First impressions are crucial and can last well beyond the initial interaction. People are quick to make judgments that subconsciously guide their decisions and processes later. And as an organization, leveraging the influence of first impressions can ensure consumer loyalty and increase employee retention.
Seamless onboarding processes create lasting first impressions with clients, employees and other third parties. Traditionally, firms have relied on manual onboarding processes which proved to present various problems, ranging from time-consuming paper-based processes to increased risk in customer data privacy. With these issues starting to become costly to business operations, manual onboarding is quickly being replaced with automated platforms designed to reduce costs and provide better onboarding experiences for everyone involved.
What are the benefits of automated onboarding?
Onboarding automation is a crucial step an organization can take to transition toward a digital workflow. The process improves the overall client experience and enables all stakeholders to boost productivity. The new approach has proven itself by serving tangible benefits to companies, including:
● Operational efficiency
Introducing a consistent automated process helps simplify and systemize operations. It also allows management to have better visibility and control over these internal processes and establish a centralized workflow to be followed by all departments and employees. An automated onboarding process can also help companies manage multiple client onboardings simultaneously. Such a process allows better coordination, collaboration, and management.
● Reduced costs
Onboarding automation processes can improve cost-income ratios. A significant cost reduction stems from avoiding redundant activities. This frees up employees' time to focus on more productive activities. In automated onboarding, the few required employees can be assigned more critical tasks, like administrating the process rather than engaging with manual paperwork.
● Risk mitigation
Practices such as Know Your Customer (KYC) and other fraud prevention tools allow organizations to protect themselves by verifying the clients they are choosing to engage. Comprehensive due diligence, including compliance and credit checks, is an essential part of the automated onboarding process and has become increasingly imperative to avoid financial or reputable losses.
● Compliance with data privacy regulations
Advancing data-privacy laws have deemed it necessary for organizations to prioritize data security. The cost of non-compliance or data breach can be severe, as experienced by Amazon recently resulting in an
$877 million fine for GDPR non-compliance. Automated onboarding platforms, such as
Ahlaan, help mitigate privacy risks with end-to-end encryption that protects personal data and files throughout the onboarding process.
● Technical accuracy
In addition to operational efficiency, automating onboarding improves technical accuracy. Manual onboarding leaves room for human errors, like omitting attachments and submitting incomplete data. These mistakes can add friction and extends the time to onboard a client causing customer dissatisfaction and abandonment. The automation ensures there are few or no errors during the process.
Can automated onboarding build customer loyalty?
A successful onboarding process can make customers feel assured and prioritized. The process gives them a glimpse into an organization's ethos and shows that the company strives to ensure a quick and efficient workflow. Such a system sets the tone for customers' expectations and the foundation for business relationships.
Customers value easy and organized digital experiences that provide consistent support. A guided, centralized system helps avoid confusion and ensures a seamless onboarding experience. Automation also allows organizations to track their customers' onboarding journey and instantly notify them if something is amiss. This system helps avoid unnecessary delays and saves time for customers. Customers value organizations that care for them and may feel motivated by those actively working towards prioritizing their time with efficient systems. Hence, the ease and excellence of an automated onboarding process can help strengthen ties and build customer loyalty.
Which platform to use for automated onboarding?
Ahlaan, by Cedar Rose, provides integrated and automated services for onboarding, such as verification, compliance, and due diligence processes. The tool is known for its simplicity and ease. It provides a single, secure platform that manages all requirements, eliminating privacy risk and allowing easy monitoring of third parties. The platform also ensures customers are prioritized and guided throughout the process for a seamless and smooth onboarding process. Through automation, Ahlaan eliminates any time-consuming, manual tasks and requires minimal effort from users.
With access to an extensive, global database and over 25 years of risk management expertise, Ahlaan delivers automated risk management solutions that have the flexibility to align with an organization's internal compliance and risk management procedures. The platform also offers a 12-month continuous monitoring option that alerts you about any changes in customer profiles. Ahlaan is the ideal platform to help your organization transition toward automated onboarding.
Contact us today to find out more.