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Customer onboarding refers to the complete process of a business collecting customer information, verifying documents and identity, and new account registration, resulting in customer conversion. An important component of the customer onboarding process is the Know Your Customer (KYC) checks for compliance with anti-money laundering, data privacy, and other regulatory or legal requirements.
Elements that add friction during onboarding
With numerous checks involved in user identity and ID document verification, delivering frictionless customer onboarding can be a challenge. The key friction points include:
- Paperwork: Filling out several forms to provide information can frustrate customers, leading to high abandonment rates.
- Time-to-approval: Manual reviews may require customers’ physical presence, increasing the time-to-approval and causing customer discontent.
- Onboarding options: Limited onboarding options may mean customers’ preferred channels are unavailable, causing inconvenience and potential business loss.
- Data quality: Inferior data quality can adversely impact identity verification checks, leading to greater security risks and regulatory non-compliance.
- Customer experience: Implementing several solutions to combat identity related fraud may add unnecessary friction and degrade user experience.
Delivering frictionless customer onboarding
ID document verification solutions that use customized workflows to introduce just-in-time authentication fight document fraud better and deliver faster, frictionless customer onboarding. The essential components include:
- Identifying elements that cause friction across customer touchpoints and taking measures to eliminate them.
- Creating clear guidelines for acceptable document formats, verification selfie with ID cards, facematch ID, transaction limits, and so forth to streamline the onboarding process.
- Incorporating automation and advanced technology such as OCR, verification selfie with ID card, and facematch ID, for greater accuracy in user verification.
- Using continuous onboarding for ongoing user monitoring.
- Leveraging data to personalize user onboarding according to customer preferences.
- Optimizing for mobile onboarding.
- Using identity check APIs.
- Using gamification elements to keep users engaged.
- Providing 24/7 support through live chats and self-service help centers.
Businesses can measure onboarding success to maximize ROI and customer trust using key metrics such as, Time-to-Value (TTV), shorter the TTV, smoother the onboarding experience, completion rates, engagement levels, customer satisfaction (CSAT), retention rate, support tickets or queries during onboarding, Net Promoter Score (NPS), and Product usage rates.
Technologies to combat onboarding fraud
To prevent fraud and deliver a frictionless customer onboarding experience, businesses must choose onboarding software that leverages the latest digital technologies such as AI, machine learning, biometrics, OCR, facematch ID, among others.
For instance, combining AI-driven document verification and selfie verification software with liveness detection, is useful in deepfake selfie verification, verification selfie with id card, and face match verification, as it analyzes attributes including facial features, lighting conditions, and micro-expressions.
Behavioral biometrics and AI-powered anomaly detection algorithms monitor onboarding behaviors, such as typing speed, click patterns, and device settings, to detect and flag suspicious activity.
Technologies such as OCR (Optical Character Recognition) can read and cross-check identity documents in real-time to reveal any fraud attempts, thereby enhancing the results of document verification.
Data analytics helps businesses process vast amounts of data to detect fraud, train models to better recognize potential threats, customize onboarding flows according to a user’s risk level, and adapt to evolving fraud tactics.
Common warning signs of onboarding fraud
Although fraudsters constantly adapt their tactics, businesses can rely on some indicators to prevent onboarding fraud. These include:
- Discrepancies in personal information, such as mismatched names, addresses, or contact details.
- Submission of forged, tampered, or low-quality documents.
- Use of disposable or unverified emails and phone numbers.
- Repeated failed logins or onboarding attempts from VPNs, proxies, or unusual locations in a short period.
- Frequent switching between devices during onboarding, attempting bypass of security checks.
- Multiple accounts created from the same IP address or device within a short timeframe.
- Typing speed, patterns, clicks, and pauses that deviate from genuine user behavior.
- Lack of social media or digital footprint.
Frictionless customer onboarding with Certta
Certta helps businesses save money and improve conversion rates by balancing security with a frictionless customer onboarding experience.
Certta’s comprehensive ID document verification makes the onboarding process faster, more accurate, and less vulnerable to fraud, all while ensuring compliance with KYC, AML, and other relevant regulations. Businesses use Certta’s selfie verification software in combination with liveness detection, for in-depth face match verification and even deepfake selfie verification.
Trust Certta to deliver frictionless customer onboarding with its best-in-class ID document verification that reduces time-to-value and ensures only genuine customers are allowed access. Book a demo now.
