To keep up with this shift in customer behavior a vast majority of banks simply cloned their rigid physical onboarding process/forms onto their digital channels. This has resulted in sub-par customer experience, with approximately 40% of applications getting abandoned midway.

How can banks improve the conversion rates of digital onboarding?

Banks can reduce onboarding dropouts by creating intuitive dynamic onboarding journeys with composite AI to remove friction e.g. Selfie and face match for automated verification with computer vision-based data extraction from Digital IDs across languages.

Clear guidance can be provided with a digital human or chatbot to help the customers clarify doubts and handhold the customer in the onboarding journey. Additionally, co-browsing and human agent interfaces can help handle the exceptions in real time.

The key benchmark is that Onboarding time should be less than 3 minutes for ~20-30% reduction in the onboarding dropout rate.

DYNAMIC eKYC WITH PROGRESSIVE PROFILING

The BankBuddy digital onboarding platform offers dynamic KYC with progressive profiling, enabling banks to define the KYC levels and have flexible remote onboarding journeys. As a result, banks can tremendously increase the conversion rates and avoid onboarding dropout by showing applicable products or services with customized eKYC based on customer segment, product category, and customer status.

Customer Segment

Pre-built journeys for Diaspora, Resident/Non-Resident, and other segments with flexible eKYC levels.

Customer Status

Flexible journeys for PEP, existing, or new customers with staged onboarding and KYC levels.

Product-Based

Tailored flows for wallets, accounts, and more with progressive KYC for high conversion.

COMPREHENSIVE ONBOARDING

BankBuddy composite AI platform enables banks to offer a comprehensive onboarding experience. It brings together intelligent technologies including OCR, computer vision, ASR, and machine learning models along with ecosystem API integrations for hassle-free customer registration, document upload, and verification.

Today, the average time for a retail customer to open an account in-branch is 2 days, while for corporate clients this can extend anywhere between 26-32 days. With Bankbuddy's onboarding platform, the entire process occurs in a single frictionless flow, helping customers to complete the process in minutes.

Individual Onboarding

Complete retail customer onboarding in less than three minutes with real-time verification including identity checks, credit score, fraud checks, and more.

Corporate/SME Onboarding

AI-led workflows for UBO verification, AML screening, company registry checks, and compliance with swift completion of multiple validations.

Key Benefits

Under 3 minutes: Complete onboarding with 20-30% reduction in dropout rates

Dynamic Journeys: Flexible eKYC based on customer segment, status, and product

AI-Powered Verification: Computer vision, OCR, and ML models for instant validation

Progressive Profiling: Staged KYC levels with immediate product access

Composite AI for Frictionless Digital Customer Onboarding