With the advent of the global pandemic, the conventional banking and finance industry warmly welcomed digital technology and adopted a digital-first mindset to adapt to the changing industry norms. 

From digital customer onboarding to online KYC and customer interaction, banks and financial institutions have established a new game plan to remain viable in the industry and enhance customer experience. 

Apart from this, artificial intelligence and machine learning technology are readily transforming client onboarding, making it seamless for financial institutions to mitigate the risk of online frauds and enhance the customers’ video KYC experience. 

How can AI help offer a seamless onboarding and video KYC experience?

Mentioned hereunder are some ways how artificial intelligence can help transform digital customer onboarding and video KYC. 

  • AI can help leverage information during customer onboarding

Customers usually encounter difficulty when they have to present the same information again and again for several banking functions. 

Digital transformation in banking and financial institutions can improve that, so financial institutions have begun experimenting with end-to-end networks that allow customer information to be registered once and display everywhere else. 

This reduces a lot of trouble for both clients and banking executives. Also, in conjunction with artificial intelligence in banking, financial institutions can consider blockchain applications to streamline data across a financial institution.

  • AI can improve client experience in digital onboarding during the crucial 90-day onboarding time.

Financial institutions are always searching for ways to raise the share of wallet and reliability. Both these objectives can get accomplished through an extensive and customer-focused onboarding process backed by artificial intelligence. 

Also, from a client viewpoint, the onboarding process must be expeditious, comfortable, and seamless, or the financial institution might suffer the uncertainty of a prospective customer terminating the account before opening or funding it. 

This need for integrity and speed on the front end implies that the heavy lifting of online account opening must happen with the support of AI and other machine learning defence technologies. 

Moreover, during the client onboarding process, banks must readily perform a customer identity verification. They must execute the AI-based video KYC procedures and adhere to anti-money laundering regulations to ensure that the account opening process gets completed by humans and not a bot. 

When artificial intelligence gets applied across the wider industry to resolve this predicament, the technology can examine millions and billions of data points across several institutions. 

This combined intelligence helps financial institutions minimize the risk of identity theft and money laundering to present a seamless customer experience. 

The bottom line 

As client satisfaction is crucial for banking and financial institutions today, automating the onboarding process can help banks streamline their operations to enhance customer experience, referrals, loyalty, sales, and profitability. 

Hence, it might not be wrong to say that digital customer onboarding and video KYC are unquestionably the future of the banking industry. Accura Scan is a prominent name in the online scanning technology industry if you are looking for one. 

It provides excellent identity verification and video KYC solution to the banking industry to better their customer experience and reduce the risk of online data identity fraud. To know more about our service, connect with our experts at contact@accurascan.com