The demand for fully digital onboarding services is increasing, and the banking and financial services sector is realising that it needs hyper-personalised digital onboarding platforms to keep up. Digital onboarding in the financial industry is an automated process that provides customers with access to financial products and services such as opening a bank account, taking out a loan, or setting up an account with a digital bank or neobank. Numerous business advantages come with digital onboarding, including improved fraud prevention, reduced expenses, and a quicker and better user experience.

As per a Forbes article, artificial intelligence (AI) is expected to have a significant impact on the banking and investment sectors, transforming customer service and offering more efficient solutions. Furthermore, according to a Gartner Research study, 62% of banks place a high priority on developing new goods and services, including digital onboarding services. Additionally, clients can now access fully digital onboarding services via mobile devices thanks to the online platforms that are replacing traditional banking services, making the process more convenient and seamless.

The Advantages of JurisTech’s Digital Onboarding Platform

With JurisTech’s digital onboarding platform, financial institutions can now streamline their customer onboarding operations, improve customer experiences, and adapt to the changing demands of the digital age.

What are the features and capabilities of JurisTech’s digital onboarding platform that allow for such great improvements, you may ask? 

Features such as a loan straight-through processing (STP) engine, digital verification via eKYC, secure document management, compliance checks, authentication mechanisms, data encryption, secure communication, and continuous security monitoring, are available on JurisTech’s digital onboarding platform to help financial institutions digitise their customer onboarding journey. The aforementioned features are intended to guarantee the confidentiality and security of data, optimise workflows, and augment customer satisfaction, ultimately resulting in better business results.

Cut Through the Noise with Straight-Through Processing

JurisTech’s loan STP engine is a standout feature that simplifies and automates the loan application and approval process. The engine evaluates loan applications using predefined business rules, credit scoring algorithms, and real-time credit checks; it then provides customers with real-time decisions and notifications. This feature allows for a quick and effective onboarding process by drastically cutting down on the amount of time needed for application evaluation and decisioning.

Enhanced Security Measures for You and Your Customers’ Peace of Mind

Digital verification features like eKYC and internal blacklist checking are also available on JurisTech’s digital onboarding platform, enabling safe and effective customer identity verification procedures. Customers can upload and manage confidential documents on a secure platform that guarantees data encryption and protection both during transmission and storage. Compliance checks, like CDD and EDD, are carried out to make sure that regulations are followed and to reduce the risk of fraud and money laundering.

Advanced encryption protocols protect customer data, guaranteeing that sensitive information is shielded from unauthorised access or breaches. Authentication mechanisms, like 2FA and OTP verification, improve the security of customer accounts and transactions. Encrypted messaging and video conferencing are examples of secure communication channels that safeguard private conversations and client interactions.

A security matrix, which offers granular access control to guarantee that users only have access to the data and processes they require, is another feature of JurisTech’s digital onboarding platform. A comprehensive audit trail for compliance and security purposes is provided by the platform’s security audit trail, which keeps track of all user actions and system modifications.

In order to guarantee that client data is handled in compliance with legal requirements, JurisTech’s digital onboarding platform also complies with industry standards and laws, such as GDPR and other data privacy laws. Mechanisms for threat detection and continuous monitoring are put in place to quickly identify and address any potential security threats or vulnerabilities.

Streamline Operations with Low-Code Technology

In addition, the platform offers a number of features that improve user experience, such as a drag-and-drop interface, dynamic form builder, and low-code platform. Business users can drag-and-drop visual editors and reusable actions into processes for rapid development without coding thanks to these features, which make process design and development simple and intuitive.

Build Digital Ecosystems with Open API Compatibility

Last but not least, JurisTech’s digital onboarding platform complies with Open API standards to facilitate ecosystem integration and data exchange. Financial institutions can take advantage of the power of data and propel business growth with this feature, which makes it simple for them to integrate with other platforms and systems.

The Proven Use Cases of JurisTech’s Digital Onboarding Platform

Credit leasing, auto financing, and mortgages are just a few of the financial industries that have successfully adopted JurisTech’s digital onboarding platform. By improving client experiences and simplifying corporate processes, the platform’s cutting-edge features and capabilities have completely changed the way financial institutions run.

In the mortgage sector, JurisTech’s digital onboarding platform has facilitated the creation of a mortgage marketplace that connects over 1800 lawyers and financiers, streamlining the mortgage application and approval process. As a result, financial institutions are now better equipped to use data and technology to boost their competitiveness and spur corporate expansion.

JurisTech’s digital onboarding platform, which offers a digital platform for customer-initiated applications, affordability and repayment calculators, and seamless document uploads, has empowered a major luxury vehicle brand in the auto-financing industry. The decision-making process has been accelerated for customers by the platform’s real-time credit check and decisioning capabilities, which have secured more favourable financing and credit terms. This has improved consumer loyalty and satisfaction by improving the auto-financing experience overall.

With the help of JurisTech’s digital onboarding platform, which streamlines the credit leasing process and improves business relationships, credit leasing companies can now connect with over 20,000 dealers through its marketplace. Additionally, a major local bank was able to expand their credit leasing offerings by partnering with property developers and agents through the platform’s assistance in creating a rent-to-own marketplace. Due to this, financial institutions have been able to increase the scope of their services and attract new clients, which has boosted their revenue and profitability.

In a Nutshell

To sum up, JurisTech’s digital onboarding platform is an all-inclusive digital platform that enables financial institutions to meet the changing demands of the digital age, digitise their operations, and improve customer experiences. The features and capabilities offered by the platform guarantee data privacy and security measures, expedite procedures, and improve customer experiences.

JurisTech, Your Preferred Partner

At JurisTech, we are committed to giving our customers the best possible support for their digital transformation projects. As one of the partners in the Asia Pacific region, Visa accredited five of JurisTech’s software solutions, including JurisTech’s digital onboarding platform, to offer the most effective and competitive solutions for the fintech industry landscape.

The VISA certification demonstrates JurisTech’s dedication to providing customers with a quick and safe connection to technology providers throughout the world. Let your customers enjoy a better banking experience by utilising JurisTech’s exceptional solutions, which guarantee award-winning expertise in digital customer onboarding and seamless integration.

Our team can assist you in navigating your system and ensuring that it meets your business requirements. Our members have extensive industry experience and are both technical experts and business consultants. We also offer comprehensive training prior to, during, and post-project implementations to ensure that all of your support needs are met. Ensuring mutual understanding of performance expectations is our top priority, and we put a lot of effort into making the digital transformation process enjoyable for our clients. 

For a free demo, get in touch with us right now to find out more about how JurisTech’s digital onboarding platform can increase your customer satisfaction and optimise your customer onboarding process.

About JurisTech

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