Approve new customers and suppliers in a fraction of the time.
Tips & Tricks series to automating your customer onboarding processes
After establishing a credible and tested customer sign-up process, the next workflow process to assess is your credit checking method. It is important to evaluate and calculate the current time that you and your team are spending conducting thorough credit checks on new customers and suppliers. A delay to a customer’s onboarding process due to a late risk check impacts the user's experience and potentially jeopardises existing revenues creating tension between sales and compliance.
There are many challenges which face the individual being onboarded and the company conducting the credit check which are outlined below.
With the rise of Fintech and Regtech businesses emerging with new creative analytics and data, companies can now gain an even deeper understanding of the data and systems that they are working with. Regulation is a vital part of the onboarding process which creates the need for companies to respond to credit risk with a more efficient and smarter process. Automation and digital risk management are top trends which are encouraging and driving companies to focus on efficiency within their business. Embracing this credit evolution benefits the organisation and the customer by creating a seamless customer journey.
20 – 30% reduction in operating costs by improving the efficiency and effectiveness of current risk-management processes
Download the full eBook now to learn how you can streamline your credit decisioning process.