Financial Institutions Find New Agility with Cutting-Edge Client Onboarding Technology

Client onboarding technology is giving financial institutions the necessary edge to compete in a fast-evolving marketplace. Banks, credit unions, and other money managers have to appeal to new customers differently in the digital age.

To compete with branchless and mobile-banking companies, a bank, credit union, financial advisor, or insurance group must apply the following approaches to their business model.

Be Responsive to a Range of Devices

To stand out and expand their market share, banks and financial institutions are offering customers various ways to interact with their financial representatives and effect transactions with improved client onboarding software.

Leading-edge onboarding technology and updated client onboarding processes appeal to tech-savvy clientele, offers them a satisfying start, and makes customer retention more likely improving the bottom line.

Customers are coming to expect banks to offer a top-shelf digital experience. Expect to see mobile onboarding become more important, just as mobile payment and mobile deposits already are.

Comply with Regulations and Anti-fraud Laws

Constant examination of a new customer’s details by various departments is traditionally part of dealing with financial risk and part of the responsibility for financial institutions. However, it is a pain point for clients and financial agents because of the complex workflows, paperwork, compliance restraints and more. With improved client onboarding apps, regulatory due diligence protocols can now follow one, streamlined process.

With Liveoak Technologies, compliance takes place in an electronic environment. The software we select cross-checks data that fits the prospective client’s risk profile, supports the efficient onboarding of new clientele, and monitors account activity. Remote recording by video conference, and the uploading of signatures and identification becomes an indelible part of the audit trail.

Empower Employees to Verify Photo Identification

With Liveoak, financial representatives have the technology to compare a video of a new customer against identity documents. Biometric features include facial recognition and iris scanning, as well as fingerprint checking.

Ease the manual work and paperwork collection involved in onboarding a retirement account customer. Remote collaboration through an audio-visual conference between investor clients, new business specialists, and third-party administrators is now possible in a secure, compliant environment. All conference participants can work on the account together, fill in the onboarding forms, build the portfolio, insert all necessary documentation into the client file, and answer an investor’s questions as through an in-person conference. All parties can sign documents online, through any device.

Learn More About the Power of Cutting-Edge Onboarding Technology

Explore an onboarding solution that expands your bank’s market share for a full range of financial products. Eliminate the need for travel, paper copying, and mailings. Complete the onboarding process quickly and smoothly.

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