From passwords to Proof of Life: digital onboarding & safety explained
Jun 09, 2022 17:42
Among the necessities that surface within the digital era, enhancing the customer’s experience has become a focus for several companies. With a highly competitive market, businesses like financial institutions now look to provide accessible platforms for every client. They do so with a series of verification processes that include proof of life, both facial and fingerprint biometrics, digital security is key. Digital onboarding comes along when searching for inclusive and reliable interactions all while protecting the user’s digital identity.
What is digital onboarding?
Overall, digital onboarding refers to a process that centers around acquiring new customers through registration and verification mechanisms. This allows businesses to validate a person’s identity by relying on actions like voice banking or providing proof of life.
The need for verification becomes essential when accessing services like insurance or transactions. So, whether it’s for welcoming clients to a company or subscribing them to a service, digital onboarding focuses on safety.
Why is digital onboarding better than on-site onboarding?
More traditional approaches required customers or potential clients to visit the company’s office to submit their data and identity documents. Through a full-online process, digital onboarding allows users to complete both registration and verification any day at any time.
Not only is this convenient, private and safe, but it also gives customers the opportunity of fully remote options. This demand became especially substantial as the pandemic required different precautions regarding social interactions.
Other benefits of digital onboarding include:
● Better customer experiences.
●Approachable, simple and flexible platforms for users.
●A switch from paper to digitalization.
●Less lengthy registration and authentication processes.
What types of companies can switch to digital onboarding?
As the benefits of digital onboarding are plenty for clients as well as for businesses, companies using it have included:
● Financial institutions.
●Retail and commercial banks.
● Insurance and investment companies.
Notably, these types of sectors have relied on its services. However, potentially any type of public or private company can switch to digital onboarding.
This is not only possible but also necessary as digitalization has become a key requirement for many industries. By betting on digital onboarding, any type of business can build a safe, reliable and approachable journey with its clients.
Is data safe with digital onboarding?
Fraud prevention and identity theft are some common concerns when it comes to online interactions and submissions. As mentioned before, digital onboarding represents a simpler, faster and more customer-friendly method, and online safety is no exception.
Contrary to other methods, the client doesn’t need to provide data and information face to face or via mail. Backed up by layers of security and verification tools, digital onboarding is trustworthy for both the customer and their data.
How does digital onboarding ensure digital security?
Previously, common requirements involved providing input like passwords or Personal Identification Numbers (PINs).
As online interactions grew, so did the need to ensure safety and improve user experience. To protect people’s digital identity, different layers of security are established. This is achieved by using different means of technology and a wider range of verification tools.
Authentication systems now may include:
●Challenge questions regarding the client’s specific information and knowledge.
●Proof of life, which enables and ensures the beneficiary to access funds like pensions or inheritances.
●Biometric identity such as fingerprints and facials biometrics, retina scanning, voice banking and speech pattern.
●A unique identifier (UID) which can either be a passport, social security or driver’s license number.
●Location-based authentication that employs technologies like Global Positioning System (GPS) or Internet Protocol Address (IP Address).
Different criteria and verification mechanisms are required for online transactions depending on what the business is looking to provide.
Whether it’s to transfer money or acquire financial services, authentication is the step to a safer, easier, and faster process. For companies all over the world, the shift to a digital approach and strategy is possible with digital onboarding.
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