2 Beneficial Aspects of Digital On-Boarding for Banks & Financial Sector
It is of vital importance for banks to understand that the high valued customers, both in retail lending & corporate lending, also initiate with the low valued banking of account opening process. It provides immense value creation if an individual experiences full-fledged digital on-boarding through E-KYC experience within minutes without any documentation hassle.
The 2 main benefits of digital on-boarding for bankers are-
1. Integration for E-KYC validation- Modern banking doesn’t just exist in a shell of financial transactions, rather develop a banking & risk ecosystem to minimize fraudulent acts through effective risk rating platform & risk modelling system.
Multiple data sources, both internal & external such as historical data, external credit rating agencies & data intelligence detects synthetic identities in real time resulting in minimal fraudulent on boarding & effective credit assessment.
2. Regain customers with AI driven analytics- Behavioral analysis helps understanding customer’s on-boarding pattern at the time of E-KYC for generating actionable insights.
Evaluating the delayed time involved in the completion of on-boarding process or the later stage at which the customer abandoned the process helps in understanding the process loopholes with continual rectification.
Digital on-boarding processes should take concrete steps for continuous automation & process enhancement, paperless processing through E-KYC with reduced fraud detection primarily for the SME segment for seamless corporate digital lending journeys & digital LOS.
ORIGINATIONNEXT, a unified digital LOS platform, designed for digital lending journeys for both retail lending & corporate lending, delivers anything, anytime, anywhere service with automated yet simplified on-boarding process with reduces operational costs further resulting in instant gratification with effective robotic underwriting, risk modelling system & risk rating platform.
