Coronavirus has reshaped the entire world of business, as it’s forcing organizations to gear up their digitization process. A recent study published by Forrester has revealed the fact that digitization may become a crucial element to overcome the recession caused by the Coronavirus pandemic.
Remote client onboarding will be an inevitable part of any regulated organization that aims for improved customer experience, faster onboarding process and reduced compliance-related costs. However, for organizations to succeed in a post-Coronavirus world the balancing of digital onboarding with growing demand of regulators is highly critical.
Onboard Each New Client with a Digital ID Verification Tool and Achieve Regulatory Compliance:
Most of the organization these days are adopting digital onboarding and identity verification methodology to make their onboarding process a seamless experience.
According to a recent report published by EY, 41% of businesses in 45% of countries are investing in accelerating digitization as they have already started preparing for the Post- Coronavirus world.
According to a survey conducted by KPMG, over 90% of CIOs and COOs are planning to enhance their compliance process with digitization.
Recent research published by Deloitte reveals that 38% of customers leave the onboarding process in the middle due to the significant amount of paperwork and it being such a time-consuming process.
The conventional manual onboarding process is not a desirable option. Organizations need to come up with a digital onboarding process to ensure a positive user experience for the customers.
Strict Measures of AML Regulation:
Anti-Money-Laundering regulations in the US have become tighter these days.
The process of Know Your Customer has become a more complicated and time-consuming affair, especially when it’s handled manually. The truth is manual customer onboarding is not a good idea for benchmarking a satisfactory customer experience in today’s consumer-centric market.
Organizations that haven’t adopted digital customer onboarding methodology -either due to budget issues or lack of digital transformation strategy-need to put serious thought into meeting the demand of customers.
New-aged organizations must realize the fact that customers are no longer interested in waiting several days to have the verification process completed. They expect the identity verification and onboarding process to be completed in a matter of minutes. It’s high time for organizations to restructure their legacy system of manual customer onboarding and verification.
How to Ensure Secure Customer Onboarding and Visual Identity Verification?
Integrating a perfect digital visual ID verification and customer onboarding solution doesn’t have to be a complex process.
By partnering with TechRev who understands your specific compliance needs and onboarding requirements, you can easily integrate the best visual identity verification solution called eyeDnow.
eyeDnow makes the entire customer onboarding process a seamless affair by allowing users to complete the online visual ID verification of a customer within minutes.
How Does eyeDnow Work?
eyeDnow allows users to conduct a live interactive video session with their customers. The user can capture the facial image of a customer and the image featured on the government-issued ID card. eyeDnow enables the user to have a real-time comparison between the captured images to validate the customer immediately.
eyeDnow captures and stores crucial information like the customer’s IP address, Geo-Location, ID-card image, and facial image. All information is stored in a cloud environment so users can access it anytime anywhere.
With a constantly-evolving regulatory landscape, a robust and highly efficient remote visual identity verification solution like eyeDnow can safeguard an organization from the escalating risk of identity theft and other security challenges.
eyeDnow could be an excellent help in the Know Your Customer client onboarding process as it ensures your clients/customers are onboarded compliantly throughout the relationship with your organization. If you are interested to learn more about eyeDnow, click here.