AI-assisted technology is changing how we build products. It is shocking to see how quickly AI software has advanced in the past 1 year. It has gone from a tool that simply produced brief answers via prompts to a technology we can use to write articles, generate images and graphics, create detailed slides and presentations, and so much more.
Seeing the different applications of AI and all that is possible with it today begs the question, what role can AI play in customer onboarding? How can businesses leverage AI to onboard customers and build strong relationships while carving out a competitive advantage in the marketplace?
In this article, we will explore AI’s role in customer onboarding and how businesses can utilize it to speed up and improve their onboarding process.
What is Customer Onboarding?
Customer onboarding is the activities and steps involved in introducing a new customer to your product. It is the process of educating customers and helping them see your product’s value and how it solves their problems.
The onboarding process consists of various components and interactions like product walkthroughs, milestones tasks, and step-by-step tutorials. It is important to make the onboarding experience as smooth and positive as possible.
How you onboard customers is a crucial part of the customer lifecycle because it defines their perception of your business and affects how they relate with your business and product going forward. When done right, onboarding drives loyalty, reduces churn, develops a lasting relationship, and educates customers on how to navigate and use your products or services.
What Should an Ideal Customer Onboarding Process Contain?
Customer onboarding processes differ between industries and the varying customer segments you are targeting. However, the ultimate goal of every onboarding process is to drive retention and acquaint customers with your product while keeping the time to first value (TTFV) as short as possible.
While no one-size-fits-all onboarding flow exists, the following components should be present in every onboarding process.
- A signup process
- Identity verification process
- A welcome email
- A product walkthrough tutorial
How Can AI Improve the Customer Onboarding Challenges Businesses Face
Here are some benefits AI-driven onboarding solutions can improve businesses’ onboarding process.
- Errors and risks of manual process
While AI processes are not 100% accurate yet, they are more accurate than manual processes and don’t come with the limitations of a manual workforce. With manual processes, documents go missing or stolen, and people get tired and sick, which leads to more errors.
However, AI technology eliminates these concerns and brings a higher level of accuracy and efficiency to the onboarding process.
An example is an AI chatbot that answers customer queries during the onboarding process. If this were done manually, you would need a large customer success workforce to provide assistance when needed. However, with AI, customers get 24/7 assistance, while we save time and lower the cost of operations. The chatbot would provide quick and precise responses because it is powered by AI.
- Data extraction from documents with OCR
The manual processes of extracting data from documents are slow and introduce friction into the onboarding process. This makes these processes redundant and ineffective.
We can use AI to automate and speed up the data extraction process, which is very useful when handling large amounts of documents.
AI-powered OCR tools also deliver greater accuracy and precision. They are so accurate that they can detect mistakes in grammar and punctuation and correct them during the extraction process.
- Foolproof biometric checks
It has become harder to detect deepfakes because of how advanced they have gotten. Fraudsters have started leveraging the latest technologies to develop sophisticated deep fakes that are harder to spot.
However, AI-powered biometric checks are hard to trick, making it easier to spot forged biometric information. Infusing AI into biometric verification methods like liveness detection, fingerprint verification, and facial verification makes them a more solid means of verifying customers when onboarding.
AI can quickly process large amounts of data in a secure manner. It can also take that processed data and extract insights from it. This makes AI a valuable tool for analysing bulk data in a cost-effective and efficient manner.
With AI-driven data analytics, we can easily extract data from multiple onboarding processes and use that data to detect trends and patterns. We can use the insights to improve the onboarding experience, add personalizations that drive retention, and optimize decision-making business processes to ensure customers get maximum value from our products.
Supercharge Your Onboarding Process With Dojah’s AI-powered Solutions
Start leveraging the power of artificial intelligence in your customer onboarding process. AI onboarding solutions allow you to analyze your customers’ behaviour, streamline and personalize the onboarding journey, and provide an overall better onboarding experience.
Dojah provides you with a wide array of AI and machine-learning-powered tools, which you can use to onboard and verify customers cost-effectively.
Contact us to learn more about Dojah’s onboarding and fraud prevention solutions, or schedule a demo session. Also, explore our website and documentation to learn more about our product offerings.