Traditional KYC and customer onboarding processes in a majority of banks and financial institutions worldwide share several common flaws:
They are time-consuming. According to a global Thomson Reuters survey from 2016, “financial institutions reported that it took an average of 24 days to onboard a new client”, with the number only increasing over time.
They are costly. Long onboarding processes are also labor-intensive and impractical in terms of both the back-office operations and for the customers.
Finally, under pressure of regulatory demands, businesses are directing their development efforts toward covering necessities in client onboarding at the expense of customer experience. As a result, onboarding processes often seem boring, dull, and even confusing to the end users, which is exactly how they should not feel when being introduced to financial services.
How did we tackle this problem?
Our focus in Microblink is on developing intelligent data extraction technology to target the mentioned pitfalls in the digital customer journey. Having developed a proprietary machine learning system, we are pioneers in using phone camera with autofocus in conjunction with mobile apps. By automating processes that are time-consuming, but don’t add as much value compared to the process in whole - such as manual input of user’s data - our solutions enable a user to move on to the next onboarding steps quickly and easily, while financial institutions facilitate simpler and more efficient data acquisition and management.
For example, our first breakthrough in the field was PhotoPay - the fastest way to make payments in mobile banking apps. By enabling instant scanning of payment slips and invoices, users could make payments in a couple of seconds and with virtually zero effort. Today, PhotoPay has become a standard feature in mobile banking apps.
Through further development of our proprietary computer vision technology, we discovered parts of the customer journey with the potential of improving UX. We found users dread long, complicated forms that require submitting numerous documents and information.
That’s why we created BlinkID, a software for identity document scanning which replaced complicated forms with real-time personal data input via mobile or web camera. All the user has to do is point the camera at the ID document, and all data is captured real-time with high precision, in less than a second. It is the fastest and easiest way for users to enter their data in any registration or onboarding process. Scanning and extraction are done offline and on-device, which enables enterprises to have complete control over deciding how to handle the information from the security point of view.
BlinkID is available as a mobile SDK or Web API, both compatible with all verification or biometric solutions. Together, they enable easy and secure registration with seamless user experience. BlinkID is a perfect fit for various use cases, such as mobile/e-KYC, e-wallet registration, online shopping, telco user registration, visitor check-in, and many other.
The bottom line
The first impression matters a lot, especially when users are at the point where the service isn’t signed and sealed yet. At Microblink, we think of every step of the customer journey as an opportunity to convince, engage users, and form trust with them; so we develop solutions that not only eliminate inefficiencies, but also delights users with speed, accuracy, and ease of use.
Want to see BlinkID in action?
There are plenty of ways you can try out BlinkID - and they're all free.
Download the free BlinkID demo app on iOS or Android or try the Web API.
To try the newest version of BlinkID with autodetection of ID type and AR instructions, download the Microblink Showcase app or register on our Developers site for free.
We hope you found our insight into digital onboarding useful. If you have any thoughts or questions on the topic, feel free to get in touch with us below.