The document discusses the increasing demand for efficient digital onboarding in the banking sector, emphasizing the integration of artificial intelligence (AI) and digital transformation to enhance customer experiences. Key strategies include digitizing processes, allowing seamless banking anytime, minimizing repetitive data entry, and personalizing client interactions. Signzy is highlighted as a successful example of a tech-enabled solution that streamlines KYC processes and onboarding, resulting in significantly reduced operational costs and improved customer satisfaction.

2. These days, the demand regarding digital marketing practice are higher among the customers,
because due to matching the combined experience as they get in other industries. To deliver
mobile-first and customer-centric digital experience, financial institutions obtain themselves
under a pressure in the whole journey starting from account opening. We can say that artificial
intelligence in the banking sector might be the best solution for financial institutions to
reshaping and increasing customer interactions during the processing of digital customer
onboarding.
The onboarding system is generally the first experience a customer has with any banking
institution and that in itself sets the tone of the ongoing experience the bank can deliver.
The client onboarding process is also critical by the fact that it gathers Know Your Customer
Data for continuing maintenance and management of the account.
AI in banking has become a priority for bankers, and they have identified two areas worthy of
transformation with this latest technology- KYC and digital onboarding.
How Can Banks Offer a Seamless Onboarding Experience?
There are four critical areas in which banks can focus to revolutionize the onboarding
experience they offer:
Digitize processes, indeed — Often financial institutions fail to understand that digital is
more than online and mobile. Their customers demand sophisticated interfaces, but banks
continue to work through manual and paper-based workflows. This way, bankers are rendered
unable to answer customer queries about process status and task completed. Enabling a single
point of truth of each customer and eliminating manual, disconnected processes will empower
bankers to quickly onboard customers and collect and manage their information seamlessly. AI
in banking will also increase the quality of data and help minimize errors.

3. Allow customers to bank anytime, anywhere — Digital transformation in banking will
help customers to carry out functions 24x7, from anywhere using their preferred device or
channel. In turn, financial institutions will be able to market products across multiple channels,
improving sales and customer retention. By introducing an Omni channel experience through
responsive web design, banks will be able to offer frictionless user experiences allowing
customers to undertake the digital onboarding process on one platform and finish it on a
different one.
Collect data once — Customers often face frustration when they have to provide the same
information over and over again for different banking tasks. Digital transformation in banking
can change that. Banks have started experimenting with end-to-end interfaces that allow
customer details to be entered once and reflect everywhere else. This cuts down a lot of hassle
for both customers and banking officials. In conjunction with AI in banking, institutions are also
considering the applications of blockchain to consolidate data across a financial organization.
Personalize experiences — Predictive analytics can be leveraged to learn more about
customer behavior- where customers spend their time, where they abandon sessions, and so
on. With this data, banking institutions can personalize experiences for customers and expedite
the digital onboarding process.
Banking organizations are ripe with data ingested by intelligent capture only waiting to
introduce processing intelligence.
Digitize the Onboarding System & Opt for Online ID Verification
AI is helping banks set up a seamless digital onboarding experience. Consider this: when a
customer opens a new bank account or applies for a loan, they have to provide a number of
documents and ids to their banks such as employment proof, identity proof, and proof of
address.
Additionally, the bank staff needs to physically scan each document to verify specific clauses,
values, and statements in their process. Then, bankers need to verify particular intentions or
assumptions with the customer before deciding each customer’s creditworthiness for a loan or
a product.
These manual activities are tiresome and can very well induce error anywhere in the end-to-
end process.

4. With intelligent capture and online id verification, this can be done with a few clicks on a
smartphone. Thus, saving bankers and customers a lot of time and effort.
Since customer satisfaction is a crucial differentiator for banking institutions today, automating
and digitizing their onboarding process can prove to be a game-changing strategy. In other
words, the client onboarding process can determine customer experience, loyalty, referrals,
sales, and profitability.
Digitizing the onboarding process will also help banks adapt to changing regulations quickly.
With manual paperwork, turning a few regulations every month can seem a daunting task,
while digital processes make the process easier.
How Signzy is Innovating in the Banking Space
Trusted by ICICI Bank, SBI, Birla Sun Life Mutual Fund, Edelweiss, MasterCard, PayU, HDFC Bank,
and many other financial institutions, Signzy is a classic example of a tech-enabled solution
disrupting the banking space.
Through Blockchain and AI solutions in banking and financial services, Signzy is reducing human
interaction with customers at various levels, saving it only for the critical decision making
aspects of banking.
Here are a few features Signzy offers across its product line:
 Digital real-time KYC
 Digital signature for KYC
 Biometric signatures
 Algorithmic Risk Intelligence to provide a satisfactory background check
 Digital contracts

5. Signzy can help financial institutions decrease operational expenditure by 75
percent.
Case in Point: How Signzy worked for a Banking Institution
 The existing process consisted of the following steps:
 The customer manually fills in the application form.
 The bank sales associate collects the forms and KYC documents without verifying.
 The branch manager screens all documents to make sure everything is in place.
 The central ops do a risk check on the documents collected.
If the documents have anything amiss, they go back a phase and the process restarts.
Here are the challenges the baking firm faced because of their manual processes:
 Errors in filling out forms.
 No real-time verification of the information submitted by the customer.
 Missing documents or details.
 Time-consuming process.
 Manual documentation that’s hard to maintain.
The solution to this firm’s woes was a digitized platform to disrupt their inefficient process such
as Signzy.
The benefits Signzy realized for this institution:
 As customers filled out digital forms and submitted to bank associate, the information
could be checked in real-time.
 The verification process was automated as a result.
 The auto-populating of form quickens the process.
 Reduction in human typing errors by data extraction.
 Company verification from government records.
 The user experience was transformed into a smoother one.
 The bank ops could now focus on key risk cases and undertake high-value tasks
Since the bank saw a dramatic reduction in their operational costs, their revenues surged.
Signzy can bring out massive measurable benefits for their customers.

6. Signzy realized the following metrics for its client:
1. 80% cost reduction in customer onboarding process.
2. Reduction in the TAT from 3 days to 30 minutes- a huge time saving and a differentiator
in customer experience.
3. Three times more efficient sales.
As of the end of 2018, Signzy supports 51 customer accounts and answers half-a-million API
calls each month. Signzy digitally transforms businesses focused on financial services.
Source: https://signzy.com/