Real-Time Document Requests & Verification

Eliminating the Back-and-Forth Document Requests in Customer Onboarding

At Parcha, we're constantly listening to fintech and banks about their onboarding challenges. One frustration that comes up repeatedly is the endless cycle of requesting additional information from customers, especially business documents. Today, we're excited to share how we're addressing this persistent industry pain point with Real-time Document Requests and Verification.

The Problem

The Hidden Costs of Multiple Document Requests

The impact of additional document requests when onboarding businesses extends far beyond simple inconvenience. What should be a smooth welcome experience for new customers often turns into weeks of back-and-forth communication, creating a ripple effect of challenges for both financial institutions and their customers. This creates a perfect storm of challenges:

• Operational Inefficiency: Each additional request requires staff time to process, review, and verify the document. Multiple rounds of document gathering create mounting costs and strain operational resources.
• Customer Frustration: Extended timelines and repeated requests for document create a fragmented, frustrating experience. Customers expect digital-first, streamlined processes - not constant follow-ups for missing documents or additional verification.
• Regulatory Pressure: Increased regulatory scrutiny on onboarding processes often necessitates thorough information gathering. This frequently results in multiple rounds of requests, creating a cycle of delays that impacts both the institution and the customer.

The traditional approach to gathering and verifying customer documents isn't just inefficient - it's becoming a critical barrier to growth in an increasingly competitive financial landscape. Financial institutions need a solution that can break this cycle and transform the onboarding experience.

The Solution

Real-Time Document Requests & Verification

Real-time Document Requests transforms what is traditionally a fragmented process for document requests into a seamless experience for both compliance teams and customers.Here's how it works:

• One-Click Requests: Agents can initiate document requests with a single click, using pre-populated fields customized to each document type to minimize manual work.
• Smart Link Generation: The system automatically generates secure, personalized links for document submission that can be shared through any communication channel.
• Immediate Verification: As customers upload documents, our AI instantly verifies them, ensuring they meet all requirements before submission.
• Real-Time Feedback & Resolution: No more waiting - customers know immediately if their documents are accepted or if adjustments are needed. If the customer provides an incorrect document, they receive an AI-generated message explaining why, with instructs on how to provide the correct document.

In this demo, you'll see how our system streamlines the entire information request process - from the moment an agent identifies missing information to the instant a customer successfully submits the correct documentation.

Key Benefits

1. Reduced Time-to-Resolution: Transform a process that typically takes weeks into one that takes minutes.
2. Improved Customer Experience: No more confusing back-and-forth or uncertainty about requirements.
3. Operational Efficiency: Free up your compliance team from manual follow-ups and document verification.
4. Higher Completion Rates: Keep customers engaged in the process with immediate feedback and clear guidance.
5. Enhanced Compliance: Maintain a complete audit trail of all information requests and submissions.

Customization and Integration

We understand every fintech has unique needs. That's why we've made this feature highly customizable:

• Configure specific document requirements
• Set verification parameters
• Integrate with your preferred communication channels

Plus, our robust API allows for seamless integration into your existing workflows.

Looking Ahead Information Request Manager is just one way we're working to eliminate friction in the onboarding process. We're committed to continually innovating and providing solutions that drive real business impact for our clients.

Ready to transform your information request process? Contact our team at founders@parcha.ai to see how Information Request Manager can work for your business.

Remember, at Parcha, we're not just building features; we're crafting solutions that accelerate your growth and delight your customers. We can't wait to see how you'll use this to streamline your onboarding process.