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Digital Transformation

Mitigating Risk During Customer Onboarding In Financial Services

Customer onboarding is one of the most important and scrutinized processes in financial services. Companies continuously refine their processes in an attempt to make customer acquisition more effective. How can they enroll customers fast enough to avoid application abandonment, while having enough safety measures in place to minimize potential risk?

Enhanced new account opening processes that include multiple levels of verification by the customer and approvals by supervisors can help reduce the risk of suspicious activity. For example, companies can send customers a confirmation email and an acknowledgement letter soon after an application for a new product has been completed. For certain types of applications, companies can also require a customer or applicant’s consent through an electronic or physical signature, a PIN pad, or the attestation of designated employees.

Sending customers a confirmation email within one hour of opening any deposit account and an acknowledgement letter after submittal of a credit card application are methods that can help reduce the risk of suspicious sales activity.

Newer forms of advanced identity verification processes and tools can also be used to require that customers’ consent come from their personal computers or digital devices.

In a new guide, we outline six ways financial services organizations can employ a strategy focused on building customer and public trust, strengthening a company’s culture, and reducing risk exposure, all while increasing sales. To read the other five ways, you can download the guide here.

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Eugene Sefanov

Director, Industry and Regional Marketing

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