Financial institutions adopt digital tools to enhance customer onboarding

Financial institutions are increasingly adopting digital tools to improve customer onboarding and engagement. In the United States, fintech company Swaystack has partnered with Oxford Bank of Michigan and Cascade Federal Credit Union. By integrating with the Jack Henry Banno platform, these institutions aim to use gamification to guide new customers through essential steps like funding accounts and switching direct deposits, attempting to convert one-off account openings into long-term relationships.

In South Africa, Sumsub has launched a Bank Account Verification (BAV) solution designed to replace manual, document-based processes. This real-time, document-free method utilizes the South African Reserve Bank’s Account Verification Service infrastructure. The tool allows regulated businesses to confirm account ownership and status instantly, aiming to reduce fraud and friction during the digital onboarding process.