Digital onboarding processes, leading the forefront of the digital transformation in every sector, from financial services to education, healthcare to retail, offer a fast and effective method to welcome your customers and employees. However, in this world filled with terminology, finding your way may be challenging.
Our 'Digital Onboarding Dictionary' guide provides clear and understandable definitions for everything, from the most basic concepts to the most sophisticated technologies.
Here are the key concepts related to Digital Onboarding used to acquire customers remotely, transform the customer experience, enhance security, and maximize process efficiency without loss!
2FA (Two-Factor Authentication): A security measure that requires users to access their accounts with two separate security layers (e.g., a password and a one-time code on a mobile device) beyond just entering information (username and password).
Open Banking: A banking practice that allows banks to share financial data with third-party service providers with customer consent.
Biometric Identity Verification: The process of verifying an individual's identity using their physical or behavioral characteristics.
CDD (Customer Due Diligence): The process in which financial organizations verify their customers' identities and assess their risk levels to maintain legal and secure customer relationships.
Decentralized Authentication: Using blockchain or similar technologies to manage identities without a central authority.
Digital Onboarding: The process that enables customers to easily sign up for a company's services through digital channels and use these services.
e-KYC (Electronic Know Your Customer): Completing KYC processes electronically with digital data and documents.
Face Liveness Check: A security measure that uses real-time facial recognition technology to determine if a user is a live person.
Fraud: The act of using personal information or systems to gain illegal benefits through deceptive means.
KYB (Know Your Business): The process where businesses verify the legal status and identity of their commercial customers and partners.
KYC (Know Your Customer): A legal process financial organizations use to verify their customers' identities and know them better.
MFA (Multi-Factor Authentication): An identity verification method that requires users to provide two or more authentication factors for effective security.
NFC (Near Field Communication): A communication technology that enables devices to transfer data using short-range radio frequency.
OCR (Optical Character Recognition): A technology that converts printed or handwritten texts into digital data.
OTP (One-Time Passwords): A single-use code often sent via SMS, email, or through an authenticator app.
Remote KYC: The process of identity verification conducted using various digital tools when the customer is not physically present.
Self-Sovereign Identity (SSI): Allowing individuals to have control over their digital identities without reliance on any central authority.
Single Sign-On (SSO): Allowing a user to sign in once and access multiple systems without being prompted to sign in again.
Smart Card Authentication: An identity verification process using a combination of a physical smart card and often a PIN.
Tokenization: The process of replacing sensitive data with randomly generated data sequences to protect against potential misuse.
Remote Customer Acquisition: The process for potential customers to be acquired through online channels without visiting physical branches.
Video KYC: Conducting customer identity verification through video conferencing technology remotely.
Voice Recognition: An identity verification method using a user's vocal characteristics.
AI-Supported Identity Verification: A process of verifying a user's identity using artificial intelligence algorithms.
To learn more about end-to-end digital solutions for remote customer acquisition, contact ArkSigner."