By Arif Mamedov, Ph.D., President of Regula Forensics, Inc.
Onboarding is like a gateway, where you as a guard can either let the right person in or assure that a fraudster shall not pass through. That process contains a challenge: if it is not streamlined enough, a huge abandonment rate can occur. Ever since the COVID-19 pandemic began to impact government policy, everything has become digital and this has brought another challenge for myriads of industries. Even though we are now in the phase of reopening, the pandemic may have a long-lasting effect and it may not be the last one, so we need to be prepared. Therefore, providing a seamless remote onboarding experience is currently a must have for a variety of industries. We at Regula try to assist with that.
Regula is a scientific and industrial enterprise that was established in 1992. Regula develops software solutions and manufactures forensic equipment for authenticating security documents. Our company has gained the reputation of a reliable partner and has carried out thousands of challenging tasks for our clients. Today our regular customers include Ministries of Internal and Home Affairs, police, border and customs services, banks, insurance companies as well as a range of other organizations.
Although a number of solutions have been developed, security remains the main challenge. That is visible in a variety of industries, particularly insurance, government services, banks and new, evolving financial services.
The majority of banks believe that operations- and sales-wise everything may shift to digital channels to an even higher extent. We decided to answer why it is important and how to provide a secure and seamless remote onboarding experience on a regular basis?
Turn a visitor into a dedicated customer: by simplifying the user journey, you ensure client retention, meaning stable revenue and growth.
Increase the likelihood that your clients will recommend you: create an excellent client-business relationship and receive customer referrals that carry a 16% higher lifetime value.
Strengthen your business’ position in the market: provide an exceptional service that trumps your competitors in terms of quality.
Expedite the process: endless forms take time and energy to fill in. To save your customer’s sanity, shorten them and automate everything that can be automated by integrating OCR solutions into your mobile or web forms.
Blend security and efficiency: financial crimes are on the rise as fraudsters constantly develop new methods; rather than lagging behind, leverage the optimized onboarding solutions, which would blend security and efficiency together. Of course, bear in mind that during the onboarding process, abandonment rates are the highest. We at Regula have solutions to mitigate the frustration of customers while bringing security.
Based on the Core SDK that powers Regula hardware solutions, the company has developed its proprietary software product – Regula Document Reader SDK – a standalone software product that is suitable for integration into mobile applications, as well as web-based solutions. It is designed for automatic reading and verification of personal data in passports, ID cards, driving licenses, visas and other ID documents. Leveraging the largest database of documents and templates (10,000+), we identify most of the existing documents in less than a second. Using this solution means creating a seamless onboarding process while complying with KYC regulations and mitigating fraud.
Thus, Regula has turned into a one-stop-shop solutions provider to build seamless on-premises digital onboarding workflow.
You can visit the webpage to get more information and use cases.
About the Author:
Arif Mamedov, Ph.D., President of Regula Forensics, Inc. Having rich experience in both hardware and software products Dr. Mamedov is a globally recognized expert in the field. He joined Regula back in 2010, and became an integral part of the company’s growth .