Automated data collection
When assessing if your business should engage in a business relationship with a new customer or partner, correct and up-to-date data is crucial.
Automatically collecting and pre-filling information is a great way of ensuring compliance and gathering the data you need, without ruining the experience, for example in a digital customer onboarding process.
How does it work?
API services, such as Roarings, can help communicate, collect and present data between different sources and systems. That means you can have up to date data collected and verified in real time, while your customer is going through the process. An example would be a company trying to buy new phones online. When entering their company id, data such as address, top executive, company status, financial information, credit rating and more can be collected and checked in the background. Furthermore the companies signatories or power of attorneys can be checked, to ensure the person trying to buy the phones is actually authorized to do so.
To keep track on any changes in your customer data, you can use webhook solutions providing monitoring over time, pushing notifications when changes occur that you might want to collect.
Common use cases
Automated data collection can be used in a lot of different ways and in plenty of areas. However, it is in the customer related ones they tend to have the biggest impact. Examples of processes where customer data is crucial include KYC (know your customer), AML (anti-money laundering), customer onboarding, membership registration, customer registry updates and so on.
As an example, a lot of our customers have automated their collection through our API services. Processes where the data is used, includes PEP and Sanctions Lists screenings, adressess and company or person information for shipping options in B2B and B2C e-commerce, and AML processes in banks and financial institutions.
"We automated our loan application process with Roaring APIs, reducing manual labour by approximately 650 hours yearly."
We know. This list could be longer! However, these three are common when it comes to automating data collection, especially in customer onboarding and KYC processes.
- Improved customer experience with less friction, hence process performance, customer loyalty and customer value.
- Reduced manual work = Reduced costs. An average customer data process with automated data collection costs 30% less than a manual process.
- An average customer data process with automated data collection is 30% faster than a manual process. As speed is crucial to avoid churn in customer onboarding, this strengthens bullet point one dramatically!