Digital onboarding is simple

Bronwyn Townsend, senior marketing manager at InfoTrack, warns against ‘analysis paralysis’ when it comes to implementing a digital client onboarding solution.

Preparing for the switch to digital client onboarding in law shouldn’t feel like a burden. With the promise of faster onboarding timescales, more reliable data references points, and an enjoyable user experience for you and your clients, it’s a no-brainer.

It seems though that for many, decision paralysis sets in and choosing how to move forward is where many firms find themselves stuck. Concerns about how to move your client care letters into a new system or resistance to change when staff believe their current systems get the job done can present as barriers. Sometimes, it’s finding which solution is best for verifying identities and funds or knowing whether the solution will deliver the best client experience. Whichever it is, the prospect of switching your onboarding process to a digital one isn’t a decision to be taken lightly.

You need a solution that works for you and your clients. What does that look like? For most firms, it should be a flexible system. It needs to make the client onboarding process easier and faster, without compromising on your compliance obligations or the user experience. And most of all, it should eliminate pain points you and your clients are currently experiencing.

The catalyst effect caused by the pandemic meant a lot of firms quickly switched to using digital onboarding tools overnight. This decision, made out of the necessity to maintain business as usual, will now benefit from re-evaluation. Is the solution you’re using still working for you two or three years down the line?

Start by assessing if you’re experiencing any sticky issues. Finding what isn’t working will lead you on the path to finding the right digital onboarding system that addresses all your needs.

One seamless digital onboarding portal

A common concern is while firms are now using tools that digitise the process, it’s still fragmented. If you’re still using multiple platforms, numerous logins, and having to access results from multiple sources, you’re only halfway done.

Once you’ve received instruction, onboarding should be a smooth process for you and your client. Having one online portal where they can complete their ID check, verify their funds, access client care letters, complete property information forms, and return electronically signed documents is the key. Fewer systems means less hassle and confusion for your client and one source of truth for all onboarding information for you.

How to choose your digital onboarding provider

When you start your assessment of your current onboarding process and how to move forward, creating a checklist of must-have features can get you on the path to faster digital onboarding sooner. Questions most firms are prioritising include:

• Does the service provide resolutions for our current problems or pain points?
• Does it meet and improve compliance requirements?
• Is it user friendly for your firm and your clients?
• Is it secure, trusted, and reliable?
• Does it offer scalability, including the ability to roll it out across various practice areas in your firm?
• Does it integrate with other services we already use, such as our case management system?

The right provider will ensure the barrier to adoption is low. Because adopting a dedicated digital client onboarding process shouldn’t be difficult – it’s there to make your workflow easier from the start of a transaction.

Don’t let analysis paralysis prevent you from taking your client onboarding process to new heights. Once you define your must-haves and identify what you want to get out of your digital onboarding process, the path to embracing digital becomes clearer. Take the next step and you’ll be onboarding better, sooner.