Leverage Data Extraction Techniques to Accelerate Client Onboarding

Customer onboarding is a critical task that can build or break a business. Whether for a BFSI organization with strict protocols, a large MNC, or a start-up, the onboarding process often throws up multiple challenges. As per the Wyzowl Customer Onboarding Statistics 2020 report, over 90% of customers feel that the companies they buy from “could do better” at onboarding new clients.

When an organization’s onboarding process is smooth, customers tend to display a higher degree of confidence in its ability to deliver significant value and feel motivated to strengthen their relationship with the brand.

Top client onboarding challenges

Some of the most common challenges that result in low turnover from a company’s onboarding system include:

    • Slow and lengthy onboarding process with multiple obstacles and silos
    • Lack of knowledge about customer profiles and the problems they face
    • Limited options for customers to choose their communication channel

Combating client onboarding challenges with data extraction and automation

The traditional onboarding practice, which is mainly paper-based, especially in banks and NBFCs, typically entails:

    • Collecting key documents and feeding them into a centralized record
    • Verifying the files through a reliable or government-backed database
    • Performing risk assessment for possibilities of fraud
    • Guiding the prospects and replying to their queries

While the steps seem easy enough to execute, the actual task is complex as it requires seamless coordination between multiple teams, including front-office, accounts, compliance officers, and backend customer service—often operating with disparate rules. To digitally transform the process for faster, seamless, and more accurate outcomes, businesses can leverage data extraction tools that export datasets to external applications such as Excel, Tableau, Google Data Studio, and data lakes and enable quick analysis.

When huge chunks of data are structured methodically, fed into dashboards, and linked to other datasets, they provide actionable insights to make client onboarding more valuable:

Ease of addressing customer expectations

Harnessing tailored data extraction platforms makes understanding customer backgrounds, demographics, earning capacities, and tax payment history easier and more accessible. Knowing such factors, in turn, allows for bespoke segmentation and helps build personalized experiences for lasting experiences. Organizations can also use advanced analytics tools to look for missing data during the onboarding cycle and take steps for remediation.

In addition, automated data extraction and analytics may be used for cross-selling new products and services based on the information processed.

Eliminating hurdles from the process

A key challenge in onboarding involves identifying, storing, and administering unstructured data such as customer emails, records of interaction with the contact center, previously filled forms, supportive documents, and (for B2B customers) articles of incorporation.

The advantage of deploying evolved data extraction systems here is that they automate policy execution while reducing the chances of errors and omissions. They also create auditable trails for regulatory compliance and provide the business with more context and clarity around its customers and leads data.

Making the onboarding process customer-centric

The availability of clean data combined with automation makes each customer interaction useful for the onboarding cycle.

Businesses can deploy AI-enabled chatbots across their marketing communication channels, including websites, social media platforms, and messaging applications. These bots help authenticate leads, answer general queries, gather necessary information, and automate user journeys to develop the onboarding process on a channel preferred by the customers.

Chatbots function round-the-clock to support users and can be optimized to continue a conversation right where a user left it. They also have in-built intelligence to identify when to pass on the details to a customer support executive if the query is complex. Enterprises can also customize their contact center IVR menus for self-service and integrate them with data extraction applications for the smooth onboarding of new customers interested in particular products or services.

Enhancing onboarding capabilities with next-generation data extraction solutions

The common questions that top management asks about client onboarding commonly include:

CEO: “Do we ensure that business goals and strategies are consistently incorporated into our customer selection and onboarding process?”

CFO: “Can we reduce the costs of manual processes while adhering to compliance norms and risk management for client onboarding?”

CIO: “Are we well-placed to capitalize on digital tools and technologies we have invested in for our customers and reference data?”

Organizations will need to combine data extraction techniques with highly automated process workflows to improve their onboarding efficiencies, client experience, and business bottom line while overcoming internal process impediments. They also need an approach that affords better cost savings and makes the onboarding process faster, more accurate, more visible, more sustainable, and more secure.

Leveraging the data extraction capabilities of no-code/low-code platforms, Aaseya helps its customer feed information into data ecosystems effectively for consistency and operational excellence in client onboarding. To know more about the techniques we use for this mission-critical business function, Contact us

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Tuhin Guha

Associate Director

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