Financial institutions need to sign-up more good customers in a frictionless and compliant way. But with fraud growing exponentially, how can Financial Institutions ensure that the new customers they are onboarding are not fraudsters? By optimizing digital customer onboarding.

1 - Capture the Rapidly Growing Number of Potential Customers Applying Online 

 

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Potential customers are applying online instead of in-person for new customer accounts at a record rate. This trend will continue, increasing the need for effective online customer onboarding systems. 

 

2 - Fix Problems with Traditional Legacy Customer Onboarding Systems

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Financial institutions use a series of unrelated systems provided by different vendors, including credit bureaus, to approve new customers. Their system rejects up to 40% of good customers. Slowness causes abandonment. These problems hurt customer conversion rates. 

 

3 - Improve Predictive Accuracy and Lower Fraud Losses 

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An outsourced managed digital onboarding service with accurate machine-learning predictive analytics can verify the identity and select customers for real-time approval, recapturing up to 50% of your legacy system rejects and lowering fraud losses. 

 

4 - Improve Financial Results with Digital Customer Onboarding

 

 

 

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Traditional customer onboarding systems lose customers that should be approved, cost more, and cap revenues and profit at low levels because suitable customer applicants escape approval. With the acceptance of significantly more qualified new customers that have passed customer verification, identification, and compliance screening tests, financial services companies can increase their revenues, profitability, and ROI and reduce loss reserves and write-offs. 

 

5 - Save Time and Money with Managed Digital Onboarding

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Legacy systems are generally deployed on-premises and use several unrelated vendors. Instead, you can outsource in-house systems administration, CAPEX, maintenance, and prospect screening to an accurate, cloud-based, automated machine-learning system that maintains privacy at a lower competitive cost.

Instnt’s codeless integration, helps you sign-up more good customers with managed digital customer verification and onboarding. 

 

6 - Shift Fraud Losses with Insurance Indemnification

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Financial institutions need to reserve capital to be able to write them off when the actual loss happens. 

Instnt, the first fully managed customer onboarding service for business, is the only provider that offers contractual guarantees of fraud loss indemnification of up to $100M.

 

7 - Achieve Your Company’s Rigorous Regulatory Compliance and Privacy Goals

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Separate databases needed for regulatory compliance may not be updated regularly enough, decreasing accuracy. Managed digital onboarding services that provide complete regulatory compliance, including Know Your Customer (KYC), Anti-Money Laundering (AML), and privacy issues needed for effective corporate governance and risk management in the financial services industry. 

 

In conclusion, using a managed digital customer onboarding can significantly improve customer acceptance while handling identity verification and regulatory compliance, lowering fraud losses, and achieving higher revenue and profitability. 

 

Are you leaving potential revenue on the table? Read our Whitepaper on how you can stop worrying about fraud and start growing your top-line.

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