Digital Onboarding in Banking

Online banking has been around for years, but more people use it today than ever before. The internet and smartphones made online banking more accessible. It is a good idea to stay at home.

Many people find it useful that all banks have their own online banking apps. These apps are more than just a website. They allow users to make purchases from their smartphones with just a few clicks. QR code scanning and digital wallets are two options for online payment that aren’t available with tap-to-go credit cards.

Non-cash transactions are more popular. Usually, the delivery of the goods arrives right at their doorstep.

WHAT IS DIGITAL ONBOARDING?

Digital onboarding is an automated process to introduce new customers to the financial institution’s systems. They also have access to the financial institution’s products, services, and facilities. It also shows real-time measures like PSD2 strong customer authentication which can provide security and assurance to their users. It eliminates the need to fill out forms and submit documents in person. This is vital for today’s global economy. Customers can quickly get to know their online banking platform through digital onboarding. This digital onboarding provides comprehensive instruction and guidance for each platform function. This is particularly helpful for seniors who don’t know much about smartphones or other gadgets.

A bank transaction takes less time than ever before. Customers can apply for loans, open bank accounts, deposit money, or transfer money within minutes.

Online banking may seem risky and susceptible to hacking and breaches. However, digital onboarding aside from attracting customers, shows how one bank protects their money and personal information with strong customer authentication solutions. This step clearly introduces customers to the safe bank system which can give assurance to anyone of their protection.

To learn more about digital onboarding in banking, you can read this infographic from LoginID.