A critical pain point for many customers is having to switch to other channels to finish an application, such as a computer or branch. In fact, 38% of potential customers drop out of onboarding due to frustration with completing the application. Ondot's mobile applications allows customers to complete the entire application on their mobile phone in just minutes. This customizable application allows you to provide a customized process to fit your needs and enhance security with unique mobile identity verification options.
Millennials and Gen Z customers are famous for preferring mobile-first experiences. But it's not just the youngest generation. Over half of all people under the age of 50 would consider a digital-only bank. Potential customers are actively seeking a banking experience that is easy to use and fits their lifestyle. You can make a strong first impression by allowing end-to-end mobile onboarding.
The benefits of mobile extend beyond customer experience. Mobile provides unique verification options to reduce fraud and confirm identity. Customers are asked to take a selfie and ID picture, which can then be compared. And mobile location can be used to confirm their location matches their application.
Ondot partners with multiple third parties for options on identity, KYC, fraud prevention, credit bureaus and more to ensure your mobile application is customizable to fit your onboarding needs.
As traditional financial institutions increasingly face competition from digital banks built for enhanced user experiences, welcoming new customers with an optimized digital onboarding experience is crucial to retaining their loyalty.
In less than 10 minutes, customers are onboarded in a seamless end-to-end process: