The onboarding process is the customer’s first impression of the bank. Processes associated with onboarding are heavily driven by banks’ policies and risk and regulatory compliances for Know-Your-Customer (KYC) requirements. Streamlined onboarding enhances customer relationships with the bank and gives the banks an edge over its competitors.

Banks across the region are now rapidly adopting digital authentication for account origination and onboarding. The case for digital onboarding is now stronger than ever as consumers move towards a pandemic-led increased adoption of digital channels for their daily banking transactions. The COVID-19 pandemic has upended the way banks offer their services to new customers.

Saddled with cumbersome and tedious onboarding processes which are often time -consuming and error-prone, consumers expect their banks to simplify this process and provide a seamless experience which will lead to increased customer retention & engagement and also a surge in new account enrolment and openings.

Changing customer expectations and user experiences provided by other techfins also makes it is imperative for banks to adopt modern technologies such as eKYC, biometrics, AML screening, and facial authentication to satisfy customers’ demand for an all-digital experience.