For any non-product related queries, please write to info@perfios.com.
For any non-product related queries, please write to info@perfios.com.
If you have spent any amount of time working in the financial services sector, you have probably been intimately acquainted with long forms for practically every single business process, from sales to onboarding to settlement. But forms are a massive source of friction for employees and customers alike. The former have to spend time deciphering and processing the data in the forms and the customers have to spend precious minutes to hours filling them up. Yet, forms have long been accepted as a necessary evil by both counterparties. This blog dives into technology that eliminates forms completely, doing away with manual touchpoints in the customer onboarding journey.
Automated form fill is a technology that allows you to extract key pieces of information from various databases using a single input from the end user, and then uses this information to accurately fill up various fields in user forms and disclosures. It works by taking one or more key inputs from the user, which it then uses to cross-reference and query various government databases to find information matching the form fields. For example, Aadhar can be used to obtain demographics (Name, Gender, DoB, Address, Mobile number and email id) & biometrics (10 Finger Prints, Both Iris and photograph). The user who submits their Aadhar card has no need to fill out all this information manually.
Form abandonment is a dreaded term in product development and marketing circles. Any business that depends on the internet to garner interest and sales inadvertently depends on forms to capture user data. However, due to the reasons already outlined, forms present an insurmountable barrier to many users who want to experience your product. Form abandonment surveys reveal that 81% of users encountering a form will abandon it and 67% will never return to it.
This happens due to a variety of reasons:
1. Users value convenience over your product:
If you have ever abandoned a book or software download because a registration form popped up on your screen, you understand this problem. User attention spans are short. You have a tiny window of opportunity in which you have to expedite their product experience journey to ensure that they are invested in your product. Application forms and disclosure forms are as much barriers to finance products as registration forms are to internet content.
2. Users don’t understand your form:
The demographics of B2B customers is varied and not all of them may be conversant with the questions and fields, or even the language used in your form. Translating your form fields into vernacular may be an even more difficult task, prone to mistranslations which result in wrong inputs.
3. Users enter the wrong details:
Many form fields like address, name of the business, name of the industry, etc are unstructured fields, meaning that users can submit any input without errors being flagged up to them. Sometimes even structured fields like PAN may be prone to errors due to mistypes. When the error does come to light during processing, the user may express frustration or even abandon the purchase journey altogether.
4. Users don’t like long processing times:
Depending on the capacity of your internal departments, forms can take quite a while to process. Your form processing operation also has downtimes, like at night, when employees are not available to ensure the continuity of the task. Some users will inevitably slip out of the form filling journey and become uncontactable if they face long response times for the next steps.
1. High drop offs mean high customer acquisition cost
Spending all that time and organizational resources to make your customer aware of your product, interest them in your value proposition, convince them about benefits and then losing them to an onboarding form represents a huge waste of time, money and effort for your marketing and sales departments and severely undermines the effective return on their investment.
2. Processing capacity scales up slowly and expensively
Automated form fill eliminates the need for hiring, training, learning and development, IT asset sourcing and purchasing and labor cost that accompanies processing manual forms. Scaling up capacity to meet customer demand is a complex ballet. Every extra customer places a demand on your human resources, organizational and physical assets, business strategy and operations performance. Contrary to the much-bandied “economies of scale” that predicts decreasing cost with every additional unit produced, most service companies today are facing a competitive market where expansion is actually becoming increasingly expensive with overheads and unit costs constantly rising. Technology continues to be the one prime mover towards sustainable scalability.
3. Users simply prefer taking their business to digital-first institutions
Legacy institutions have a bad rap today for being very behind the curve in tech adoption. The market is going big on automation and straight-through processing for financial products, and innovations like UPI have conditioned young users to expect instantaneous processing and responses. Eliminating manual inputs positions you favorably with impatient consumers. Every field eliminated from a form increases conversion by 26%. Imagine what that number might be if your form only had a single input.
Automating your application and onboarding forms means lower customer acquisition costs, faster processing, better customer experience and higher conversion.
Revolutionize MSME onboarding with our single-click solution, streamlining the process by enabling swift completion of extensive forms. Leveraging the KScan Data Lake and tapping into government channels, our platform ensures authentic and verified data retrieval through PAN numbers, significantly reducing the risk of misrepresentation and preventing downstream NPAs. Featuring a customizable rule engine, we efficiently filter out applications that do not meet basic policy criteria, optimizing the onboarding experience, reducing drop-offs, and saving valuable time and resources for both clients and relationship managers, ultimately cutting onboarding costs.
Perfios Software Solutions is India’s largest SaaS-based B2B fintech software company enabling 900+ FIs to take informed decisions in real-time. Headquartered in mumbai, India, Perfios specializes in real-time credit decisioning, analytics, onboarding automation, due diligence, monitoring, litigation automation, and more.
Perfios core data platform has been built to aggregate and analyze both structured and unstructured data and provide vertical solutions combining both consented and public data for the BFSI space catering to their stringent Scale Performance, Security, and other SLA requirements.
You can write to us at connect@perfios.com
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