Lack of structure and automation can make the onboarding process a long and clumsy experience for customers. As the first interaction customers have with a business, it can often set the tone for what they can expect moving forward into the relationship.
That’s why it’s so important for companies to seek new ways to optimise and streamline the process, and give customers the best possible experience.
The importance of implementing a thorough due diligence process cannot be underplayed; according to McKinsey, the average AML fines enforced by the FCA amount to over $400 million. However, that doesn’t mean that your KYC, KYB and AML processes have to feel corporate and clunky for the customer. Technology evolutions should enhance compliance standards for the business, and provide an enhanced onboarding experience for the customer.
According to Signicat, 40% of consumers have abandoned a bank application and one in three application abandonments are due to the application length.
Automating onboarding with the DueDil API
The DueDil API enables businesses to unlock their potential by enabling faster customer onboarding and lower abandonment rates, eradicating dirty data by ensuring all inputted data is consistent and accurate and speeds up the process with auto-populating forms during signup.
With the API, businesses can also transform the onboarding of suppliers, with automated data collection and approval of low risk suppliers. This empowers teams to approve suppliers at lightning-fast speed and focus their efforts on boosting productivity and growth.
Not only does automating KYC checks help to provide the customer with a better, faster and simpler experience, but it also helps to create real and tangible change, driving businesses forward to achieve their targets and grow their market share.
Download the full eBook now to learn how you can automate your customer onboarding process.