Achieve Seamless Onboarding with Top Compliance Tips

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The Gist

  • Balance CX and compliance. Striking a balance between customer experience and regulatory compliance is crucial for smooth customer onboarding and maintaining relationships.
  • Leverage digital tools. Utilizing AI, ML, and other digital tools can enhance the customer journey while adhering to regulatory requirements in a rapidly evolving world.
  • Prioritize data privacy. Companies must prioritize data privacy and transparency to build trust and ensure a seamless onboarding process without compromising compliance.

Striking a balance between customer experience (CX) and regulatory compliance often creates more friction for organizations regarding customer onboarding and maintaining existing relationships.

As more consumers are rethinking the companies they engage with due to privacy concerns and data breaches becoming more frequent, companies are left having to find alternative solutions that allow them to minimize bumps throughout the customer value chain, while remaining compliant and following the rules set out by industry regulatory bodies.

A bumpy, hilly road is seen disappearing into the horizon with trees and greenery visible alongside the road as well as some electrical poles in piece about customer onboarding regulatory compliance.
As more consumers are rethinking the companies they engage with due to privacy concerns and data breaches becoming more frequent, companies are left having to find alternative solutions that allow them to minimize bumps throughout the customer value chain, while remaining compliant and following the rules set out by industry regulatory bodies.III1 on Adobe Stock Photos

With the shift toward building more client-intimate and client-centric programs, organizations are left having to rethink their processes, leveraging digital tools such as artificial intelligence (AI) and machine learning (ML) capabilities to further improve the customer journey, while adhering to regulatory requirements in a rapidly evolving world.

Compliance and Regulatory Matters in the Age of Digital Consumerism

Consumers are becoming increasingly aware of the amount of data and information they are leaving on the table for companies.

Rapid Adoption of Technology

However, in recent years, due to the rapid adoption of technology both on the consumer and organizational front, compliance and regulatory structures have become more sophisticated, leading to greater challenges for businesses to create efficient customer onboarding and often missing key barriers within their value chain.

A group of people are boarding a bus with the person at the door uploading his suitcase in piece about customer onboarding and regulatory compliance.
In recent years, due to the rapid adoption of technology both on the consumer and organizational front, compliance and regulatory structures have become more sophisticated, leading to greater challenges for businesses to create efficient customer onboarding and often missing key barriers within their value chain.VadimGuzhva on Adobe Stock Photos

The Right Digital Tools

For companies, finding the right digital tools that help to smooth out these processes often comes with the uncertainty over whether they would actually improve the customer experience, or only add more barriers to entry.

Implementing New Tools

The implementation of new tools ensures that companies follow rules and laws outlined by regulatory bodies, although this has caused an air of skepticism among consumers. A report published by KPMG in 2021 found that a full 86% of respondents shared that they have an increasing concern regarding their data and privacy, while 78% said they fear the amount of data being collected by service providers.

Forward Thinking Strategy

Resolving the customer experience and regulatory issues requires companies to have a forward-thinking strategy that takes into consideration their current position and how they can leverage new developments in the marketplace to improve their customer value chain processes without falling victim to compliance pitfalls, data breaches or cybersecurity threats.

Related Article: Successful Customer Onboarding: A Quick Guide

Minimize Friction in the Customer Onboarding Journey

As competition in the consumer marketplace continues to accelerate with the introduction of advanced technology, customer onboarding remains a critical step in the customer journey. This comes at a time when nurturing existing relationships is often easier, and more affordable than engaging in customer acquisition.

Technology and the Customer Onboarding Process

However, despite the process often being complex, costly, and time-consuming, the customer onboarding process requires careful consideration in terms of the technology and digital tools organizations are willing to incorporate to help make the process more efficient while at the same time remaining compliant with regulatory standards.

Avoiding Friction

Using the right verification and authentication tools will ensure that customers only provide the necessary information, without causing friction in the onboarding process due to laborious or demanding data collection tools.

These actions play an important role considering that 90% of customers claim that they are not willing to buy products or services from a business without first knowing how their personal data will be used, according to one survey by Cisco

Finding the balance between having the right set of tools and being able to go beyond traditional legacy measures enables companies to focus on the client while fulfilling their compliance needs.

Related Article: Boost CX With AI-Enabled Customer Onboarding

Create Understanding Around Regulatory Requirements

Collecting consumer information and data, at any point of the onboarding process or value chain requires organizations to better understand the appropriate measures to safeguard client information, and deliver a fulfilling customer experience while still being compliant.

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