Customer onboarding is the complete process that users go through when they act as clients of a bank or FinTech company. Onboarding experience can truly determine the customer’s current relationship with the organization.
Being fully digital enables customers to manage their financial lives directly from their smartphone from day one. It invites customers to open an account in minutes, right from the smartphone, manage it on-the-go, spend and set aside money in real-time.

Image recognition can be used either for enhancing customer experience or security. An example of the former is credit card scanning functionality in payment apps or ID scanning in banks. Security application entails either ID or biometric authentication in mobile banking apps.

Further, there are several ML-based applications which, when connected to a payment system, can analyze accounts and let customers save and grow their money. Sophisticated ML algorithms can be used to analyze user behavior and develop customized offers.