Your customer’s first user experience has a significant impact on whether or not your product or service will be a success. If the onboarding process is confusing or arduous for your customer, you can forget your potential for growth. Improving your customers’ onboarding experience will help reduce user churn by providing a user experience that delivers value quickly and efficiently.
One of the most common questions that we get asked at Contego is regarding the relationship between user experience versus risk and compliance management, and how the two can be aligned.
Executives focused on streamlining the customer experience want to simplify the onboarding process, reducing abandonment levels and increasing customer acquisitions. They want to acquire and check the least amount of personal data from the customer as possible. From their perspective, customer compliance checks are a tick-box exercise to fulfil a set of obligations that demonstrate that they have done just enough to comply. It’s all about speed, automation, fewer errors, and meeting expectations of the digital savvy customer.
From the compliance team’s perspective, they want the customer’s identity to be rigorously and comprehensively checked against multiple data sources. They need to be confident that the data provided is correct and genuine before they make a decision whether to onboard or not. It’s all about checks being carried out diligently, comprehensively and ethically whilst ensuring they meet regulatory requirements and internal policies. This need for exhaustive compliance can potentially slow the onboarding process and increase the risk of customer churn.
This contrasting relationship can create friction and uncertainty when considering where to position important risk management processes.
However, as the focus on regulation enforcement continues to rise, individuals are now being held accountable for the regulatory failings of a company. There is an increasing emphasis of the importance of imposing liability on individuals at all levels of an organisation, especially when their misconduct is intentional and knowingly carried out. Individuals could even face a potential 5-year prison sentence for non-compliance.
So, is it possible to have both, streamlined UX and robust risk management processes?
Here at Contego, we believe you can have the best of both worlds.
Watch Richard Ingles, Head of Client Development at Contego explain how we are developing technology solutions that enable our clients to simplify their due diligence checks, streamline customer onboarding and ultimately reduce their risk.
We provide a single global platform to verify and risk-score people, companies and ID document- via a single API. Our breadth of data coverage and accuracy will enable you to make crucial data-driven decisions instantly about who you choose to do business with.
Our platform not only automates checks, but also aids organisations to continually monitor their customers once they have been onboarded, to support audit processes and help ensure regulatory compliance.
Regulations have often been viewed as a burden to business and something that stifles innovation. However, at Contego, we believe that embracing RegTech solutions can have a transformative, positive effect on your business and therefore should be seen as a competitive advantage.
If you want to learn how RegTech can reduce the cost of your compliance, automate onboarding processes and keep regulators at bay, call us on +44 (0) 1235 375 000 or visit our website and request a demo.