Digital Onboarding involves digital identity verification, which as the name suggests, is the process of confirming an identity online. It confirms the identity of the customer, authenticates it, and investigates their online rep to prevent fraud, mitigate risks and ensure compliance at all times.
It is a key line of defense for anyone conducting business in 2024. And industries ranging from financial institutions to e-commerce stores, digital identity verification is a must for any business of any size.
So, what if you don’t use a digital identity verification solution? Well, to put it simply, your business becomes susceptible to fraud.
Did You Know?
In 2022 alone, a staggering $52 billion was lost to identity theft fraud, impacting millions of individuals Let me track this back a little for you – for any business to ‘prevent fraud’ is no stroll in the park. Your team would typically manually verify the authenticity of the documents provided and then extract the data that is useful for them – a tedious process that everyone dreads.
It’s time to put all that in the past! You can now seamlessly onboard customers and verify their identity within seconds via PowerCred’s Digital Onboarding Stack. And essentially stay on top of your onboarding operations.
Furthermore, businesses that expect thousands of bank statements and other financial documents coming in, can leverage PowerCred, to reduce their operational time and costs. This is because PowerCred is document agnostic and supports 10+ major banks in Indonesia.
Financial institutions both purpose-driven (collateral based) & non-purpose driven can expand their reach and cater to a larger sector of consumers. As they would be able to onboard clients faster and get a true picture of their creditworthiness.
By verifying identity with government bodies like DUKCAPIL, TELCO and cross-verifying the validity of bank statements your onboarding is as easy as it gets. This further enhances the customer experience
PowerCred allows you to segregate & verify documents and also determine the customer’s creditworthiness within seconds.
Why use a Digital Onboarding Stack?
Still need convincing? No problem ✌️
Let’s see how a document-heavy organization such as financial institutions, larger corporations and successful businesses can improve their onboarding systems.
Verify Customers with ease: PowerCred’s Onboarding Stack resolves you never-ending document verification issues. You are immediately notified if any document doesnt pass our verification checks.
Fraud protection on the go: From TELCO verification to police records and other wallets, fraud detection is simplified by PowerCred’s Onboarding Stack.
Digital Onboarding Stack – Go pro with customer onboarding today!
Now that we know why digital identity verification tools like PowerCred’s Digital Onboarding Stack are needed. Let us see how it makes a difference for actual businesses
Financial Institutions
Banks and other financial institutions have always needed help to onboard new clients, and PowerCred’s Digital Onboarding Stack makes the process easier.
Assign a Confidence Score for every borrower after verifying their identity with 150+ alternate data partners. This saves the bank a lot of time and also reduces the chances of risky behaviour
Now let’s look at Auto Lenders
Auto Lending
Auto lenders have to deal with thousands of documents like KTP, NPWP, other Insurance claims documents daily. Now, a manual check of these many documents is a task you would love to do away with! That’s where PowerCred’s Digital Onboarding Stack steps in
A one-stop-shop for all the data needs of any lender. No matter what type of document or its format; the processing is training free and without need for any labeling and sampling.
Time to switch to PowerCred’s Digital Onboarding Stack.
So there you go – PowerCred’s Digital Onboarding Stack are what you need to make onboardings easy.
Free yourself and your team from the burden of manual document checking and integrate Digital Onboarding Stack today.
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