How to Optimize the Cost of Onboarding Good, Verified Customers

Economic conditions around the world have led many organizations to shift from onboarding as many customers as possible, regardless of their lifetime value, to optimizing the cost of onboarding the right customers.

Organizations, though, often face challenges accomplishing that goal. “The Real Cost of a Good, Verified Customer” on-demand webinar provides cost optimization strategies that can help organizations limit onboarding abandonment and mitigate risk.

The webinar addresses the difficulties companies often face in orchestrating multiple onboarding point solutions and data sources while maintaining compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations across the globe.

The webinar features Scott Firestone, StoneX senior product operations manager, and Kiran Kumar, Trulioo vice president of product management, discussing onboarding strategies, including:

How an organization can optimize the cost of a good, verified customer
How to drive customer trust and safety
How to balance onboarding policy and technology
What’s worked, what hasn’t and what’s on the horizon in customer onboarding

Growth and Cost Optimization

Multiple factors go into optimizing the cost of onboarding the right customers.

A strong first step often involves applying a layered approach to identity verification that helps organizations optimize identity match rates and other key performance metrics. That layered approach through an identity platform helps companies quickly shift verification methods to adapt to different regulatory requirements and risk profiles around the world.

An integrated identity platform also can help organizations simplify their customer onboarding technology stacks.

A 2023 Liminal study found companies rely on an average of eight to 12 vendor integrations per use case and that “as the market rapidly evolves, enterprises will not be able to keep pace with implementing and integrating end point solutions.”

Each vendor presents costs associated with procurement, integration and management. Organizations also face additional costs tied to orchestrating verification solutions and running manual checks through convoluted workflows. That time-consuming process can damage the customer experience and conversion rates.

A cohesive, integrated approach to customer onboarding and verification can help companies optimize costs while growing the business.