{"id":2284,"date":"2022-05-05T15:01:12","date_gmt":"2022-05-05T13:01:12","guid":{"rendered":"https:\/\/ondatolive.wpenginepowered.com\/?p=2284"},"modified":"2025-12-01T12:13:40","modified_gmt":"2025-12-01T09:13:40","slug":"how-ondato-accelerates-customer-onboarding","status":"publish","type":"post","link":"https:\/\/ondato.com\/pl\/blog\/how-ondato-accelerates-customer-onboarding\/","title":{"rendered":"How Ondato Accelerates Customer Onboarding"},"content":{"rendered":"\n

Before the pandemic started in 2020, many financial institutions were hesitant to step into the uncharted territory of digital onboarding. Some thought they would only be ready for digital transformation in 7 years’ time. But as lockdowns closed 22,500 physical banking and credit institution branches worldwide, organizations quickly had to implement digital identity verification methods. The crisis has sparked a rapid digitalization, which didn’t come without challenges.<\/p>\n\n\n\n

Even though client trust in digital services has increased, their satisfaction remains low. Providers are still coming up short in a crucial part of their customer journey \u2013 onboarding. The frustrating signup process often leads to application abandonment, which in 2019 alone resulted in a $3.3 trillion loss<\/a> for the global commercial and business banking market. To prevent financial loss, organizations trust the onboarding process to RegTech tools like Ondato. Let’s discuss how Ondato can help accelerate onboarding and not lose clients.<\/p>\n\n\n\n

Efficient Customer Experience<\/h2>\n\n\n\n

According to the Digital Banking Report, the account abandonment rates correlate with the duration of the process. Apparently, the more time a client spends on the application, the higher the chances that they will quit the process. The abandonment rate increases by 40% if the process takes more than 10 minutes.<\/p>\n\n\n\n

Companies should carefully consider the duration and complexity of their onboarding process. It’s important to understand that creating a streamlined and frictionless experience that aligns with strict KYC<\/a> regulations is key to high success rates. The best way to do it is by making the user flow as short as possible.<\/p>\n\n\n\n

Ondato’s identity verification tools<\/a> are based on carefully researched and well-crafted user flows. While they depend on the regional compliance requirements, most flows require only a few steps, such as:<\/p>\n\n\n\n

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  1. The customer takes a selfie.<\/li>\n\n\n\n
  2. The customer captures a photo of their ID or passport.<\/li>\n\n\n\n
  3. The process is wrapped up after the customer signs the agreement documents.<\/li>\n<\/ol>\n\n\n\n

    How to Onboard Customers in Less than 90 Seconds?<\/h2>\n\n\n\n
    \"KYC<\/figure>\n\n\n\n

    Speed can make or break the onboarding process. To ensure fast service, you can enable OCR technology to capture the client’s details automatically, and they won’t have to manually fill in their name, birth date, and other information. <\/p>\n\n\n\n

    Additionally, implementing electronic signatures to sign documents without printing or downloading them will greatly improve customer experience and make the process faster. <\/p>\n\n\n\n

    The most important accelerator of KYC processes works in the background. As soon as the client provides their ID, their identity is automatically checked in various registries to prevent spoofing attempts, authenticate their identity, and evaluate a person’s risk score. <\/p>\n\n\n\n

    It’s important to think of small details that could derail the onboarding and implement solutions ahead of time. If a client starts a process in a device that doesn’t support camera function, implementing omnichannel technology can help quickly migrate the process to another device – without losing the progress. <\/p>\n\n\n\n

    These technologies and functions allow Ondato clients, such as banks and other financial institutions, to onboard new clients in less than 90 seconds. In comparison, traditional banks take around 18 minutes to onboard clients digitally. <\/p>\n\n\n\n

    „Our focus is to provide a smooth and pleasing user experience so our users can perform their everyday tasks more efficiently,” says Ondato UX designer Tomas Gecevi\u010dius. <\/p>\n\n\n\n

    Customizable KYC Procedure<\/h2>\n\n\n\n

    KYC may feel like solving a puzzle \u2013 you have to get all the pieces right. If the process is cumbersome and slow, you’ll lose clients right at the onboarding stage. If you miss something, you may be susceptible to hefty fines. <\/p>\n\n\n\n

    A centralized solution can simplify the KYC process by allowing you to build an effective KYC strategy based on local and international requirements. <\/p>\n\n\n\n

    You can customize the Ondato OS with these modules to check a customer’s background: <\/p>\n\n\n\n