms designed by Celusion Technologies, please visit www.celusion.com and we will be happy to assist you.
302-A, Dosti Pinnacle, Road No. 22, Wagle Industrial Estate, Thane (W) Thane - 400604
Building enterprises of the future.
We build technology that create new value in customer experiences and core operations for the Banking and Financial Services industry.
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