Customer onboarding is the procedure users follow from the Day 0 of their journey to establish their relationship with an institution. It consists of varity of interactions and engagements with your service provider to complete initial application, KYC and onboarding.
It is an early customer experience opportunity to make impression for ongoing relationship with your customer.
Self-sovereign identity can help to reduce the operations team loss of capacity and time delay which is spent in submission, verification, and authentication of such documents seperately in each and every related organisation also firmly
However, there are multiple unsolved challenges
- Onboarding Time is not yet optimized According to a report by Forrester consulting, it takes avg of 34 days to onboard an institution customer
- Still paper driven Even, in today’s digital world, many proofs are physical documents, which is hard to process and makes the traceability disintegrated
- High processing cost The operational cost of onboarding is still high mainly due to verification required for authenticating genuineness of the underlying data and documents
- Sub-optimal user experience Lengthy onboarding process makes the user experience less fluid. Dropouts during the online application preocess due to large data capture is still impacting user experience
- Verification is resource consuming Institution invest too much time and money for gathering authentic information about different customer attributes
- Data Security All the users data are stored on a centralized systems which are prone to hack and frauds. Millions of users are victims of identity and data theft in past years
We have thought through these challenges.
At Blockster Labs, our digital onboarding solution can help you address above challenges
Solving the onboarding crisis with Self-Sovereign Identity
- Reduce Onboarding Time Requesting digital credentials and instant verification on the ledger cut down the onboarging time to large extent
- Reduce Processing Cost Cryptographically issued digital credentials by issuers eliminate need of gathering stamper papers from customers and streamline the entire process
- Enhanced User Experience User will be able to complete the application from with click of a button, sharing authenticated digital data with the verifier
- User Data Security With self-sovereign identity, user control their data and is less prone to any kind of theft and frauds