Digital customer onboarding
We help organisations that need to understand their customers before serving them the ability to say yes more often with confidence.
We specialise in digital customer journey orchestration. It’s all about optimising the onboarding experience.
Convert more customers into borrowers, more efficiently, more responsibly, and with lower regulatory risk.
What is digital customer onboarding?
In today’s digital world, customers have come to expect fast, convenient and reliable digital journeys; the most common digital journey being the checkout process. It’s simple because everyone is largely required to share the same basic information.
A digital onboarding journey, on the other hand, is more complicated. It has to answer the question “Am I able to serve this customer?”. It seeks to understand who the applicant is and assess whether the product or service is right for them (and vice versa).
This means the onboarding process needs to acquire as much relevant information as possible to adequately determine the applicants suitability for the given service. A comprehensive onboarding process is critical when it involves complex products and services, where customer circumstances define their suitability.
Customer onboarding is especially important for businesses in the finance industry, which are particularly vulnerable to compliance, regulatory and fraud risk such as banks and other financial services, and lenders. These businesses need to verify their applicants’ identities by performing customer due diligence (CDD) assessments, following KYC and AML guidelines.
What challenges does onboarding present?
When it comes to customer journey orchestration, it is critical to optimise conversion. This involves removing all friction, anything that might slow down or get in the way of journey completion. However, onboarding journeys often aim to introduce friction, acting as a barrier that only lets certain applicants through.
Digital onboarding journeys must be able to deal with complexity and diversity among applicants. Oversimplifying leads to a poor understanding of their circumstances. However, complexity increases friction. So, the challenge for onboarding is to accept the complexities, adequately explore them, but always minimise the inevitable friction it creates.
Understanding Your Customers
Regulatory drivers accelerate the need for organisations to quickly understand each customer, digitally…
Multiple Regulators
FCA / OFCOM / OFWAT / Gambling Commission
Consistent Focus
Vulnerability / Affordability / Treating Customers Fairly
Accelerating Regulatory Change
Consumer Duty in FS / Consumer Credit Act Review / Vulnerability in Gambling /Cost of Living in Utilities
Increasing Oversight
QA and monitoring / Reporting / Customer Outcomes
What does good onboarding look like?
Good onboarding is flexible in terms of how it engages with the customer, in its questioning, decisioning and in its outcomes. Flexible in terms of how it can be adapted, and who adapts it.
It understands that every applicant is different and complex. It only asks relevant questions to get the right information required for each individual. It knows when digital interaction is appropriate, and when to get a real person involved. It is as long as it needs to be, but as short as it can be.
The paradigm must reverse. Hard coded journeys can’t prescribe what analytics has. Analytics have to drive dynamic onboarding journeys that execute what it needs. These processes must move from being controlled by IT to being controlled by executive teams. This was the motivation that lead to the formation of PrinSIX.
Let’s discuss how to best leverage digital onboarding for your business.
Book a call
Digital Onboarding Insights
PrinSIX articles
Horror Stories and Bad Debt: How can we tackle financial vulnerability?
The UK is a nation in debt Horror stories about payday lenders and tv programmes about high court enforcement litter the national media. Indeed, financial vulnerability is prevalent throughout British society, and it is easy to stumble across examples of ‘bad debt’...
Powering curiosity—the data to make decisions
Business intelligence calls for decision-driving data. How do you create an information system that keeps up with changing objectives?
Regulating for better outcomes – next steps in consumer credit
The FCA has published a speech on consumer credit focusing on consumer outcomes and needs, particularly for those in a vulnerable position.
Is KYC enough? Why lenders and service providers are failing to fully manage compliance risk.
Is KYC enough to assure regulatory compliance? Here is why most lenders and service providers are failing to fully manage compliance risk.
PrinSIX adds integrated digital signatures into its orchestrated onboarding workflows
PrinSIX has announced the integration of digital signatures with DocuSign, streamlining customer applications processing and onboarding.
How well are digital journeys protecting the financially vulnerable?
For financial services vulnerable customers are a key concern. PrinSIX software can improve onboarding to support the financially vulnerable
Digital Doesn’t Have to Mean Binary
The slow-pace of change by financial lenders from binary online customer applications workflows to iterative digital onboarding decisioning
Industry News
Digital platform PrinSIX partners with KCOM to open up access to the internet for hard to reach communities
PrinSIX is proud to announce our sponsorship of Credit Summit for the second year. Join us at Credit Summit 2022 for credit industry insights.
Regulating for better outcomes – next steps in consumer credit
The FCA has published a speech on consumer credit focusing on consumer outcomes and needs, particularly for those in a vulnerable position.
Payments And Lending Converge
Reinventing history or the wave of the future? This article considers the convergence of payments and lending and why banks need to act.
Please note: The insights provided in this section are commonly republished from third-party sources. Articles are the exclusive opinions of the authors. PrinSIX Technologies Ltd accepts no liability for their accuracy or for any consequential impacts of any actions resulting from the use of this information.
