The traditional customer onboarding process flow usually involves lots of paperwork for both the bank staff and the customer being onboarded. While this is done manually, it is subject to error and is insecure as customers' paper-filled information may get into the wrong hands. Hence, many financial institutions are automating their customer onboarding process.
Digital technologies are transforming customers' experience in the financial sector as almost every workflow process is automated. More importantly, this helps them stay financially compliant
We have carefully selected the best digital customer onboarding software in 2023 that you can start using. We have also specified what each of these digital customer onboarding software is best used for with no bias in mind.
So, choose this software according to your needs knowing that we have already made half of the decision for you.
What is a Digital Customer Onboarding Software
Digital customer onboarding software is a tool that helps simplifies the process of signing up for financial services by automating the process of capturing customer information, verifying documents, conducting know-your-customer (KYC) and anti-money laundering (AML) checks, and creating customer accounts.
What are the best Digital Onboarding Software in 2023?
1. Youverify Compliance Workflow Automation Tool: (Overall Best for Compliance)
Looking for the best digital customer onboarding software to simplify your decision-making process while still satisfying compliance? The Youverify Compliance Workflow Automation tool is your go-to customer onboarding software.
Youverify’s customer onboarding software is a SaaS solution that helps financial service companies establish and maintain trust, risk and compliance standards in all customer relationships with due diligence.
Hey, wait there. This is surely not a brag. See why we made this honest suggestion:
This customer onboarding software allows you to:
- Dynamically coordinate KYC and AML workflows.
- Automate your customer onboarding decision-making process with preset rules and actions while retaining control to manually review cases of interest. With this, you can make smart compliance decisions.
- Verify risky customers through automated liveness detection checks in case of high-risk profiles
- Set up step-by-step customer verification processes such as KYC based on jurisdictions, demographics and your specific industry best practices.
- Eliminate unexpected gimmicks and deceptive fraud patterns.
- You can custom-build your compliance workflow to suit the needs of your specific business and industry, creating a seamless onboarding experience for customers without sacrificing compliance obligations.
Do you know what is more?
It is a codeless tool, empowering compliance teams to be more efficient and fostering trusted relationships with customers globally.
Moreso, you get to receive guidance from our compliance solution support team in all of your verification steps.
If you are in the financial industry and if compliance is a big deal to you even if you are not in the financial industry, then do not think twice before choosing Youverify Compliance Workflow Automation Tool.
Banks and other financial organizations in particular need to adopt techniques including software that ensures they curtail financial crime such as identifying the identity of any intending customer. This will help them stay financially compliant.
For them, verifying the identity of their customer is a necessity hence the need to perform appropriate customer due diligence in banking.
With the Youverify Compliance Workflow Automation tool, your Know-Your Customer, KYC and, Know-Your Employee, KYE just got better.
Suggested Read: Steps in Customer Onboarding Process that can be Automated
2. Workday (Best for Candidate Engagement and `Marketing)
Workday is a digital customer onboarding software that not only allows you to recruit and onboard new hires but also allows you to perform other performance management programs. This onboarding software is a cloud-based human capital management solution that incorporates various business applications.
If you are in search of a platform with a wide range of features, from basic ones like time tracking and payroll management to more sophisticated ones like analytics, HR management or data visualization reports, then Workday is the right choice for you.
- It has a user-friendly interface and adjustable settings
- It can be used on other application platforms
- Workday offer customer support for its customers
- Time tracking and Payroll management
3. PassFort (For Financial Compliance)
PassFort is also another digital onboarding customer onboarding software in 2023. Also designed for financial institutions, this software is set out o revolutionalize the way compliance professionals operate.
By breaking the traditional trade-off between compliance efficiency and exceptional customer experiences, the software aims to aid in the battle against financial crime.
- PassFort offers SaaS solutions that operate in the cloud
- This digital customer onboarding software also integrates KYC and AML workflows allowing humans to be involved only in tasks that require human judgment and decision-making.
- Enables companies to quickly onboard and monitor their customers at a large scale, even in complex situations with multiple customer types, product lines, and jurisdictions
- It is a low-no-code solution
4. Know Your Customer Software:
This software is another customer onboarding software that offers cutting-edge digital onboarding. solutions to financial institutions and regulated organizations worldwide. This software helps to enhance the capabilities of compliance teams in protecting their businesses and conducting thorough KYC and AML checks on organisations and individual customers efficiently.
- The customer onboarding process is centralized on a user-friendly platform
- It reduces onboarding time from 26, for the industry average to 1
- It can be used by other industry other than financial institutions including FinTech, insurance, and, management.
- Time and cost optimization
5. Backbase Software:
Backbase Omni-Channel Banking Platform is a cutting-edge digital customer onboarding banking software solution that integrates data and functions from both traditional banking systems and new fintech innovations to create a seamless digital customer experience. It permits financial institutions to create and manage seamless digital interactions across all devices, resulting in tangible business outcomes.
- Backbase software offers speed.
- It streamlines digital self-service and online sales operations
- It is not specific to financial services.
This is another digital customer onboarding software solution for financial institutions.
It specializes in client lifecycle management (CLM) and digital transformation., from regulatory onboarding to data integration, client data management, lifecycle reviews and remediation, and offboarding.
Approve More Customers In Seconds using Youverify Compliance Workflow Automation.
Acquire more customers without waiting around for traditional compliance systems.
Youverify workflow compliance automation onboarding software lets you combine 300+ data sources into a single workflow and make automated decisions with accuracy.
Want to know how to get started? Request a Demo