Customer Onboarding

Make more informed lending decisions with real-time data and instant insights.

Problem

Despite living in the era of digital solutions, many companies still experience high customer dropout rates because of mundane and inefficient onboarding processes.

Customers are regularly required to collate and provide documentation, either digitally, or in some cases, physically. Not only does this hinder an applicant’s ability to access the loan services they need quickly, it makes the procedure labour intensive for the lender and delays the onboarding period.

Solution

For applicant’s, it’s as simple as connecting your bank account in 30 seconds.

Doing so is significantly more convenient than procuring and supplying paper-based statements. The exceptions process can be brought online, with timelines reduced from a week to same-day processing. The length of time between initial application and account opening is substantially reduced, offering a far better customer experience.

DirectID Products Solving Customer Onboarding

DirectID connects to over 13,000 banks across 40+ countries, so our solutions help global organisations onboard new customers, or in some use cases, new employees.

When a user shares their transaction data, direct from their account in 30 seconds, any business can quickly verify their identity, and if required, start to utilise the DirectID insights solutions to unpack a user’s financial profile.

By leveraging the DirectID solutions, any business can reduce dropout rates by transforming their customer experience and accelerating the onboarding period.

Customer Use Case

A leader in gig economy/food delivery services approached DirectID with a challenge shared by their competitors in the industry: How do we verify that the driver applying for employment is the same person receiving the salary payments?

By embedding the DirectID Bank Account Verification solution into their core onboarding platform, their drivers are guided through a 30-second consent process to prove ownership of their bank account. This removes any uncertainty around salary payments and allows the driver to get straight to work.

Associated Products:

- DirectID Bank Account Verification

The Consumer & SME Case For Open Banking

Looking at issues such as security, potential benefits, bank switching, financial inclusion, alternative lending, better banking experiences and the likelihood of new financial products coming to market from Open Banking.
‍

Read this article

"Using DirectID we can fund a loan application with confidence in the same day."

Lee Birkett
CEO, Just Us

Supplement your
CRA Implementation

Don't lose business through exceptions processes or marginal applications. Supplement your standard CRA assessments with instant insights and real-time data.

Speak to a dedicated expert.