Yes, 80% of customer drop-offs during Onboarding happens during the KYC stage. The biggest culprit being inefficiencies in submission and collection of correct documents from the customer.
You cannot stop customers from submitting incorrect or unusable digital documents. But you can inform them about it in the first session itself. The delay in doing so causes them to drop you and go elsewhere.
This is where our Right-First-Time (RFT) API comes in.
The RFT API detects if
- The right document has been uploaded
- The document is readable
- The customer's ID has a picture on it
You solve 3 common problems with the RFT API.
- Many times the customer selects a PAN card but submits an Aadhaar card or Driver's Licence. The API informs the customer about the error and directs them to submit the right document type.
- Customers are prone to errors such as submitting blurred images, half images, or only one side of the ID document. The API informs them of the error and requests them to correct and re-submit.
- Often, the customer has submitted an ID without a picture. The RFT API informs of this straight away.
If you want to stop losing customers during Onboarding, you need RFT API today!
IDfy identifies and authenticates people seamlessly for Fintechs, Banks, Funds, Gaming companies, On-demand economy companies, Taxi Aggregators, and Online Communities.
To know more, write to firstname.lastname@example.org