When searching for the best software for completing client onboarding checks, it can be challenging to find one platform that can assist with the many components that help verify the identity and veracity of your new clients whilst facilitating workflow automation.
This could be down to a legacy issue in that various software solutions have been independently adopted over a number of years, an urgency to incorporate remote solutions following the pandemic, which has meant less time researching options and heading straight for the big name providers instead – or it may simply be that firms are not aware of a solution that will meet all their needs.
Many professional service firms are now looking to reduce the number of vendors they are dealing with and have a more integrated and seamless solution that works for them. They are increasingly turning towards one platform provider for their digital onboarding needs as they can see that the benefits far outweigh the perceived inconvenience of change.
Using one platform comes with the following benefits:
Streamlined process
Using multiple onboarding platforms can be a stressful and costly experience. Professional services will often have to go back and forth between their existing platforms, juggling different databases and systems.
This scattered and disjointed approach can lead to errors where firms potentially miss important information about the true intentions of their client.
Streamlining the process into one platform will put all the data you need into one place, saving time and reducing the risk of security breaches.
It will also allow you to combine all checks including ID verification and Anti Money Laundering (AML) to achieve faster completions.
Enhanced communication
VirtualSignature-ID’s SmartForm and SmartLink software eases the communication between professional services and their clients as well as allowing for third parties to share transactions whilst maintaining privacy controls and client confidentiality.
It enables clients the ability to complete and sign forms and send them back, all while being viewed in real-time. You can then return all documentation to your own document management system.
This real-time communication speeds up the document exchange process, freeing you up to move on to other clients or a different stage of the onboarding process.
Improved workflow
Using a single platform will ultimately streamline the workflow of any professional service.
VirtualSignature–ID’s SmartSign software allows clients to exchange eSignatures, and manage eWitnessing, deed sealing and complex document workflows, all in one place. All the processes can be even be started from within the firm’s own document, case and practice management system.
This increased efficiency will save time and ensure faster completion and reduce cost.
Consistent Client Experience
Using a single platform such as VirtualSignature–ID’s will give professional services consistent branding.
VirtualSignature-ID is able to add the logo and other branding of any firm to their software. So, clients will see the same colours and aesthetics each time they use it, giving them the knowledge that they are dealing with the same service provider, increasing client loyalty. It also provides clients with the confidence and trust in knowing that they are dealing with a familiar and trusted entity.
Cost Efficiency
Although it may seem cheaper to shop around for multiple platforms, in the long run, it will be much more cost-efficient to use a single client onboarding platform, particularly one that easily integrates into existing case, document or practice management systems.
Costs can suddenly go up with multiple platforms, as the expense of training staff up on these different platforms takes its toll.
In summary, using a single platform for client onboarding can streamline professional services’ processes, build a stronger, consistent relationship with their clients and save time and money.
VirtualSignature-ID can provide a full end-to-end client onboarding service with full identity checks, including AML and Know Your Customer (KYC) checks. It also gives access to all our Smart onboarding tools from one place, helping clients complete transactions faster.
Please contact us for more information about VirtualSignature-ID’s full end-to-end client onboarding solutions.
Get in Touch
VirtualSignature-ID is a UK Government approved Identity Service Provider (IDSP) that offers professional services firms a suite of end-to-end eSignature, ID verification, AML and KYC solutions that can be incorporated into existing workflows and case, practice and document management systems. If you would like to find out more about how VirtualSignature.com can help with your digital onboarding or discuss a particular solution that will fit your organisation’s requirements, then give our team a call on 0333 335 5176 or contact us and we’ll be pleased to demonstrate how the platform works.
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