Why is Customer Onboarding needed?
Customer Onboarding or client onboarding is a crucial step of the customer journey encompassing the entire customer lifecycle, including user onboarding. It is dedicated to guiding customers through every stage of the customer onboarding journey using marketing efforts, customer engagement strategies, customer onboarding software, onboarding content, and more. Essentially, the main goal of this customer onboarding process is to help users find value in the product and bring value to the product to make sure customer churn is avoided, and customer retention is achieved regularly.
The customer onboarding process is probably the most important stage of the customer lifecycle. While it comes right at the start of their journey, it sets the tone for their whole relationship with your product and company.
Customer onboarding is the process that new users go through to get set up and start using your product. It covers the whole journey: from initial sign-up to product activation and first use. Customer onboarding aims to deliver value to your customer as early as possible — in their first use
Customer onboarding is so important because it sets the tone for the ongoing relationship your customer has with your product.
A good onboarding process will keep your customers engaged. Helping them clearly understand and experience the value they’ll get from your product will mean they start using it successfully, but more importantly, it’ll give them a reason to log back in and use your product again and again.
Customer Onboarding Process Flow
How Customer Onboarding works?
COB Benefits
- Onboard customers digitally online over web and mobile within minutes.
- Ability to configure the process as per the product and regulatory compliances.
- Keep the process simple for an average users to complete it without any support.
- Provide self service tools to reduce operational overheads of a back-office/call center team.
- Provide strong security to safeguard user identity from internal and external teams.
- Address drop-outs by nudging users to complete the journey.
- Fully Digital.
- Frictionless end to end (no manual step).
- Reduce abandonment rates.
- Process Flow should be very simple to understand and execute in Self Service mode.
- Access to FAQ for account opening (for each product).
- Show video of the process flow to showcase the entire journey.
- Ability to use from mobile, desktop, WhatsApp chatbot, other channels.
- API first design.
- Initiate, Pause and continue Account Opening journey seamlessly.
Why Video KYC?
KYC is generally part of financial regulatory process for any Financial Institution (FI) to identify and verify the client’s identity when opening an account and periodically over time (reKYC). In other words, FIs must make sure that their clients are genuinely who they claim to be.
Video-based KYC provides the means to FIs to perform KYC remotely from anywhere via a video call. The verifier authenticates the person on the video call, the ID and Address documents presented, does a liveliness check along with establishing the precise location of the person.
VideoKYC is needed for several reasons, including compliance with regulations, increased security and fraud prevention, execution at scale for a very large customer base and enhanced customer experience.
THOR-VideoKYC Overview
THOR-VideoKYC is a solution built on the THOR platform which provides facility for customer to join a video conference room with an Agent and complete the KYC. This is a full stack hybrid cloud native solution where the frontend is implemented in ReactJS, backend in serverless Python APIs, database is PostgreSQL and for Video conferencing we have used OpenVidu CE (Central media server framework) that is hosted on AWS. The KYC meeting scheduling and tracking workflows are implemented via Salesforce Service Cloud.
The implementation architecture:
THOR-VideoKYC Primary Features Include:
Agent side features:
- Daily Activity Calendar
- On assignment of VideoKYC meeting, accept/reject the meeting request
- Join the VideoKYC meeting and finish the KYC check
- During meeting, capture the screenshots of user and user’s documents
- During meeting, complete the checklist
- Post meeting, review and update KYC to either accept or reject it based on clarity of documents and images captured and matching it with available Customer details
Supervisor / Reviewer side features:
- Review Agent Appointment Calendar
- Transfer appointments from one agent to another or back to Queue
- Review the conducted VideoKYC details and mark as Closed
- Track Agent Productivity
- Review MIS
- Rich Tracking Dashboards
Customer side features:
- Register and Schedule the VideoKYC or do it on Demand
- Re-schedule or Cancel the VideoKYC request
- On receiving the meeting link, Join the VideoKYC meeting for KYC check
How VideoKYC Works?
Benefits of THOR-VideoKYC
THOR-VideoKYC is beneficial due to following main characteristics:
- Remote Verification: VideoKYC enables businesses to remotely verify the identity of their customers, eliminating the need for in-person verification. This provides convenience to customers and reduces operational costs for businesses.
- Compliance with Regulations: VideoKYC enables businesses to comply with these regulations by providing a remote and secure way to verify customer identities without the need for physical documentation.
- Enhanced Security: VideoKYC provides a secure way to verify customer identities, reducing the risk of fraud and identity theft. It enables businesses to verify the authenticity of the customer’s identity documents and confirm that the person on the other end of the video call is the same person as shown in the documents.
- Improved Customer Experience: VideoKYC eliminates the need for customers to physically visit a branch or office to complete the KYC process. This provides a more convenient and efficient experience for customers, enabling them to complete the KYC process from the comfort of their own homes.
- Time and Cost Savings: VideoKYC is a cost-effective solution compared to traditional in-person KYC processes. It eliminates the need for businesses to invest in physical infrastructure and staff to handle the KYC process. Additionally, it saves time for both businesses and customers by enabling remote verification.
VideoKYC Use Cases
VideoKYC (Know Your Customer) has a wide range of use cases across various industries, including:
- Banking and Finance: Banks and financial institutions can use VideoKYC to onboard new customers remotely, verify their identities, and comply with regulatory requirements. VideoKYC can also be used for loan disbursements, account openings, and other financial transactions.
- Insurance: Insurance companies can use VideoKYC to verify the identities of new policyholders, process claims, and prevent fraud. VideoKYC can also be used for digital insurance policies, enabling customers to complete the entire process online.
- Healthcare: Healthcare providers can use VideoKYC to remotely verify the identities of patients, confirm insurance coverage, and process claims. VideoKYC can also be used for telemedicine appointments, providing a secure and convenient way for patients to consult with healthcare professionals.
- Real Estate: Real estate companies can use VideoKYC to remotely verify the identities of property buyers and sellers, process transactions, and comply with regulatory requirements. VideoKYC can also be used for virtual property tours, enabling customers to view properties remotely.
- Telecom: Telecom companies can use VideoKYC to onboard new customers, verify their identities, and comply with regulatory requirements. VideoKYC can also be used for SIM card replacements and other telecom transactions.
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With our extensive expertise in business process management and working with Fintechs, Banks, Broking Houses, Wealth Management and Financial Services, we possess the necessary skills to automate and enhance the efficiency of your core business processes.