This article was last updated on (16/10/2023). Please note that the information contained in this article may have changed since the original publication date.

Hey there! Nice to meet you, You, and YOU for the first time. Do you know that you have access to the largest community? I have always been amazed by the simple fact that we are now communicating, merely because we are all digitally present. With 5.19 billion users and growing, 8.5 billion searches per day (and increasing rapidly as I am writing this), the internet community is about 64.6% of the world population! Who does not want a piece of this cake?

With the huge amount of data being generated and transmitted over the internet, organisations who do not have a digital presence are under increasing pressure to change and adapt to the digital age of customer acquisition and retention. For organisations with a digital presence, many have sought to utilise the immense amount of data present online to improve and enhance their business processes.

Having a digital customer onboarding platform that is uniquely designed for your business enables you to capture customers from their first touchpoint to closing the deal, and at the same time having a backend engine to elevate the process of onboarding potential prospects. Let me further elaborate on a few beauties that having a digital onboarding platform can provide to most businesses.

Having that Digital Presence Makes You Searchable 

Out of the 8.5 billion daily searches mentioned at the beginning of this article, you would definitely want to squeeze your way through and appeal to your potential customers throughout their buying life cycle.

Just imagine a scenario where you are a business owner providing vehicle loans to customers interested in getting a new vehicle. The typical process is to perhaps distribute flyers, put up physical banners, and have resources ready over the counter to serve walk-in customers and assist them in completing their loan application for their dream vehicle.

With a digital onboarding platform, it gives you the capability to create multiple touchpoints to engage with your customers. To have a direct call to action rather than a stagnant website with details, is a plus point for you. For instance, creating an ‘apply loan now’ link to appear on relevant vehicle marketplaces, vehicle resellers, or even your own corporate website. Moreover, you can also increase customer touchpoints by generating QR codes to be promoted on digital campaigns, blasting out communications through multiple channels, and the list goes on.

You should take the leading advantage to create brand awareness, by constantly appearing and reminding your potential customers about your services even before the customer decides on the vehicle he/she is getting!

Personalise Your Customer’s Experience 

Digital customers are definitely not the most patient customers you will find. Customers can easily drop off at any point throughout their purchase or application process. Businesses should be looking into providing the simplest process for customers to achieve their intended goals.

You see, it should not take 10 steps for a customer to apply for their ideal loan package when they can do it in 5 steps. You can simplify the customer experience with minimal disruption. Starting by understanding the business niche, observed through the lens of your customers, and using this knowledge to create a digital ecosystem that is so seamless, it will win you impactful word-of-mouth reviews and referrals from your customers.

How do we achieve that, you would ask? Former CEO of HP, Carly Fiorina, once said, ‘The goal is to turn data into information, and information into insight’. With digital platforms and unlimited data sources, you can now learn about your potential customers and intuitively recommend only the necessary products or services they would likely fancy. Weed out other distracting options, cross-sell related products at the right time, and seal your deal in a way that your customers would think that you are psychic!

The customer experience does not stop at providing options and personalised recommendations. The process itself has to be simplified with automated functionalities that reduce hassle, time, and costs. By onboarding your customers digitally, information that is required from different customers for different purposes can now be customised and catered closely to their needs. For example, if a customer is applying for a loan, businesses can leverage data that is available from public sources to instantly auto-populate, calculate, and score their customers. In addition, the tracking of updates and reminders can be automated as well. With the right digital tools, we can now serve our customers like kings and queens!

Businesses must remain informed about what worked and what did not in order to reflect on their weaknesses and build upon their strengths. With the capabilities of artificial intelligence (AI), businesses can now process massive amounts of data around the clock (even when we are not working), gaining analytical insights before making informed decisions.

Converting Operational Costs Into a Key Competitive Advantage 

The only constant is change. Digital transformation has been affecting the ways employees contribute to their organisations, and it is through adapting to change that you will remain relevant and competitive. Let us look at a few optimistic views of tech-enabled panaceas that reduce your operational costs and how they can serve as your key competitive differentiators.

By closely analysing the operational day-to-day tasks, we can easily identify the routine and repetitive tasks that can be converted into automated tasks done by digital solutions. For example, a digital onboarding platform can pre-screen for the right customers before assigning them to suitable officers. As your customer list grows, the assignment of cases can be automated with an element of gamification to assign the right cases to the right agents. This will not only boost employees’ efficiency but will also increase motivation as they will be getting better leads.

Apart from off-loading some of the routines and repetitive tasks, employees are now geared towards analytical and decision-making tasks. You can further enhance your employee experience and reduce the possibility of human errors by embedding AI technology into the digital onboarding journey. Instead of having your employees manually screen through the profiles of each of the customers, why not get the helping hand of AI technology to calculate the possible risk, detect possible fraud, make informed predictions, and instantly trigger necessary alerts for corrective actions?

About Juris Access

Bring your digital journey to life with Juris Access, a digital onboarding platform with straight-through processing (STP) capabilities that comes with all the aforementioned three beauties: enabling your business with a digital presence, personalising your customer experience easily even if you are from a non-technical background, and winning you that key business differentiator with embedded AI technology.

Juris Access goes beyond being a conventional digital onboarding platform. It’s a versatile tool that facilitates the seamless onboarding of potential leads and various third-party entities, creating a unified digital onboarding environment. This omnichannel solution empowers financial institutions to offer prospective customers personalised recommendations for their full spectrum of products, delivered through multiple digital channels such as the web, mobile, merchant services, social networks, and even chatbots.

Furthermore, Juris Access excels in integration, connecting seamlessly with other JurisTech products, established systems such as credit bureaus, and optical character recognition (OCR) applications through a web API. This interconnected, web-based hub facilitates a holistic approach to digital onboarding. The ability to seamlessly integrate between systems empowers users to effortlessly submit and manage applications via their mobile devices, eliminating days of processing time. The remarkable aspect is that it all happens without the need for human intervention.

With a fully digitised and streamlined process, customer onboarding reaches new heights of personalisation, recognition, and automation, consistently surpassing industry standards for efficiency. Embedded with advanced AI technology, our digital onboarding system quickly screens and approves new customers, resulting in rapid loan application processing and approval. The future of digital customer onboarding has arrived, and Juris Access might just be the solution you need to bring greater financial access to your target audience, impacting and driving economies together with us.

Juris Access embraces the concept of an open API marketplace, recognising that the future hinges on ecosystems and data exchange. Users have the ability to publish APIs and create codeless interfaces with Juris Access, facilitating seamless data exchange with ecosystem participants.

Conclusion

Now, at the end of writing this article (with some procrastination for inspiration), I went back to check the internet live stats, and the number of searches per second was approximately 99,000! With JurisTech, we believe we can now greet and onboard the rest of the internet community with our own digital onboarding platform!

Getting into the digital bandwagon is an ongoing, ever-changing process. Whether your organisation is about to embark on digital transformation, or has experience in the field and would love to explore the ever-changing digital onboarding realm, JurisTech has the capability to bring you the right people with the right skills to build you the right platform, to reap the above beauties by digitising your onboarding process!

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

Juris Access enables you to achieve your digital transformation goals. We want to help you help your customers experience a wholesome digital onboarding journey. Find out more at https://juristech.net/juristech/juris-access/.