The need for advanced security in customer onboarding

 In today’s world, when things are rapidly moving online, customer onboarding has become an essential process for businesses of all sizes. Since this process requires the transaction of lots of information, security becomes a critical issue. For the same reason, the use of advanced security has become a necessity to ensure that personal data remains safe.

In this blog, we will discuss why advanced security is a necessity in customer onboarding for the safety of personal data and smooth customer experience.

Let’s explore!

Why Advanced Security is the Need of the Hour in Customer Onboarding?

There are many reasons behind the requirement for advanced security in customer onboarding, such as:

To Protect Sensitive Information

During onboarding, a customer provides a lot of data including the name, address, contact numbers, and sensitive financial information. This data is always on the radar of hackers. Therefore, you have a tough time ensuring the sensitive information of the your users remains safe.

Ensuring Customers’ Trust

Your customers may hesitate to provide this sensitive data without a state-of-the-art security system. Providing a secure environment via eKYC solution would not only build your customers’ trust in your security system but also in your business. This also ensures a pleasant customer experience.

Preventing Identity Theft

In this digital era, customers’ identity is always at risk. There are many cases where personal information like photos or phone numbers are used for unethical purposes. Being an business, it is your responsibility to ensure the your customers’ identity is prevented from such incidents. 

Benefits of Secure Customer Onboarding

Needless to say, providing a secure onboarding is essential for any business. It provides a number of benefits, not just for the customer but also for your business. 

Let’s explore them one by one.

Better Customer Experience

Of course, any customer would feel great if they see a business concerned about his/her online safety. This does not only improves the reputation of your business but also provides a better customer experience.

Reduce Operational Costs

Businesses spend billions of dollars every year to fight against online fraud. As they say “prevention is better than cure”, it is always better to have the security systems in place instead of fighting against the frauds once they happen.

Regulatory Compliances

The digital world has become very careful about the misuse of personal data of customers, and thus we have some organizations strictly enforcing some regulatory compliances like GDPR, CCPA, and PCI-DSS. 

Providing a secure customer onboarding will ensure you adhere to these regulatory compliances, eventually avoiding huge fines and risks.

Competitive Advantage

Every customer would love to deal with a business that does not only provide them with quality services but also takes care of their online safety. 

In fact, customers may compromise a bit with the quality but are always more concerned about their privacy. Providing safe onboarding would give your business a competitive advantage over your competitors that lack it.

How to Ensure Secure Customer Onboarding?

There are many steps you may take to ensure your customers enjoy a smooth and secure onboarding, such as:

Conducting Regular Security Audits

Conducting regular security audits has become a necessity to find any loopholes or vulnerabilities in your security system. As a business, you need to audit your internal, external, and third-party security measures on a regular basis.

Training and Awareness

You need to train your employees and customers about what to share and what not to share online. 

Also, you are responsible for making your customers aware of their privacy. For example, we have seen many banks sending a message asking you not to share your OTP with others. This is also a part of awareness.

Using Secured Software

Many businesses or customers have this habit of going for free tools rather than spending some money on premium ones. 

It is essential to understand that you may put your privacy on the stake by saving this money. 

As an business, you must ensure that the software you use for customer onboarding is reputed, and follows the security measures.

Implementing Advanced Technologies

Today, we have quite a few advanced technologies especially built to ensure customer safety. Technologies like Blockchain and Zero-Trust Architecture are always safer than traditional technologies.

Conclusion

As a business, your first and foremost priority should be your customers’ online safety. The world is full of hackers and people looking to misuse someone’s sensitive information. 

Though customer safety is an ongoing process, it starts with onboarding. Providing a secured onboarding and using advanced security in customer onboarding is needed more than ever. 

DigiPay.Guru is a globally recognized fintech solution provider that offers advanced digital payment solutions to banks, fintechs, financial institutions, NBFCs, and businesses. Our comprehensive suite called DG Bank provides products and services such as Mobile Money,  Agency Banking, International Remittance, eKYC, Prepaid Cards, Merchant Acquiring, and Scan & Thru.

We help businesses design solutions to revolutionize financial markets by building mature, flexible, customizable, and future-proof digital platforms. Our solutions are available in both “License Version” and “SaaS Model”.

Use the methods mentioned above to ensure your customers get the security they deserve, and have faith in you. Happy Onboarding!