3 ways leading FSIs are modernising the customer onboarding experience

The onboarding process is often your first tangible opportunity to nurture a positive relationship with a new customer. But most financial services institutions (FSIs) let the opportunity pass them by, with customer onboarding processes taking from days to weeks depending on the complexity of the customer, product, or even the country they’re in. 

Onboarding can be a long and painful process. And it’s made worse by outdated systems that require redundant data entry, in-person verifications, and stacks of paper forms. With its rigid linearity, there are long delays — which in turn lead to unsatisfied customers. 

It’s why leading FSIs are rethinking their approach to onboarding. Those out in front are investing in ways to transform and optimise the entire experience, embedding efficiencies across the journey in the process. Here are three things they prioritise.

1. A simpler experience for the customer

First and foremost, any efforts to optimise the onboarding experience must be geared towards making life easier for customers. This is all about: 

• Making processes quicker and more intuitive

• Meeting clients where they are (e.g. mobile) 

• Streamlining data collection through the use of online applications with pre-filled data

• Integrating with third-party data providers (such as Singpass, Vida, eMudhra) to verify customer identity and pre-populate application fields 

• Tailoring the onboarding experience depending on the level of risk and complexity of accounts.

2. More automation to help accelerate processes

Many elements of the onboarding journey can be automated, further reducing the time and complexity involved in customer onboarding tasks. Simple things, like updates to personal details or account preferences, can take time when done manually. Instead, using eSignature, digital forms and workflows can help expedite the process and minimise redundant data entry and errors. Additional time savings can be realised with  real-time notifications through SMS, WhatsApp or mobile apps whenever another step in the process needs to be completed.

3. Enhanced security and compliance, in line with regulations

As fraud and cyber attacks grow in sophistication and volume, FSIs must navigate riskier waters while meeting ever-tighter regulatory requirements. With regulators continually updating or issuing new guidance on information security best practices and cyber incident reporting, FSIs need the right capabilities in place to effectively scale their digital agreements, enhance agreement process security, and gain control and visibility into their agreement administration and process.

At the same time, FSIs in Asia face a complex legal landscape. When it comes to customer onboarding, Docusign offers resources to help navigate local regulatory complexities — such as Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance — by facilitating the electronic collection of identity verification documents and ensuring a secure signing process.

It’s why leading FSIs look for solutions that make regulatory reporting easier and provide transparent audit trails. And it’s why so many choose Docusign — with its adherence to security standards including ISO 27001:2013, 27017:27018, SOC 1 Type 2 and SOC 2 Type 2, PCI DSS, and CSA STAR Program, Docusign makes compliance a lot less burdensome and much more accurate.

How Docusign helps modernise the onboarding experience

FSIs are under pressure to win and retain customers, transform processes to be more cost-effective and efficient, keep up with ever-changing regulations, and maintain the highest security standards. All these goals apply to customer onboarding, and Docusign helps FSIs kick them. 

A range of Docusign tools and features help support faster, more streamlined, and less risky onboarding. They include:

• eSignature: Customers can review, send, apply and respond in a mobile-responsive experience, while the FSI enjoys peace of mind that a complete audit trail is maintained.

• SMS delivery: FSIs can implement secure and robust authentication methods with Docusign phone/SMS authorisation. Delivering agreement requests via SMS ensures faster completion of onboarding processes.

• eSign REST API: Docusign can connect to existing systems through APIs and connectors to deliver a frictionless experience for customers during the onboarding process. We provide integration to systems such as Workday, SAP, Dynamics 365, Salesforce, and many other banking and insurance systems.

• Web Forms: Quickly deploy new web forms from existing Docusign templates without the need for IT resources, to make it easier to collect customer onboarding data.

• Security: Security appliances form the backbone for Docusign applications, ensuring that data is always protected and encrypted.

• Monitor: FSIs can easily track eSignature web, mobile, and API account activity across the organisation. Docusign Monitor uses advanced analytics to detect potential threats — whether from outsiders or rogue insiders — with rules-based alerts.

Is there room for improvement in the onboarding processes within your FSI? If you suspect that customers are having a less-than-great onboarding experience, then it’s time to update your journey. 

We’re here to help. To get started, get in touch with the Docusign team today.