Traditional manual onboarding processes have long been a bottleneck for financial institutions, including non-banking financial companies (NBFCs). Paper-based form filling, document collection, and manual verification can be time-consuming and error-prone, creating frustration for both customers and employees.

However, the rise of digital onboarding solutions has transformed this landscape. By leveraging innovative technologies like KYC (know-your-customer) and income & employment verification solutions, NBFCs can onboard new customers faster, more efficiently, and with greater accuracy.

API solutions enable NBFCs to securely share data with third-party applications, fostering collaboration and innovation in the financial services industry. By integrating KYC, income and employment APIs in their onboarding processes, NBFCs and fintech companies can conduct identity verification, creditworthiness checks, and ensure regulatory compliance with ease.

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How Fintech and NBFCs are Scaling Business through Digital Onboarding

Digital customer onboarding, powered by KYC, income & employment verification APIs offers numerous benefits for Non-Bank Financial Companies (NBFCs) in streamlining customer acquisition processes and enhancing operational efficiency. Let's explore the benefits of digital onboarding with examples from the industry:

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1. Enhanced Customer Experience:

Digital onboarding promotes a customer-friendly experience by expediting loan application processes. Traditionally, customers approaching NBFCs or banks were required to fill out extensive forms and provide various documents such as ITR details, bank statements, salary proof, and Aadhaar information. However, with digital onboarding, these verifications can now be processed within seconds, significantly reducing the time required for application processing. This seamless integration of KYC and income employment APIs enables banks and NBFCs to onboard customers swiftly, enhancing satisfaction and accelerating loan approvals.

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2. Faster Onboarding:

By leveraging automation and digital verification processes, NBFCs can onboard customers swiftly, reducing turnaround times and accelerating revenue generation. For instance, several Indian banks have implemented digital onboarding solutions that enable customers to open accounts within minutes, significantly speeding up the onboarding process and improving customer engagement

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3. Cost Efficiency:

Digital onboarding eliminates the need for manual paperwork, reducing operational costs and resource requirements for NBFCs. New age companies have optimised their onboarding processes using digital solutions, resulting in cost savings and improved efficiency in assessing loan applications and disbursing funds to customers

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4. Improved Compliance:

Digital onboarding solutions play a pivotal role in enhancing compliance with regulatory standards while streamlining processes for NBFCs and banks. Traditionally, verifying a customer's income and employment details manually before approving a loan involves lengthy processes and significant paperwork. However, with digital onboarding processes, institutions can seamlessly retrieve customer data through available APIs, such as employment history and PAN verification APIs, with the customer's consent. This not only ensures regulatory compliance but also enhances data security, providing a seamless and secure experience for customers applying for loans.

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5. Scalability and Flexibility:

Digital onboarding provides unparalleled scalability and flexibility to accommodate large customer volumes and business expansion. Leveraging Tartan's exceptional uptime of 99% and rapid response time of less than 1 second, NBFCs and banks can seamlessly handle bulk verifications, enabling them to cater to large customer bases efficiently.

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6. Innovation and Data Insights:

Digital onboarding transforms customer data collection for NBFCs, driving innovation and providing valuable insights for personalized offerings. Traditionally, verifying property locations for loans like home loans required manual visits, causing delays. However, with Tartan's address enrichment API, addresses can now be verified within seconds with the click of a button, streamlining the process for banks, NBFCs, and customers, while reducing turnaround times and completing customer profile validations efficiently.

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Tartan's Solution to the Problem of Manual Onboarding

Tartan revolutionises digital onboarding for NBFCs by employing KYC and income & employment verification APIs, ensuring a seamless, secure, and efficient process. Through seamless integration and automation, errors are reduced, while reducing the turnaround times.Emphasizing data security and privacy, Tartan protects sensitive customer information with advanced encryption. Tartan’s 100+ APIs offer scalability and flexibility to cater to the diverse needs of NBFCs, enhancing the customer experience and fostering long-term relationships.

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How Does Tartan's Digital Onboarding Process Outshine Others?

Tartan's digital onboarding solution stands out for several compelling reasons -

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1. Instant Results:

Leveraging neural web APIs and employing the data triangulation method, Tartan ensures swift outcomes with minimal input. Customers receive comprehensive results within seconds, streamlining processes such as loan approvals. By requesting only pertinent information, Tartan's solution expedites verification processes, minimising unnecessary data submission.

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2. Easy and Compliant Integration:

Tartan offers seamless integration of customized low-code journeys, ensuring compatibility with older smartphones and eliminating the need for new app releases. This approach and a robust consent management system ensure compliance with regulatory requirements. For instance, during the onboarding process for lending products, users can input minimal information and choose which data to provide, enhancing user experience while maintaining compliance.

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3. Ensuring High Efficiency:

Tartan boasts over 99% uptime and a response time of less than 1 second, resulting in negligible downtime and exceptional reliability. This high level of performance translates to high customer satisfaction, as processes remain uninterrupted and efficient.

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4. Cost-effective Solutions:

Tartan's solution is not only efficient but also cost-effective, offering competitive pricing. Customers gain access to APIs and a user-friendly console platform equipped with reporting and alert systems. The user-friendly console platform enables businesses to analyze usage patterns and assess their impact, optimizing resource allocation and maximizing ROI.

Tartan is actively advancing efforts to automate user onboarding and verification, including transaction processes for all financial institutions with our Trust APIs stack

Accelerate customer onboarding: Book a demo today!

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