Digital Onboarding and No-code Platforms

Computers & TechnologyTechnology

  • Author Anna Klis
  • Published July 21, 2021
  • Word count 714

Digital onboarding is still a solution used only by a few in the financial industry and HelloFlow sees the potential of digital client onboarding. We know that developing a company’s own digital onboarding process takes a lot of time and effort, one of the biggest challenges is developing the software and integrating it with the necessary KYC services. It’s not only time-consuming but also expensive. That’s the issue HelloFlow solves. We’ve created a no-code platform enabling companies to build their own client onboarding flows - and our process takes minutes, not months.

What Does No-code Mean?

The no-code solution enables users to build, adjust and launch the project even without coding knowledge. It uses a drag-and-drop method with an intuitive interface to build the onboarding flow from start to finish. Users can easily adjust the design in the designer tool using the editor bar or decide to add a new step to the process. All that can be done without having to write a single line of code. It means that anyone across different departments can create a new onboarding process within minutes. HelloFlow enables not only your customer experience but allows you to leverage talent from across your organization due to our no-code user-friendliness.

Benefits of No-code

Agility

The main benefit of using a no-code platform is agility. Since such tools use pre-built modules it’s even easier and faster to build an onboarding flow compared to the traditional product development process. Developing your own in-house solution requires many teams to be engaged in different aspects and stages of product creation. HelloFlow’s no-code platform enables just one person to build and launch the entire flow within minutes.

Cost Reduction

Another benefit of a no-code platform is cost reduction. Developing the entire solution takes a lot of time and money as you need to engage a team of developers. It means that it takes months before the onboarding process can be implemented into your website or product, much less tested, analyzed, and adjusted accordingly. A no-code platform can help you bypass that expense and administrative backlog. It’s especially helpful in the long run. HelloFlow’s platform has plenty of services already integrated into it. It reduces any extra costs related to the implementation of new services, especially while planning an international expansion.

Flexibility

Finally, there’s also the benefit of flexibility. Traditional coding is very limited when it comes to any sudden changes. HelloFlow, on the contrary, provides a no-code platform that allows you to make changes in a matter of minutes and on the fly. You can update the design or add an extra step to your onboarding process without having to contact an IT team. Easily manage your process through visual real-time modeling, or improve different steps of the onboarding process all in the same breath.

No-code and KYC

One of the biggest challenges of onboarding in the financial industry is compliance. It’s also an issue that prevents or, at least slows down the process of digital onboarding implementation for financial institutions. With traditional coding, the development and integration of new identity verification services take a lot of time. Considering how often the regulations change, this process may be even longer and more tiresome.

No-code platforms offer a range of services for identity verification. HelloFlow’s platform includes both electronic identity verification services and identity verification tools based on document scanning or facial recognition. Besides that, there are also services enabling screening against global watchlists to ensure AML compliance. Moreover, our platform enables an automated channel for client data monitoring, thereby enabling companies to run background checks to ensure KYC compliance.

No-code and Security

In digital finance, security is as important as it is in the real world. With growing threats, including data compromise, fraud, and account takeovers - financial institutions must increase their vigilance at every step. It usually entails data encryption and lots of coding. But if a no-code platform doesn’t require coding how is it secure?

Simple - the security features of our platform are automatically applied to any onboarding flow built on the HelloFlow platform. It means that all data is securely encrypted to prevent any threats, and the platform user ultimately controls how certain data can be viewed internally.

Anna is a marketing and communication specialist working at FinTech company HelloFlow providing a no-code digital onboarding platform.

www.helloflow.io

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