Oct 4, 2021
Digital onboarding and the digital acceleration of financial companies
The digitalisation process in financial sector companies have been accelerated in response to the global Covid-19 pandemic. As a consequence, most of the processes that required physical interaction, such as client onboarding or contract signing, have become completly online.
Client digital onboarding is the process of which new users subscribe to an organisation or company core. This process allows to verify users´data and identify it the same way as it would be done physically on site: comparing ID data to the person who is presenting the document. This process has been able to become 100% online thanks to technological advances that provide online processes completly safe for both, clients and companies.
In order to guide financial companies with their onboarding and client acquisition processes, Iván Nabalón, Electronic IDentification´s CEO, in collaboration with IDB have created together a report which highlights challenges and changes that these companies have been facing lately.
What is IDB? The Interamerican Development Bank: Supporting financial companies in times of crisis.
The importance of IDB (Interamerican development bank) in the american continent has allowed it to become the ideal contributor to the report “Digital Onboarding”
IDB is the institution that aims to improve quality of life in Latin-America and The Caribbean supporting companies through economic and technological support, as well as cooperating in investigation projects in which the goal is to boost economic and companies growth, especially in times of crisis.
It also does investigation projects aiming to economically help companies that have suffered the most consequences of the global pandemic, such as financial companies and banks.
Would you like to know more about IDB, its projects and mission? Download here the report of Electronic IDentification in cooperation with IDB
Digital Onboarding: Steps to achieve a successful financial digitalisation process.
Digital onboarding processes have not become completly online at the same pace as other services. This is due to the security steps that have to be taken in order to provide the same level of security in client identification processes as it used to be on site.
As well as talking about the challenge that is integrating safe identification in digital onboarding processes, the report talks about other challenges such as being AML compliant (Anti Money Laundering rules) as well as the technology that is available.
The implementation of client onboarding processes can be slow. This is why there are alternatives shown in this study, offering recomendations for a better and more efficient implementation.
The document created in collaboration with IDB talks about these and other challenges that financial companies may face when implementing onboarding and client acquisition processes. You can download the full document here.
Download now the full report in collaboration with IDB for free here and find out why your company needs digital identification technology in seconds.