Automate Customer Onboarding with Intelligent Document Processing (IDP)

Blog: ProcessMaker Blog

Onboarding new customers can be a time-consuming and tedious process for businesses. It involves gathering and verifying a large amount of information, including contact details, identification documents, and contracts.

Traditionally, this process has been done manually by employees. They gather and verify all the documents received, enter the relevant data into a database, and verify the accuracy of the information before processing and storing all documents. This can be very time-consuming and error-prone due to the manual nature of the work.

How does intelligent document processing automate the onboarding process?

With the advancement of technology, businesses can now use intelligent document processing (IDP) to automate their customer onboarding process. For example, software, instead of a human worker, can verify the authenticity of a passport or extract key data from a contract.

This involves using optical character recognition (OCR) technology to scan and convert physical documents into digital format that can be processed and archived. Then artificial intelligence (AI) and machine learning (ML) algorithms classify the documents by type, and verify the completeness and data consistency before the relevant information is extracted and validated. For example, data such as passports numbers, addresses or gross income are automatically extracted and validated.

The extracted information is then checked against a database or other sources to verify its accuracy. All data is imported into the companies other systems, such as the banks CRM, without the need for manual input. All sensitive personal data is detected and anonymized before it is shared in the organization.

The benefits of IDP for loan and mortgage applications

Richard Smit, VP Technology ProcessMaker IDP:

“With our IDP software based on Artificial Intelligence, we are able to automate the verification and processing of documents for loan applications. Financial institutions can significantly speed up their onboarding processes with our solutions. At medium-sized banks, we even see that we can accelerate this process by up to 70% with significantly less human effort and at lower costs.”

How your organization can benefit from automated customer onboarding

Increased Efficiency: Automating the customer onboarding process with intelligent document processing can significantly reduce the time and effort required to gather and verify customer information. This can free up resources that can be used for other tasks, such as building relationships with existing customers or acquiring new ones.

Reduced Errors: Manual data entry is prone to errors. Intelligent document processing uses AI and ML to extract and validate information, which can help to reduce errors and improve the accuracy of customer records.

Improved accuracy: By using OCR and machine learning algorithms, intelligent document processing can achieve high levels of accuracy when extracting data from documents. This is especially helpful if you deal with sensitive information or require a high degree of accuracy for compliance reasons.

Improved Customer Experience: A smooth and efficient onboarding process can improve the customer experience and build trust in the business. With intelligent document processing, customers can quickly and easily provide the necessary information and move on to using the company’s products or services.

Automating the customer onboarding process with intelligent document processing can provide significant benefits for businesses, including increased efficiency, reduced errors, and improved customer experience. By using AI and ML to extract and validate information from documents, businesses can streamline the onboarding process and focus on building relationships with their customers.

Book a demo with our team today and see how IDP can transform your organization!

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