CreditorWatch Due Diligence Onboarding
4 mins read

The benefits of digital onboarding for business 

Sales have done their part. The customer is hooked, they’ve reeled them in and now it’s over to you, accounts, to double check their credentials and, if they are a desirable customer, get them set up ASAP.  

This is where we hit a fork in the road, with two different scenarios.   

Scenario one, you find that PDF document, get the contact info from the salesperson and email it off for the customer to complete (fingers crossed the file’s not too large and their email provider delivers the message and file no problem). Now you wait. The sales rep comes over and asks every morning if the paperwork is completed. You’re not sure. All you know is that you haven’t received it back yet. 

After a few days you send an email to the customer ‘just checking’ on how the application form is going. And the waiting game commences again. Sales is waiting. You’re waiting. Those credit checks can’t start until you’ve got all the information you need. And, working in your paper-based world, you’re flying blind as to where the customer is up to with their application form and how long authentication of information will ultimately take.   

Scenario two, you’re a digital company. Things are a little slicker, life’s a little easier. Instead of having to dig up that PDF application form, your prospective customer has already been directed to the online application portal by their sales rep. When the rep comes to see you in the morning, it’s a quick, friendly conversation to update them that the application form has indeed been submitted by the new customer. Automation means credit checks have already run, and the customer is now set up and ready to go.  

The difference between these two customer onboarding processes is stark. If you’re currently tearing your hair out amid scenario one and a traditional onboarding process, we’ve pulled together key benefits showing why digital onboarding is now non-negotiable. Perfect for putting together a business case to implement a digital client onboarding process.  

What does a digital onboarding process involve?  

A digital onboarding process should include the following elements:  

  • Digital ID verification
  • Online application form or portal 
  • Integrated credit reports and risk scoring 
  • Automated credit decisioning 

Benefits of digital onboarding  

1. Save time  

Eliminating a traditional onboarding process for a digital onboarding process will save you and your new customers hours.   

  • Reduce time-consuming manual tasks (and all the time they take) such as printing paperwork, sending applications via email, in-person verification.  
  • Speed up completion of applications that include multiple assignees. Digital application forms can be completed by multiple people at the same time, removing the need to wait for one person to complete and sign before sending through to the next person.  
  • Capture the right information first time around, every time. Digital application forms prompt customers if they’re missing information and ensure they complete the form fully before submitting.  

2. Improve accuracy and verification of information  

A key benefit of a digital onboarding process is the collation of more accurate information and better identity verification. With a digital customer onboarding improving the accuracy of customer information, you’ll see benefits such as:  

  • Improved fraud prevention thanks to liveness detection, biometric facial recognition and document verification (using trusted, secure government sources) which give you confidence when verifying customer identity 
  • Gather accurate information from the customer first time around every time with built-in data pre-fill.  
  • Reduce the risk of human error when it comes to data entry, with customer information supplied flowing directly into your CRM.  

3. Make compliance easier  

Complying with government regulations is important. It can also be difficult without the right tools. This is where digital tools can come into their own.  

  • With a digital footprint, record-keeping is easy; you’ll never lose an application again  
  • Complete PEP screening and obtain and record all the information you need to comply with Anti-money laundering (AML) and Know Your Customer (KYC) regulations.  
  • Ensure consistency with customisable algorithms and workflows to meet your business needs and risk profile  

4. Deliver better customer experience  

A digital onboarding process can really set you apart from competitors, delivering new clients a better onboarding experience and customer journey.  

  • Speed up the overall application process to reduce application churn or non-completion rates and improve user experience 
  • Streamline the onboarding experience and customers will see the value of your product or services faster, setting you up for strong customer loyalty 
  • Digital tools are far more user-friendly than traditional methods for customers with the ability to complete application forms on mobile devices, take a selfie for biometric verification purposes and complete forms in real-time in just minutes. 

Digital onboarding solutions  

If you’re keen to take the first step on your journey to digital customer onboarding, get in touch to learn how easy it is to implement CreditorWatch tools such as SmartID and ApplyEasy into your process to save you time, improve data accuracy, make compliance easier and deliver a better customer experience. 

Credit application credit management credit risk customer due diligence customer onboarding due diligece onboarding
Product Marketing Manager
Lucy joined the CreditorWatch marketing team in October 2022. With experience across government, media and SMEs she loves working with companies like CreditorWatch that enable businesses large and small to improve their processes and work smarter.
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