Waiting for hours in a queue, running from one cubicle to the next, submitting the carefully filled forms, only to be pointed out by a serious face of some silly mistake, or a document we forgot to bring – We’ve all experienced it, probably a few years ago, while opening a new bank account or updating KYC documents. On the other hand, bankers have faced the challenges of manually verifying every letter in the form, worrying if they may have missed something crucial, and consequently facing a grumpy customer who refuses to pay another visit, or submit another form or identity proof. Banks had to ensure security without making customers fill out cumbersome paperwork and pay too many visits. If the customers feel they are made to revisit the bank for procedures, they may choose other digitalized banks!
Thanks to technology, situations have changed now. Many onboarding problems get resolved by digital document verification and agile onboarding solutions. However, occasionally, when there’s a glitch, customers feel more stuck and are dissatisfied. Banks, too, occasionally have to deal with a few customers who have trouble providing information digitally or some others who try to cheat with false documents. Banks and their customers need a hassle-free and seamless onboarding experience.
This problem is not just in the banking sector. It is of any business that onboards customers. Digitizing forms and documents doesn’t completely automate the process of customer onboarding. It does make the process a bit faster, but not very efficient. Without stringent checks, digitalization might even create new security vulnerabilities. Moreover, it doesn’t help when customers face issues or businesses want to authenticate documents. Biometric-based Identity Management software comes to our rescue. It securely connects with onboarding platforms, authentication mechanisms, and databases to provide a seamless experience for both customers and staff.
Differences between Digital Documentation Software and Biometric-based Identity Management Software
If you’re looking for more secure and easy ways of onboarding customers or reliable ways of authenticating, then it is time to consider onboarding automation with biometric-based identity management solutions.
How does Identity Management Software empower your Organization?
Identity Management Software provides centralized management of user identities. It creates digital identities of customers at the time of onboarding and provides access to systems, applications, and data based on the customer profile.
Here’s how it delivers value:
Ensuring uniqueness: The uniqueness of an individual is the key value proposition offered by biometrics-based IDM solutions. It allows mapping several accounts of the individual to a unique digital customer identity.
Improved User Experience: It sets up simple, personalized, and secure authentication services, providing a better onboarding experience for both customers and employees.
Enhanced Security: It makes document and background verification more secure by connecting with reliable data sources, thus saving time and reducing the risk of providing access to unauthorized persons or customers with suspicious behavior.
Operational Efficiency: Allows confident operations and minimizes human error, leading to faster onboarding/offboarding and lower support costs.
How can you improve customer onboarding with intelligent software solutions?
Biometric-based Identity management software plays a crucial role in customer onboarding by ensuring secure, seamless, and compliant access to digital services. Here’s how it’s used:
- Identity Verification: During onboarding, the software integrates with verification tools (e.g., biometric quality checks, document scanning & OCR, data validations & KYC services) to confirm a customer’s identity securely and automatically.
- Account Creation and Registration: It enables customers to create accounts through streamlined workflows that collect and validate essential information, integrating with social logins or government-issued IDs.
- Consent and Privacy Management: Identity management tools help capture and manage user consent for data usage (e.g., GDPR compliance), allowing customers to control their privacy settings.
- Fraud Prevention: Real-time risk assessments, liveness checks, and behavioural analytics can flag suspicious activity during onboarding, helping detect and block potential fraud.
From saving time to ensuring security, both customers and employees benefit from identity management software. This is a direct effect. However, a deeper look from a higher perspective reveals many more advantages. The hyper-connected digital business ecosystem battling both technology disruptions and newer forms of security threats seeks holistic answers to its problems. Banks seek a fine balance between easing the process of onboarding and ensuring security.
The answers lie in purposeful software solutions that seamlessly connect with other systems and continuously adapt to changing needs. TrueID builds solutions that make identity management faster, frictionless, and fraud-free. They are well-suited to businesses in search of easier and secure ways of onboarding customers.
As cyber threats evolve, TrueID’s Customer Onboarding Services provide security to both businesses and their customers. Our commitment to simple UX and purposeful design makes our solutions easy and reliable. Seamlessly integrating with existing systems, our solution prevents fraud, unauthorized access, and data breaches while ensuring a frictionless user experience for businesses of all sizes. Want to know more about Identity management use cases? Please visit our website.
