ID-Pal is an identity verification solution that enables businesses to onboard customers simply, securely and conveniently. If your businesses is required to carry out KYC procedures, or if you’re simply looking for a more seamless onboarding solution, ID-Pal makes it as simple as possible for you to establish and maintain trust with your customers.
Customer onboarding processes are typically frustrating for the customer and result in lost revenues for the business due to high customer drop-off rates. ID-Pal reduces the risk and cost associated with customer onboarding whilst removing the friction from the user experience, enabling businesses to increase topline revenues.
Here Are The Top 5 Ways Businesses Benefit From ID-Pal:
1. REDUCED CUSTOMER DROP-OFF
Research has shown that customer drop-off during the onboarding stage can be significant.
Abandonment rates can be as high as 40% if customers are asked to bring documents in in-person.
This drop-off represents a serious loss of revenue for businesses.
With ID-Pal, the onboarding process is extremely simple and convenient for the customer. They can submit their identity documentation from the secure ID-Pal App in under 3 minutes, anytime, anywhere. This simplicity removes the frustrations and obstacles that cause customers to drop off during the onboarding process, resulting in increased new customers and therefore revenue for the business.
2. FREED-UP INTERNAL RESOURCESOnboarding customers in-person is typically paper-based and time consuming for both the business and the customer. An independent study revealed that the value of time and money a business spends on KYC (Know Your Customer) compliance every year averages €73,000. This time and money can be better spent serving the needs of your new and existing customers.
Onboarding customers in-person is typically paper-based and time consuming for both the business and the customer. An independent study revealed that the value of time and money a business spends on KYC (Know Your Customer) compliance every year averages €73,000. This time and money can be better spent serving the needs of your new and existing customers.The ID-Pal Business Portal includes a rules-based workflow, as well as technical and manual checks, that allow the business to review and approve a customer’s onboarding documentation in less than 60 seconds. This frees up employees to invest their time in providing value to customers and generating revenue for the business.
3. ENHANCED CUSTOMER EXPERIENCEThe onboarding process is the first interaction between the business and the customer. As a business it is critical to make this process as seamless and hassle-free as possible. The current KYC process is a minefield of frustrations and obstacles where customers may have to travel long distances to provide identity documentation in person or to have their documents certified as true. On top of this, they may have to wait in line once they get to the business.
The ID-Pal App provides customers with an enhanced, user-friendly solution. Customers can submit their identity documentation and information in seconds, from the comfort of their own home. The ability to complete the onboarding process anytime and from anywhere means that the challenges and frustrations are replaced with simplicity and convenience.
4. SECURE DIGITAL SOLUTIONSecurity of personal information is of the utmost importance to both the business and the customer. With ID-Pal, all communications are secured using industry-standard encryption. ID-Pal does not retain customer documentation once it has been validated by the business, and CDD (Customer Due Diligence) reports for the business are stored securely on the cloud.
5. RIGOROUS COMPLIANCE SOLUTION
We know that being compliant isn’t a luxury, it’s a necessity. Our SaaS solution packages best-in-class technologies into one seamless, end-to-end solution to ensure the most robust, multi-layered verification possible.
Whilst our advanced technical checks interrogate identity documentation for forgery and tampering, final control over approval of the onboarding material rests with the business. Once the submission is approved, the portal generates a CDD (Customer Due Diligence) report that contains all the relevant identity information. The report is securely stored on the cloud and provides a robust audit trail.Contact us today for a demonstration of the ID-Pal platform, and let us help you take the pain out of customer onboarding.
