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? First, they must optimize digital customer onboarding.
1 - Capture the Rapidly Growing Number of Potential Customers Applying Online
Potential customers are increasingly applying online instead of in person for new customer accounts. This trend will only continue, thus increasing the need for effective online customer onboarding systems.
2 - Fix Problems with Traditional Legacy Customer Onboarding Systems
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
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
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
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
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
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.
Improve Digital Onboarding with Instnt
Using a managed digital customer onboarding system can significantly improve customer acceptance while handling identity verification and regulatory compliance. As a result, your institution can lower fraud losses and achieve higher revenue and profitability. Instnt Accept™ is the only customer onboarding service that provides performance guarantees for each good customer a bank accepts while offering fraud loss indemnification up to $100MM. Because Instnt assumes liability for fraud, banks can experience growth like never.
For more information on Instnt’s innovative solution to an age-old problem, start your free demo today.
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