Redefining customer onboarding with digital identity solutions
Welcome to another edition of Privy Presents, a newsletter specifically curated by the Privy team to discuss digital identity and other closely related topics, delivered to you every Wednesday.?
With rapid advancements in technology, customers now expect companies to offer a simplified and faster onboarding process. The pandemic accelerated the adoption of digital services, particularly in the financial sector. However, as digital adoption surged, onboarding processes have struggled to keep up, causing businesses to lose customers before they even complete their onboarding journey.?
The emergence of digital identity is revolutionizing onboarding processes by enhancing security, streamlining efficiency, and improving user experiences. This article explores how digital identity solutions are reshaping customer onboarding in today’s fast-paced digital landscape.?
Accelerating digital onboarding for customers?
Based on Visa’s whitepaper if the digital onboarding reaches 20 minutes in total, 70 percent of customers completely abandon their attempt to open an account. A slow and cumbersome onboarding process often results in significant customer losses.?
Digital identity offers a user-centric approach, minimizing friction during onboarding. With a single ID, users can conveniently sign up for services without repeatedly filling out lengthy forms. These solutions are mobile-friendly, enabling users to complete the process remotely, as long as they have an internet connection.??
Digital identity also tailors onboarding journeys to adapt the individual user needs, providing a personalized experience that enhances satisfaction and reduces drop-off rates.?
Saving onboarding cost?
Both customers and businesses invest significant time and resources in the onboarding process. From printing paperwork to traveling to physical branches, the costs for a single onboarding journey can add up to hundreds of dollars.?
Digital identity solutions automate many of these tasks and drastically reduce the need for human intervention and associated labor costs. The account opening times can also be reduced from days to just minutes. By having this kind of efficiency, companies will onboard more customers in less time and maximize productivity.?
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Digital onboarding technologies often include Optical Character Recognition (OCR), which extracts information from IDs and other uploaded documents. This will in turn reduce the likelihood of errors that often occur with manual data entry.?
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Enhancing trust to customers?
By implementing digital identity, enterprises will foster trust with their customers. When users feel confident that their personal information is secure and that they are interacting with legitimate entities, they are more likely to engage with services long-term. ?
This technology incorporates robust security layers to mitigate fraud by verifying user identities through advanced methods. This includes biometric authentication and liveness detection that help ensure only the legitimate users gain access to services. As online identity theft becomes more sophisticated, robust verification measures are essential for safeguarding both businesses and customers.?
Improved user experience?
Not only builds trust, but it also enhances the overall customer experience by making onboarding more convenient and user-friendly. Customers can complete the process remotely from anywhere and at any time. This accessibility may also broaden the potential customer base for businesses.??
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In conclusion, integrating digital identity technology offers countless opportunities to transform traditional onboarding processes. By making them more efficient, secure, and user-friendly, businesses can foster stronger relationships with their clients and drive long-term success.?
Thank you for reading and we’ll see you next Wednesday!?
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