In recent times, financial institutions have moved many of their customers to different digital platforms. The pandemic was the reason for the increased demand for remote and convenient online services. Many people are pushed to opt for using digital banking and contactless payment methods due to restrictions and lockdowns.
Amid the market disruptions due to the pandemic, banks must increase their efforts in digital onboarding to provide seamless payments to their customers as more people use non-cash payment options like a cryptocurrency digital wallet and tap-to-go credit card.
Digital onboarding is the process of adding new consumer and customer to the system, which gives them easy access to the services, facilities, and other benefits in a bank or other financial institutions. Digital onboarding invovles traditional onboarding but is simple and secure with the help of the internet and technology.
It can eliminate tedious tasks such as over-the-counter payment requests and submitting documents. Enhance technology can make it possible to have digital onboarding with such ease and time-savings. eKYC, is a trend technology that allows organizations to verify customers’ identities and create financial profiles remotely.
Digital signature API and biometric authentication are some examples of cutting-edge technologies that banks can use to speed up the digital onboarding process. Biometric passports and driver’s licenses have gained popularity nowadays. You can compare your ID picture using a fingerprint scan or biometric scan. Banks can also create customer data for online identity verification using biometric technology.
Customers expect to be able to communicate with their banks safely in online platforms in a frictionless manner. Financial institutions must have the digital capabilities to provide a positive customer experience with modern technology and tools.
For more information about digital onboarding in banking institutions, you may check Login ID which provides secure and private authentication for the future.