Digital onboarding: what is it and how does it work?

Onboarding is a key component of running a thriving operation, whether you’re an expansive financial institute or a mom-and-pop business. That being said, not all onboarding processes are created equal.

If you’re still utilizing traditional onboarding tools in your system, in other words, relying on mountains of paperwork to get the job done, it’s time to consider upgrading to a streamlined digital onboarding platform that takes the stress, headache, and wasted resources out of adding new hires, customers, and other users to your operation.

What Is Digital Onboarding?

Simply put, digital onboarding solutions leverage the power of modern technologies to simplify the onboarding journey and put more emphasis on the individual, and less on time-consuming paperwork. Digital onboarding is particularly popular in the fintech space, as it allows financial institutions to onboard new customers through a safe and secure platform.

However, online onboarding is no longer exclusive to huge operations. In fact, many SMEs are opting to take their onboarding procedures online, allowing them to tap into the cost-saving benefits that these solutions provide.

Why Choose Digital Onboarding?

As mentioned, digital onboarding comes with many benefits for the organization itself, with some of the top perks including:

Better Functionality

First and foremost, remote onboarding platforms are significantly easier to use than their paper-pushing counterparts, taking much of the stress out of HR departments and other key players in the hiring process.

Enhanced Customer Experiences

In terms of bringing in new customers, digital onboarding solutions can create better user experiences by eliminating the need for redundant paperwork, endless signatures, and waiting around for necessary verifications. Plus, many digital onboarding platforms allow you to customize the accounts of your customers, giving you the ability to know your customers on a more intimate level.

Automated Efficiency

Onboarding is often seen as a time-consuming process, but with a streamlined digital platform, operations can automate their onboarding procedures and get the job done in a fraction of the time.

Easy Integrations

More integrations lead to greater efficiency for your operations, and digital onboarding makes it easy to organize your resources all in one place. From creating a new account to identity verification and accessing training documents, a good onboarding platform allows you to do it all.

Traditional Onboarding Vs. Digital: What’s The Difference?

Now, if you’ve been using traditional onboarding for a long time, making the change to an online onboarding platform can seem daunting. However, the benefits of choosing to take your onboarding journey digital greatly outweigh the stress that comes with transitioning to a new system.

Traditional Onboarding:

• Time-consuming forms that often require new hires and potential customers to repeat the same information again and again.

• Potentially sensitive personal data, including social security numbers, credit card information, and bank account numbers, are difficult to secure with paper documents.

• Printed onboarding forms, along with training documents and welcome packets, require operations to invest in these resources.

• Materials can be lost, misplaced, or even stolen when not stored carefully.

• Additional authentication measures like identity verification will need to be outsourced to other providers, slowing down the onboarding process.

Digital Onboarding:

• Allows operations to streamline their onboarding experience with automated tools that guide users through the process with ease.

• Safe and secure cloud-based storage for sensitive personal data, keeping employees and customers protected from harm.

• Cost-reducing online platforms that eliminate the need for printed materials.

• Ability to monitor the user progress in real-time, giving management and account executives the power to enhance the overall experience new users.

• Fully integrated systems that utilize advanced verification tools, including biometric authentication measures and easy-to-use electronic signatures for each identity document.

• Customizable profiles make it easy for customers to upload pictures from social media, take a selfie, and share more insight into their personality.

Who Is Digital Onboarding For?

Ultimately, digital onboarding is a modernized approach to bringing new individuals into an operation, either as an employee or as a client. These platforms were designed specifically for the needs of:

SMEs

Creating a better workflow for your hiring department is essential to reducing employee turnover, and leveraging the benefits of a remote onboarding platform is a great tool to achieve this. Without the need for on-site onboarding, your in-house team can focus on more pressing matters, allowing new hires to be guided through the onboarding journey from the comfort of their own. This allows you to cut your costs, streamline your systems, and grow your operation with ease.

Financial Institutions

Digital banking is a a must for modern financial institutions, but can also pose many concerns for new users. Online client onboarding platforms have been shown to improve the overall customer experience and increase trust in the institution, leading to a lasting relationship between the client and their bank.

Customer Onboarding

The success of any business comes down to its customer journey, and onboarding new customers is a key part of this process. Digital customer onboarding makes the account opening process fast and simple, improving the first impression that new users have about your business. Most importantly, a customizable profile allows you to better know your customers, allowing you to create a more tailored approach to improving their experience.

How Does Digital Onboarding Work?

Whether you’re using this approach for new hires, or customer onboarding, there are a few important stages that need to be included for a smooth onboarding process:

Pre-Boarding

Before you can onboard a new user, using digital paperwork allows you to collect electronic signatures, input key personal data, and begin the verification process for user identities.

Authentication

Once all the necessary documents have been collected, authentication tools allow you to verify the employee or customer’s identity with modern tools that are in compliance with federal regulations.

Training Materials

Most new hires are eager to do their due diligence when getting ready to start work. An integrated online onboarding platform allows you to upload welcome packets, training materials, and other tools they need to start strong.

Off-Boarding

Of course, there may be a time when you need to remove a user from your organization. Digital onboarding platforms allow you to easily conduct exit surveys, secure any collected data, and close the account in just a few steps.

Meet Workstream: The All-In-One Digital Onboarding Solution

While many remote onboarding platforms claim to offer comprehensive solutions for your needs, Workstream was designed to address the gaps in your current onboarding system and make the process swift and seamless for employees and clients alike. Our user-friendly platform allows you to access key integrations, including:

• Digital Onboarding Documents

• Secure Electronic Signatures

• User-Friendly Account Opening

• Cloud-Based Data Storage

• Customizable Customer Profiles

• 90-Day Onboarding Training Materials

• Streamlined Identity Verification Tools

• Engaging Surveys

• Progress Tracking Features

• Off-Boarding Solutions

To learn more about how Workstream can enhance your onboarding journey, visit https://www.workstream.us/ today.