In a recent collaboration with American Banker and Middesk, Liminal took part in its latest webinar, “Automating ‘Yes’: Solving Identity in Digital Business Onboarding”, highlighting the future of digital banking through the lens of automation. The conversation went beyond the usual discourse on artificial intelligence, diving into how establishing a dependable business identity can revolutionize banks’ approach toward customer onboarding and risk management.
The Promise of Automated Onboarding
Automated digital onboarding represents a transformative force in banking aimed at enhancing the quality, speed, and volume of customer acquisition. While consumer onboarding processes have achieved notable successes, business onboarding continues to face significant challenges in 2024. The complexities inherent in verifying business identities have impeded the shift towards full automation, which could address many of the current pain points, such as high operational costs, less-than-ideal customer experiences, low pass rates, and rising instances of fraud.
Insights from Liminal’s Link Index
Drawing upon its recent market research, the Link Index for Business & Entity Verification for Financial Institutions and Fintechs, Liminal has pinpointed key market pressures and specific challenges related to BEV, emphasizing the pivotal role of automation in surmounting these obstacles to boost efficiency and security in business onboarding processes.
Strategic Approaches to Enhancing BEV
The discussion provided practical benchmarks and strategies for automating crucial aspects of the onboarding process. Key topics included:
- Building Optimized Experiences: How to collect essential information from applicants while minimizing friction.
- Data Management: Selecting best-in-class data vendors and effective management techniques.
- Optimizing Automation: Implementing pass rate rules and policies to streamline processes with a forward-looking perspective on the evolution of automation in banking.
Liminal continues to drive the conversation on how digital businesses can leverage sophisticated automation to not only meet but exceed modern demands. Stay Tuned.
