5 Best Customer Onboarding Software Providers in 2022!!

Customer onboarding is important for financial services to have a positive and long-lasting effect on their customers. As process digitalization becomes more common, banks are using digital customer onboarding platforms to make their processes more efficient.

The digital signup process has four significant challenges, including a long & complex process, growing demand for digital-only banking, high customer abandonment rate, and frequent regulatory changes.

Several companies have come up with advanced onboarding software solutions that help solve problems and streamline processes.

This article describes the features of the top five client onboarding software for banks on the market.

What is Customer onboarding software?

Customer onboarding software is an application that enables banks to manage and utilize technology deployment and onboard their customers with advanced AI features to facilitate the customer journey and adaptation process.

Since these software solutions minimize the common pain points of the end users during signups, you are able to provide an exceptional customer experience.

Five Best Customer Onboarding Software for Banks

1. iStart

iStart is a global tech platform that provides all financial services with digital onboarding, KYC/AML, and identity verification solutions.

It is backed by AI and machine learning tools to facilitate paperless, digital account opening and user access in minutes.

The platform provides an AI-based facial recognition system and fraud detection technology to identify and authenticate users for regulatory compliance.

Features:

• RBI approved V-CIP process with a geo-tagging system
• e-stamping or e-franking and eSignature
• Penny drop verification system
• Remote onboarding with AI-facial recognition system and real-time liveness detection
• API integrations with Central Data Repositories (UIDAI, NSDL, CERSAI CKYC)
• Intelligent & digital KYC/AML checks with risk profiling
• Accelerated process via ICR/OCR data extraction with autofill e-forms and digital consent
• Built-in DMS and Business Intelligence tools

Benefits:

• Simple & fast customer onboarding
• Cost-effective solution
• Secure & compliant
• Contactless & paperless
• Easy integration with existing infrastructure

2. Tagit (Mobeix?)

Tagit (Mobeix?) enables banks to accelerate the customer onboarding journey by automating and streamlining the whole process.

It employs biometrics capabilities to collect accurate data, adheres to regulatory requirements, and maximize operational efficiency.

Features:

• Capture and extraction of data using OCR and Autofill
• AI-based identification verification utilizing holograms, edge detection, etc.
• Blacklist checks with verification of past underwriting and credit score
• Real-time user validation and detection of liveness
• Digital ID and Digital signature verification

Benefits:

• Reduced cost-to-serve
• Reduced customer lead time
• Accurate evidence validation
• increase in consumer acquisition

3. Softelligence

Softelligence is a digital onboarding firm that offers customized digital process automation services to provide omnichannel onboarding software solutions, such as facial recognition and OCR.

Features:

• ML-based face recognition system to assure customer verification
• ID-based document verification leveraging government databases
• Geotagging to ensure legal compliance
• Fraudulent profile filters to detect harmful actors and fake documents
• Real-time data extraction from IDs and fast verification

Benefits:

• Simple & quick customer onboarding
• Legally valid and compliant
• Paperless workflow
• Configurable workflow

4. AuthBridge

AuthBridge provides a video KYC solution to fully digitize customer onboarding journeys.

It provides liveness detection, OCR, and geotagging features, enhancing the speed, scale, and security of your customer signup process.

Features:

• Intelligent dashboards and insights to create a seamless experience
• Simple and quick omnichannel verification system
• Intelligent liveness and picture recognition built-in
• Document preparation, processing, and electronic signature software for cloud storage
• Real-time OCR data extraction and ID verification
• Adherence to both global encryption standards and GDPR requirements

Benefits:

• Advanced analytics and in-depth reports
• Safe and contactless
• Adaptable and compliant
• Easy integration with existing CRM

5. Jumio

The Jumio KYX Platform serves as the foundation for Jumio's identity proofing and eKYC solutions. It makes use of AI, biometrics, and cutting-edge technology to quickly and automatically confirm the digital identities of new users and current clients.

Features:

• Automated and hybrid solutions for government ID verification
• Biometric-based authentication to unlock user accounts
• Detects IP address or VPN usage to eliminate fraud
• Periodic transaction monitoring that improves compliance
• Adherence to both global encryption standards and GDPR requirements

Benefits:

• Automated and simple user interface
• Seamless cross-platform support
• Quick integration into website or mobile
• Secure data transmission and storage

Digital Customer Onboarding: A bottom-line for customer experience

The digital onboarding process has become of utmost importance for Bank and Financial Services to deliver quality & frictionless customer experience, and enhance conversion rates.

Customer onboarding software providers offer cost savings, increase productivity, remove barriers and response times, and enhance efficiency while improving customer relationships.