A recent report shared in collaboration with Gartner peer insights suggests that 2022 has seen the regulatory challenges almost double as compared to 2021 for fintech application development. Such reports are overtly highlighting a crucial issue in the fintech digital transformation journey - the need for a more efficient customer onboarding process. Be it digital payments, core banking, e-commerce, or any other domain, employing technologies like AI/ML, Design Thinking would be futile if we are tripping at the very first hurdle of customer onboarding. For industries like fintech the onboarding process is rather complex and time taking, allowing multiple vulnerabilities to pop-up like - country to country compliance, omnichannel engagements, and overlooked security loopholes. Therefore, it would only make sense for Fintech app developers to strategize an upliftment in the customer onboarding experience for the different fintech domains.
Through the course of this article, we will focus on carrying out this upliftment by means of automation. Moreover, leveraging Zymr’s experience with fintech application development and automation, we would explore the option of Robotic process automation (RPA) to automate the client onboarding process. To begin with, let us build the case for the need for automation when it comes to fintech client onboarding.
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