Remote customer onboarding in times of COVID-19

It is not a secret that the current COVID-19 pandemic is accelerating significantly the digital transformation of many businesses. What was planned to be implemented in one-to three- year phases, now needs to be achieved in a matter of days or weeks; demanding companies to adapt in order to survive.

Over the last few months, the way we interact with services has changed even more. Now that corporate culture and workplace operations have been greatly and indefinitely disrupted, companies need to think about their digital transformation initiatives more than ever.

Digital reinvention in times of crisis

Before the COVID-19 pandemic, most businesses were aware of the importance of digital transformation to thrive in the increasingly digital society. We can see that those companies that have invested profoundly in digital transformation before the pandemic are now in a better position to continue operating smoothly than those that took a limited approach towards it.

As we all face changes in our everyday life activities, many companies, unable to conduct business as usual, have turned to alternative solutions and business models. We have witnessed changes in different areas as a consequence of the current situation. However, it has been difficult to encourage its broad adoption in industries that are held down by legacy systems and entrenched ideas. The coronavirus pandemic has brought the need for telemedicine, as doctors need to be able to consult their patients remotely to reduce the chances of transmission. With this, we can expect a growth in telehealth apps as a long-term result of the pandemic. The current situation has pushed the development of alternative solutions that require digital innovation in many industries.

The way companies adapt to the current situation will likely influence how they perform in the future. Some of the changes produced during this time have already transformed, and will continue to do so, the way we interact, and do business; and they will prevail even after we go back to "normal". As McKinsey research shows, bold moves to adopt digital technologies early and at scale, align closely with value creation. Therefore, it is right to say that the appropriate steps taken towards digitalization can help businesses not only to survive but to emerge stronger and to serve better their customers.

Moving forward: Contactless customer experience

The global nature of this recent crisis demonstrates the necessity of sustaining operations regardless of external circumstances. Many companies are starting to realize the importance of digital as a way to enable resilience and to design it into core operations, technology, and the digital workforce while removing the reliance on physical locations. The current lockdowns and restrictions highlight the advantage of remote digital solutions over paper-based processes.

Remote onboarding is now an ordinary experience for consumers. Before the pandemic, remote onboarding was used mostly for financial services; they needed to manage their risks and comply with strict regulations. Remote onboarding helped them to significantly lower the costs of onboarding new customers.

Benefits of digital onboarding

A digital or remote onboarding offers multiple benefits, including lower costs coupled with better compliance and a better customer experience.

Digitalization offers the opportunity to automate all parts of the onboarding process, thus reducing costs and improving compliance. For example, Moflix offers a powerful onboarding solution that allows users to complete the self-onboarding in just a few minutes. Through the platform, users can verify their identity against trusted sources, proof legal documents, etc.

Today's digital-savvy customers can enjoy a seamless, efficient onboarding and an omnichannel experience. A digital onboarding can help to reduce the number of touchpoints during the onboarding, lowering the frustration levels and increasing the speed of the onboarding.

But most importantly, companies can continue with their operations regardless of external circumstances.