Client onboarding is the process of onboarding new clients into your business while ensuring due diligence. A seamless client onboarding process enables businesses to build the initial rapport with prospective clients, prevent impediments, and deliver an outstanding experience. Needless to say, a great client experience is directly proportional to business growth and profits.
A complex onboarding process can open opportunities for your competitors to pounce on your clients and make you lose out on profitable associations. Losing clients due to the cumbersome process is heartbreaking as all the time and effort spent on marketing, building relationships, collaborations, etc. go in vain. By leveraging the right authentication and onboarding technology, businesses must create hassle-free journeys, reduce overhead costs, and identify potential risks right at the initial stages.
One of the biggest benefits of seamless client onboarding is continued service from the client. According to Bain and Co., a 5% increase in a customer retention rate can shoot up a company’s profitability by 75%. According to Gartner Group, 80% of your organization’s future revenue will come from 20% of its current customers. Considering all these factors, it’s easy to conclude that businesses must leave a good impression right at the initial stages of onboarding new clients and secure future revenue with repeat clients.
A seamless onboarding experience not only translates into a great client experience but opens the door for prospects to accelerate business growth. AuthBridge’s AI-driven onboarding technology and dedicated platform for third-parties including clients, suppliers and vendor onboarding – OnboardX helps businesses to start on the right foot and streamline ‘end-to-end onboarding journeys’ covering post-onboarding risk watch and screening.
Another key advantage is that you can validate your clients’ identity, spot discrepancies right before the onboarding, and protect your business and existing clients.
Know your clients: Every client has a different set of expectations and requirements. Whenever onboarding a new client, it’s important to ensure that the onboarding is seamless and hassle-free for them to avoid funnel dropouts and client dissatisfaction. So start with learning about your client’s needs and initiate the right approach to working with them.
Make onboarding and KYC seamless with technology: Many businesses do not understand client onboarding technology and how it can eliminate lengthy and tedious paperwork for their clients. In this competitive landscape, where everybody wants digital, time-savvy, and customized experiences, manual processes can lead to client dissatisfaction and put a halt to critical business operations.
It is essential to digitize the KYC and onboarding process with cutting-edge technologies to reduce attrition rate, facilitate 10x faster service activation, and contribute to overall operational efficiency. It will enable businesses to onboard clients at scale, eliminate delays due to manual intervention, and reduce turnaround times by up to 70%.
Identity thefts and risks assessment: Businesses must never overlook the red flags when onboarding a new client. Performing robust client due diligence is crucial to prevent different types of risks associated with operational, financial, reputational, and regulatory. The post-pandemic world needs a robust process not only for genuine business collaborations but also to keep third-party risks at bay.
AuthBridge’s onboarding technology for suppliers, vendors, clients and other third-parties helps businesses to verify and onboard clients and partners in real-time, customize process workflows and facilitate background checks in bulk or individually. Our AI-driven authentication technology, alternate data, and deep search algorithms enable instant KYC for faster account opening and onboarding. The products built on OCR, image, and liveness detection technologies help identify identity thefts, any discrepancies, and frauds. This means you will only onboard those with a clear background check.
Managing and storing documents/records: Managing documents manually doesn’t give you complete control and transparency – especially when done at scale. During the new client onboarding process, reduce this stress by digitizing paperwork with an e-signing solution. SignDrive is our automated, cloud-based digital signing product that lets you upload, sign, submit and manage documents digitally.
Automating documentation and workflow management can give complete control and transparency of the process. It will help you create legally enforceable electronic and digital signatures, ensuring all legal formalities are completed in a paperless and contactless way.
Post-Onboarding Communication: After successfully onboarding new clients, businesses can plan a post-onboarding kick-off call to reinforce that they did the right thing by making them feel valued. Find out what your onboarding process looks like, your clients’ present preferences, and future expectations. It will help you build and strengthen relationships- giving your clients a sense that they are with the right business.
To ensure successful client onboarding, make sure you hit all these points in your process from now onwards. Leverage cutting-edge solutions to automate and future-proof your client onboarding. Move away from a manual process to a 100% digital one that is paperless and contactless.
To know more about onboarding and verification solutions at AuthBridge – India’s largest authentication and background verification company, do share your details on our contact page.
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