How a digital setting fuels data-driven insights

A digital setting can result in an increased volume and variety of customer data, data-driven insights in near real time, and the ability to build personalized experiences that keep customers coming back again and again.

As a customer’s first meaningful encounter with your business, the onboarding process sets the pace for the entire customer experience. It’s also your first chance to get valuable data that can lead to actionable insights – if you handle it the right way.

Manual set-ups at physical locations force customers to take the time to come in, stand in line, and wait for data to be manually entered—and if any documentation is missing or incomplete, they may have to leave and come back, starting the process all over again. From a data perspective, these processes have a high risk of error and capture a limited amount of customer information. Service workers can misread handwriting, mix up documents, and overlook warning signs of fraud. Even if data is captured accurately, it likely won’t flow smoothly (or quickly) to your analytics platforms, where it can enhance strategic decision-making.

Fortunately, there is a better way – for your customers And for your business.

Maximize the return on your investment in Snowflake with insight into performance, quality, cost and more. [Learn More]

Our self-service digital platform – including secure identity verification and confirmation – allows your customers to open accounts anytime, anywhere using just their smartphone. Information generated along the way (demographics, location, device used, time of day, time to completion, etc.), along with data extracted from any digital submitted documents, provides a treasure trove of high-level customer data points. degree of accuracy.

With onboard self-service, data is also delivered to your systems within minutes of being entered without the need for additional processing or incurring additional costs. Each new customer that goes through this process uses their own technology to create their own valuable data, avoiding the delay, cost, and error risk inherent in manual processes.

In other words, … quantity of data, check … quality of data, check … data speedCheck.

See also: How can artificial intelligence improve customer experience?

For years, many companies have stuck to manual setup due to the difficulties of verifying customers’ identity across digital platforms. Fortunately, current proof of identity solutions not only allow customers to upload their identification documents, but also validate these documents as well as confirm that they correspond to the person who opened the account.

To be effective in confirming customer identity and preventing fraud, the solution must cover both proof of identity and identity confirmation. Proof of identity It includes three steps: collecting customer data and identification documents; Determine the validity of the information and documents provided; and verifying the association between data/documents and the customer’s identity. Identity confirmation It requires the use of additional documents—such as a birth certificate, utility bill, income statement, etc.—to corroborate the identification documents submitted. You may also make use of databases or external sources to verify data.

So, for example, a customer can take with his mobile phone a picture of his driver’s license as an identification document, a utility bill for proof of residence, a personal photo, and an effective platform for proof of identity.

  • Define and extract identifier data for form pre-population.
  • Analyze the license to verify that it is correct.
  • Identify and extract data from a utility bill and compare it to the ID.
  • Compare the image from the ID card to the personal photo in real time to confirm that the applicant is who they say they are.

See also: Service intelligence powers organizations and improves customer experiences

A digital setting delivers the quality and quantity of customer data that can lead to improved experiences that keep customers coming back. And because this data can flow directly into analytics platforms, it is available almost instantly to enable data-driven strategic decisions about how to serve customers most effectively.

The data that a digital setup creates can also feed into process improvement platforms to drive operational efficiencies. When a new customer comes to your physical location, do you know how long they waited in line, what time of day it was, how long the actual process took, and/or how many additional visits it took to complete the process? You cannot improve the experience without this important data, which is not usually available without the digital setting. On the other hand, switching to a self-service digital solution allows the mining process to be used.

Process mining applications can examine log data from each step of the setup process and plot an initial path along with any anomalies that appear. These valuable insights help you better understand your onboarding process as it actually happens (not just the way it’s supposed to happen) and reveal opportunities to eliminate inefficiencies and bottlenecks. The result is a streamlined process that makes the use of your resources more efficient and provides a better experience for your customers.

The digital setup solution also continuously feeds data into the mining application of the process. This allows you to automate monitoring of your process so that if inefficiencies arise in the future, you can identify them immediately and address them before they turn into a major headache.

Maximize the return on your investment in Snowflake with insight into performance, quality, cost and more. [Learn More]

Driven by improved customer experiences and enhanced data capabilities, more organizations—in industries ranging from banking to healthcare to government—are embracing onboarding and proof-of-concept digital solutions. Those who make the big leap discover significant advantages over competitors lagging behind. Using the enhanced data points provided by digital onboarding and proof of identity, they can build more comprehensive and insightful customer profiles and adjust experiences throughout the customer journey to deliver superior, personalized service.

The shift from in-person to online services is nothing new, as a walk through any deserted shopping center will confirm. However, when the Covid-19 pandemic led to widespread lockdowns, the speed of this trend catapulted to warp speed. Companies that have been forced to close or limit access to physical sites have had to find a way to serve their customers, and the web has offered a solution.

As more transactions shift from in-person to online, the issue of identity verification to prevent fraud has become critical. Existing proof of identity solutions address this need by applying intelligent document processing technologies to identify documents and automate proof of identity and confirmation. Gartner predicts that by 2023, 85 percent of organizations will use document-based identification as part of their setup.

As more customers demand self-service solutions—and more companies seek to improve the quality, quantity, and speed of customer data—digital onboarding continues to gain acceptance across organizations of all sizes and in all industries. Those who seize this opportunity can look forward to the benefits of the increased volume and diversity of customer data, data-driven insights in near real time, and the ability to put that data to work building personalized experiences that keep customers coming back again and again.

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