Digital customer account opening and onboarding has many challenges. For complex transactions, often times scanning, faxing, emailing, express mail etc. are required to complete the process. In addition, many customers are required to visit a physical branch to verify their identity to open new accounts, complete applications and other processes that require a substantial amount of complicated paperwork. Due to the amount of work it takes to get complex forms/applications completed, there are delays, procrastination and customer drop off. Liveoak Technologies is solving for the time it takes to complete new account paperwork, customer onboarding and insurance/financial applications as well as decreasing customer drop off. Find out more about the problem and how Liveoak solves for it. Digital transformation is happening now for remote account opening. #fintech #finserv #banktech #insuretech #Regtech #IdentityVerification #IDV

1. Digital Remote Account
Opening

2. Typical remote account opening workflow

3. Challenges with remote account opening
• New account applications can be complex and time consuming and
without assistance, customers become frustrated.
• Incomplete or incorrect forms starts the process over.
• Time is lost due to sending paperwork back and forth with mail, email,
scanning, faxing and in person visit requirements to a branch.
• Customers became agitated without the option for digital convenience.
• Abandonment rates as high as 50% = lost customer and revenue.

4. Remote account opening typically flows like this today...
• Nearly half of people who start an application online drop out on the first
page due to the length of time it takes to complete the application.
• 30% of applicants fail the online verification process and they have the
option to visit a branch to complete their application and verify their identity.
• Visiting a branch to open a new account is the end of the digital journey
and the process reverts to outdated verification processes.

5. Remote Account
Opening
Undergoing a digital
transformation

6. “While today's
consumers expect
excellent service at
physical locations, they
also want a blended
online and offline
experience.”
People want to choose how and when they transact

7. Customers today want omnichannel access
BRANCH DESKTOP MOBILE
Online and offline experiences need to be connected

8. With complex
transactions, most
people still
require human
assistance.

9. Success in digital, customer
onboarding = taking a human-
centered approach to convenience.

10. Without
assistance,
remote account
opening is often
delayed and/or
customers drop
off.

11. Use technology to solve simple human problems
• In regulated industries, new customer onboarding requires more steps
and customer can be left feeling exhausted and frustrated.
• Specifically in financial services, the business of money is emotional
and the goal is to use technology to reduce friction points.

12. How do we take advantage of
technology to make the
process easier and reduce
friction points?

13. eSignatureCollaboration
Conferencing
A solution that solves the
pain in complex customer
engagements by combining
video conferencing,
collaboration, identity
verification and e-Signature
all in a single user
experience - bringing the
human element to the digital
journey.
Liveoak

14. Current Use Cases
• Insurance/wealth management customer onboarding
• Retirement plan on-boarding
• Corporate Customer on-boarding
• Virtual customer one on-one-meetings
• International customer on-boarding
• KYC reviews

15. Rather than accepting
limitations, innovate around
the restrictions.

16. Create a human-centered,
approach by taking advantage
of the ability to web conference
and collaborate with your
customer.
When engaging with remote
customers, re-create the
power of a face-to-face
meeting.

17. There will always be a percentage of customers
that will be referred to a branch for a credit
decision or fraud suspicion.
The goal is to use technology to help 90-95%
of customers who will successfully complete
the digital account opening process.

18. Key Features/Differentiators
• Simple real-time engagement using video, audio, video, chat and, co-
browsing
• In-session electronic signature and transaction fulfillment powered by
DocuSign
• Compliant customer data capture and secure file transfer
• Multi-factor Identity verification utilizing video + photo snapshot of customers
government issued ID
• Cloud based archiving of conference data and events with auditable record
of each session, down to the keystroke
• Custom Branding

19. Digital Remote Account
Opening
www.Livoeak.net
www.Livoeak.net/demo