5 Best Customer Onboarding Software Providers in 2022!

5 Best Customer Onboarding Software Providers in 2022!

Authored by: Mohammed Mansoor    Reading Time: 02 min 20 sec

Customer onboarding is crucial for financial services to have a positive and long-term impact on their customers. With process digitalization on the rise, banks are adopting digital customer onboarding platforms to streamline their process.
The digital signup process has four significant challenges, including a long & complex process, growing demand for digital-only banking, high customer abandonment rate, and frequent regulatory changes.
Several companies have developed advanced onboarding software solutions that overcome the challenges and offer streamlined processes.
This blog lists the top five customer onboarding software for banks in the market with their features.
Best Customer Onboarding Software 2022
Best Customer Onboarding Software 2022

What is Customer onboarding software?

Customer onboarding software is an application that helps banks to manage and use technology implementation and onboard their clients with advanced AI features that ease the customer journey and adaptation process.

Since these software solutions eliminate the common pain points of the customer during signups, it enables you to offer a great customer experience.

Five Best Customer Onboarding Software for Banks

Istart-logo
iStart is a global tech platform that offers seamless digital onboarding, KYC/AML, and identity verification solutions for all financial services. It is powered with AI and machine learning tools to enable fast, paperless, digital account opening and user access within minutes.

The platform offers a fully integrated regulatory compliance solution to identify and verify users with AI-based facial recognition system and fraud detection technology.

Features:

    • RBI approved V-CIP process with a geo-tagging system
    • eStamping or eFranking and eSignature
    • Penny drop verification system
    • Remote onboarding with AI-facial recognition system and real-time liveness detection
    • API integrations with Central Data Repositories (UIDAI, NSDL, CERSAI CKYC)
    • Intelligent & digital KYC/AML checks with risk profiling
    • Accelerated process via ICR/OCR data extraction with autofill e-forms and digital consent
    • Built-in DMS and Business Intelligence tools
  •  

Benefits:

    • Simple & fast customer onboarding
    • Cost-effective solution
    • Secure & compliant
    • Contactless & paperless
    • Easy integration with existing infrastructure
Tagit-logo
Source: Tagit

Tagit (Mobeix™) enables banks to speed up the customer onboarding journey by automating the end-to-end process in a simplified manner. It uses biometrics capabilities to capture accurate information, adhere to regulatory standards, and optimize operational efficiency.

Features:

    • Data capture and extraction with OCR technology and Autofill
    • AI-based identity validation with features including a hologram, edge detection, etc
    • Blacklist checks with background validation of credibility and credit scoring
    • Real-time user validation and liveness detection
    • Digital ID and Digital signature verification

Benefits:

    • Reduced cost-to-serve
    • Reduce customer lead time
    • Accurate evidence validation
    • Increase customer acquisition
softelligence
Source: Softelligence
Softelligence is a digital onboarding software that offers tailored digital process automation services that formulate omnichannel onboarding software solutions, including face recognition and OCR.

Features:

    • ML-based face recognition system to ensure customer verification
    • ID-based document verification against government databases
    • Geo tagging to ensure compliance with laws
    • Fraudulent profile filters to detect bad actors and fake documents
    • Real-time data extraction from IDs and instant verification

Benefits:

    • Quick & Simple customer onboarding
    • Legally valid and compliant
    • Paperless workflow
    • Configurable workflow
auth-bridge-logo
Source: Authbridge

AuthBridge offers a video KYC solution to digitize customer onboarding journeys from end to end. It equips liveness detection, OCR, and geo-tagging capabilities, adding speed, scale, and security to your customer signup process.

Features:

    • Smart dashboards and insights to create a seamless experience
    • Fast and straightforward omnichannel verification system
    • Built-in intelligent image recognition and liveness recognition
    • Document Management system to prepare, process, and eSign documents on cloud storage
    • Real-time ID verification with OCR data extraction
    • Compliance with GDPR requirements and global encryption standards

Benefits:

    • In-depth reports and advanced analytics
    • Safe & contactless
    • Customizable & compliant
    • Easy integration with existing CRM
Jumio-Logo
Source: Jumio
Jumio’s identity proofing and eKYC solutions are powered by the Jumio KYX Platform. It leverages biometrics, AI, and the latest technologies to quickly and automatically verify the digital identities of new customers and existing users.

Features:

    • Automated and hybrid solutions for government ID verifications
    • Biometric-based authentication to unlock user accounts
    • Detects IP address or VPN usage to eliminate fraud
    • Ongoing transaction monitoring that empowers compliance
    • Compliance with GDPR requirements and global encryption standards

Benefits:

    • Automated & intuitive user experience
    • Seamless cross-platform support
    • Quick integration into website or mobile
    • Secure data transmission and storage

Digital Customer Onboarding: A bottom-line for customer experience

The digital onboarding process has become paramount importance for Bank and Financial Services to deliver fast & frictionless customer experience, to increase conversion rate.

Investment in customer onboarding software solutions offers cost cutting, improves efficiency, and eliminates obstacles and response time while strengthening the relationship with customers.

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