Composite AI for Frictionless Digital customer on-boarding
Digital onboarding has gained massive uptake in the banking and
financial sector, with over 31%
of new accounts opened through a bank website or mobile app as of 2020.
To keep up with this shift in customer behavior a vast majority of banks
simply cloned their rigid physical onboarding process/forms onto their
digital channels. This has resulted in sub-par customer experience, with
approximately 40% of applications getting abandoned midway.
How can banks improve the conversion rates of digital
onboarding?
Banks can reduce onboarding dropouts by creating intuitive dynamic
onboarding journeys with composite AI to remove friction e.g. Selfie and
face match for automated verification with computer vision-based data
extraction from Digital IDs across languages.
Clear guidance can be provided with a digital human or chatbot to help
the customers clarify doubts and handhold the customer in the onboarding
journey. Additionally, co-browsing and human agent interfaces can help
handle the exceptions in real time.
The key benchmark is that Onboarding time should be less than 3 minutes
for ~20-30% reduction in the onboarding dropout rate.
DYNAMIC eKYC WITH PROGRESSIVE PROFILING
The BankBuddy digital onboarding platform offers dynamic KYC with
progressive profiling, enabling banks to define the KYC levels and have
flexible remote onboarding journeys. As a result, banks can tremendously
increase the conversion rates and avoid onboarding dropout by showing
applicable products or services with customized eKYC based on customer
segment, product category, and customer status.
Customer segment-based onboarding journey
With the BankBuddy onboarding platform banks can leverage pre-built
onboarding journeys or create new onboarding journeys to meet the
specific requirements of different customer segments - like Diaspora,
Resident /Non-Resident, etc.
Banks can decide on the eKYC levels according to the available
documents, internal and external verification required from each
segment, for different products and services,
Customer status-based onboarding journeys
Offer flexible onboarding journeys based on Customer status like PEP,
existing or new to bank customers, etc. Banks can set product or
service-wise transaction limits for each status, breaking down the
onboarding process into various stages. This enables customers to
partially complete the onboarding process and access the benefits of the
product/ service based on their KYC level.
Product-based onboarding journeys
When it comes to customer onboarding “one size does not fit all”.
Bankbuddy digital onboarding platform enables the Banks & financial
institutions to offer tailored onboarding flows for specific products
based the compliance requirements e.g. wallets, current accounts,
savings accounts, and so on. For example, a new customer can start
enjoying wallet services with ‘lite KYC’ and complete ‘full KYC’ later
on to increase the transaction limits. This ensures high conversion
rates while offering flexibility to the customers as per their
requirements.
COMPREHENSIVE ONBOARDING
BankBuddy composite AI platform enables banks to offer a comprehensive
onboarding experience. It brings together intelligent technologies
including OCR, computer vision, ASR, and machine learning models along
with ecosystem API integrations for hassle-free customer registration,
document upload, and verification.
Today, the average time for a retail customer to open an account
in-branch is 2 days, while for corporate clients this can extend
anywhere between 26-32 days. With Bankbuddy’s onboarding platform, the
entire process occurs in a single frictionless flow, helping customers
to complete the process in minutes.
Individual onboarding
Banks can complete retail customer onboarding on the BankBuddy platform
in less than three minutes without the need for manual documentation or
branch visits for KYC. It can be easily integrated with third parties
including government agencies and databases for real-time customer
verification like- identity checks, credit score, Visa checks, PEP
checks, fraud checks, tax status, and geolocation along with device,
email, and address verification.
Corporate/SME onboarding
“Corporate clients are contacted eight times on an average during the
onboarding process.”
Customer authentication, UBO verification checks, and AML screening are
some of the most critical and time-consuming parts while onboarding
corporate customers. With AI-led pre-built onboarding journeys on the
BankBuddy platform, banks can ensure compliance and swiftly complete
multiple validations. This includes- Company registry check,
registration verification, tax status, and bank account details, Fraud &
AML checks with OFAC Interdict, Cifas national fraud database check,
company financials/ratings & data collection including date of
incorporation, registration number, shareholder information, address and
more.
Read more about how Composite AI combines different realms of AI to
create a personalised customer journeys https://bankbuddy.ai/definitive-guide-to-composite-AI-in-banking