We are now living in a truly digital era. This is something that we have been moving towards ever since we discovered the true scope of the internet. However, the COVID-19 pandemic has had the effect of forcing businesses to move faster towards this digital realm. Indeed, more traditional business operations faced a lot of trouble during the pandemic. In conjunction with highly unpredictable changes, frequent lockdowns have created significant chaos when it comes to dealing with customers. It is these circumstances in which digital-first, as a concept, has gained acceptance. The future will be a virtual world with a much larger market.
Onboarding customers or clients is a pivotal part of the client acquisition process. Unfortunately, it is this phase that faces the maximum churn rate. A recent report shows that close to 40% of clients are lost while onboarding. This is due to the complex and tedious formalities and procedures during this stage. It is hard to balance the ease of acquiring customers with the full regulatory compliance that comes as part of running a business.