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What is Customer Onboarding?

Customer onboarding is the process of enabling new people to sign up to use a company’s services.

In some situations, it may be as simple as making an account with the company and choosing a username and password; however, in regulated industries, more extensive processes such as KYC (Know Your Customer) and AML (Anti-Money Laundering) as required by relevant regulations.    

It is essential for companies both old and new to be able to onboard new customers to be able to grow, and research indicates that without quick and easy customer onboarding, users often opt for different solutions for their needs. Without onboarding new customers, companies either fall behind their competition, or are unable to gain the traffic they need and collapse. Potential customers are noted in reports as willing to sacrifice security and privacy for ease of use. The time it takes to register, the time it takes for verification to come through, and the user interface can all impact a person's choice on whether to onboard with a service.

When onboarding new customers in regulated industries, the necessary KYC and AML checks traditionally represent a significant pain point, with manual verification of documents carried out physically by employees (either internally by the company or outsourced to verifiers). This represents a significant cost to businesses, with some companies spending 10% of their revenue on KYC and due diligence required to onboard new customers. As a result, this process is increasingly being carried out on computers to take advantage of the benefits provided by digitalisation, and, even more recently, Artificial Intelligence such as Machine Learning has been applied to further improve customer onboarding solutions.

By employing new technology and opportunities such as AI, ML, mobile applications, and others which are still under development, customer onboarding is able to be carried out much faster and more accurately than it has traditionally been able to, and at greater volumes. Whereas before some people might have to wait weeks to use a new service, the process can use newer technology to be completed in mere minutes, or even seconds. With these benefits come a linked reduction in cost; huge efficiencies and the reduction of labour-intensive man-hours make the process of onboarding customers vastly more affordable. Despite this potential from technology, having a human element to oversee fringe cases and any possible issues is still recommended by most.

“Blockpass enables a faster, cheaper, more secure customer onboarding process through the Blockpass Mobile App.”

Complying with KYC and AML regulations, users fill out their relevant details on the app and are checked against the required criteria. With Blockpass’ approach and the technology being used, verification and onboarding happens almost instantaneously for pre-existing Blockpass users, and is usually very rapid for new Blockpass users. In addition, because Blockpass puts users in control of their data and certifications, the solution can be offered at a vastly reduced cost compared to traditional alternatives.

The user experience and feedback is something Blockpass continuously works on, with improvements and updates coming out regularly.

NEW Start using KYC Connect today through our Admin Console.

Rather than having to fill out the same KYC and AML forms over and over when transacting with other financial companies, users simply have to maintain one up-to-date profile, which is then shareable with anyone in the Blockpass ecosystem for instant onboarding, saving users from repeatedly re-doing and re-submitting the same forms, and saving companies the hassle of checking KYC and waiting on checks.

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“Due to emerging technologies, Blockpass is not only able to offer a user-centric solution, but a faster, cheaper and more efficient one as well.”