Traditional onboarding sees new clients have to pencil a window into their busy schedules to visit you onsite, then spend hours signing documents, discussing company policies and procedures, and watching presentations. It can be a time-consuming and even frustrating process—but, accelerated by the pandemic, it’s no longer the onboarding of choice for most forward-thinking enterprises.
Digital onboarding is the digitization of the traditional onboarding process. In recent years it’s become the norm for many companies because of its capacity to get new clients up and running at pace. But there are so many more benefits to digital onboarding!
1. Streamlining the admin
One disadvantage of traditional onboarding is that it can be time-consuming, and often involves copious amounts of paperwork. In today’s dynamic business environment, this is no longer a viable option every time you have a new client. And then there’s the filing, and hoping none of it goes missing!
But with digital onboarding, everything is stored in a central database, where people can sign any document anytime and have it back to you in an instant, at which point you can assign it swiftly to a precise virtual folder. What’s more, with the right software in place, you can even predetermine or select the documents you want new clients to read, sign, and upload.
2. Creating a consistent introduction to the company
By taking every new client through the same process, you build a consistent brand and experience for every prospect who walks through your doors. No matter when they join you, they all have the same experience, which ensures you’re all on the same wavelength from the get-go. After all, consistency is one aim, but if you can also make the onboarding process engaging then you boost new clients’ confidence and excitement from day one.
3. Reducing costs
Onboarding new clients will always cost time and resources—but traditional onboarding also entails paperwork and printing, which digital onboarding easily replaces without any lost efficiency. Furthermore, by moving documentation online, teamsHR are freed up to focus on more complex aspects of the business. This wouldn’t be the case if they were tied up with traditional onboarding processes such as the signing of documents in person.
4. Improving preboarding
Ensuring new clients are ready to go from day one isn’t easy, but digital preboarding helps them feel confident in your partnership. They will already have acquired some insights into the company’s values and culture. Moreover, preboarding immediately becomes more flexible and accessible when you move it online.
5. Ensuring compliance
Digital onboarding means you can continually leverage compliance processes that effectively check and onboard consumers, sole traders, SMES, corporates, and charities alike. They can also access a range of business data, such as registered company information, company structure, director details, and even credit scores.
6. Growing the relationship continually
Digital onboarding is personalized, adaptable, and seamless—but even so, it’s only one element of the flourishing partnership between you and your new client. Onboarding is just the first step in a continual customer experience, only the beginning of a process that lasts as long as your client is with you.
7. Enhancing engagement
When digital onboarding is inspiring, it leads to a more fruitful working relationship. In such volatile times, most workplaces are undergoing rapid transformation—so your clients need the tools to go with the flow and ensure their organization stays ahead. And when these processes are digitized, they can be far more tightly honed and tailored to what people actually want and respond to when hiring your company.
Digital onboarding has the power to revolutionize your business
By implementing onboarding virtually, you boost the productivity of the relationship with your client, giving them an advantage over their competitors who are still running traditional, onsite onboarding processes. Digital onboarding creates a consistent, reliable, friendly culture for new clients from day one, and sets the tone for a successful partnership. That’s where we come in.
Digital onboarding is embedded in the Toqio white-labelled platform, providing a range of options and partners to choose from, whether your customers are businesses or consumers, and depending on where they are in the world. Powered by market-leading KYC, KYB, fraud, and transaction monitoring platforms, our solution provides a world-class set of tools and integrations to automate your entire onboarding process.