At HooYu we don’t have all the answers about which industries will have the bleakest outlook in the testing conditions ahead. However, regulated firms that have traditionally onboarded customers via face-face settings have been turning to HooYu, and here at least we do have some comforting answers.
Here’s our take on the difficulties these firms will face and how HooYu helps them leap over those obstacles.
Time
New customers and new recurring revenues are the lifeblood of any business. If IFA’s, building societies, short term lenders, credit unions and other regulated firms can’t keep welcoming new customers then they will have to turn out the lights and shut down. Time is not on their side, F2F onboarding models need to be quickly replaced with digital onboarding models.
At HooYu we have “onboarding out of the box”. We can host your own branded application page, work with you to mandate the correct level of KYC and then ensure that each and every customer is identified and verified to the appropriate level and return those customers back to you so you can begin your relationship with them.
Expertise
Firms that are expert in face-to-face onboarding processes and systems will be short on expertise as to how they can translate that process to the digital realm. Receiving a flood of ID documents via email to support remote account opening may sound like a simple solution but it’s one that’s fraught with opportunities for fraudsters and high blood pressure for compliance and security teams.
At HooYu, we take the pressure off you by designing and curating your new digital onboarding journey and then doing the hard work behind the scenes to simultaneously perform database checks, ID document validation, facial biometric checks, proof of addressing, and PEPS & Sanctions checks.
Tech effort & digital resource
Many firms using face-to-face onboarding will already planned on building a digital onboarding journey only to be told that it will take months of tech and digital resource.
At HooYu, we can even host your new customer application page and get this running in less than a day with you. Getting a digital onboarding channel up and running needn’t involve lots of tech effort and dev resource. HooYu is designed to offer “onboarding out of the box”. All you need to do is give your customers the application page URL and we’ll do the rest.
If you do have access to dev resource and want to integrate the HooYu Process into your website or other business process then that works too using the HooYu API library.
Speed of deployment
The key challenge facing firms with incumbent F2F processes is speed. How quickly can they design, develop, test and deploy a new customer onboarding process?
At HooYu we can help you move quickly and get you set-up in less than a day. The team at HooYu is expert in helping firms to design and deploy new digital customer onboarding journeys that manage KYC regulations, improve customer onboarding success rates and delight customers.
To get your business back up to speed and replace your retail or face-face onboarding channel with minimal dev effort please email us at info.identify@hooyu.com.
