Get customers on board

Getting customers on board with AI

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You’ve pulled out all the stops to convince a potential client of the quality of your services and products. There’s just one more hurdle he or she needs to take: the onboarding process. An essential step, yet this is where banks and insurance companies notice a lot of customer dropouts. Why? Customers get frustrated by communicational hiccups or the time-consuming steps they need to take. Standard automation can solve a number of grievances. However, the biggest frustration – having to reenter information again and again – can only be alleviated by using artificial intelligence (AI).

Why your automation should be intelligent

Automation isn’t something new. We’ve already been letting the computer handle numerous tasks through rule-based programming, such as creating the necessary folders when a customer entry is created. But onboarding is a complex process with many steps and different types of files and data. Long story short, we’re at the limits of automation by programming manually. Intelligent Process Automation, AI and machine learning (ML) can realize the humanly impossible. With the right technology, you can replace the process of manually signing and posting documents with a simple selfie and face recognition. 

Less manual (re)entry of information

During an onboarding process a customer needs to share quite a bit of information. Documents need to be uploaded, forms need to be filled in and signatures need to be added. AI and ML can speed this up significantly by reducing the amount of information you need to enter and process manually. Above all, they solve one of the biggest frustrations of your potential customer during such processes: having to reenter data they’ve just put in in a previous step.

Data extraction from any file

The first step in making onboarding an intelligently automated process is making sure customers don’t have to enter information manually. For instance, when they upload a document, Natural Language Processing – where ML algorithms learn to understand human language – can help the computer interpret what is written and extract data such as the name, date of birth, sex, occupation and more. When you add Optical Character Recognition – where AI can recognize letters on an image – your intelligent process can even get this information from a picture of an ID. So, there’s no need for your clients to type out all this data in a form.

Automated form filling in real time

Having understood and extracted the right information from documents, artificial intelligence then routes all this information to – preferably – your CRM or case management system and stores it directly in the necessary fields. This means that the information is available straightaway. If the customer advances to the next step, artificial intelligence can fill in part or even the entire form based on the data it extracted before. Consequently, this solves one of the biggest frustrations in the onboarding process for your customers and significantly speeds up everything.

Moreover, at no point in these first steps is there a need for human intervention. This frees up a lot of time for your employees too. They’ll be able to move from repetitive administrative tasks to focusing on helping clients with advice. The result is a compelling job and better customer service.

AI throughout the process

It’s not just in these first few steps of an onboarding process where machine learning and artificial intelligence can make a meaningful contribution. Through IPA, the next steps can become more efficient than ever before. For example, not only can forms be filled in automatically, but documents such as invoices, contracts and more can also be automatically generated by AI. Furthermore, machine learning can help safeguard your organization and your customers against fraud, as face recognition provides secure identity checks. With AI, endless possibilities lie ahead.

At Docbyte, we are using digital onboarding software to provide our customers and their clients with a seamless and quick experience. Be sure to check it out and see how we cut the number of customer dropouts in half through Intelligent Process Automation in our solution.