Digital Onboarding has announced that it has managed to raise funds for $58 million from the investment firm Volition Capital to realize the intention to expand its digital interaction platform for banks and credit unions.

Currently, financial institutions are demonstrating a high level of interest in accessing digital mechanisms to enhance customer engagement. Also, such organizations expect the emergence of new virtual solutions to stimulate the adoption of products. The relevant information is contained in a press release published last Thursday, January 18, by Digital Onboarding, a software-as-a-service (SaaS) company.

The firm also notes that many customers have a negative experience of interacting with digital technologies in the sphere of banking. In this case, the main reason for frustration is poorly integrated maintenance tools. Due to the mentioned circumstances, many new accounts are closed during the first year.

Digital Onboarding, striving to solve the specified problem, offers consumers access to its digital interaction platform. This platform was developed specifically for banks and credit unions. The relevant information is contained in the company’s press release.

Currently, traditional onboarding processes, including paper welcome kits and generic mailers, create difficulties in implementing this procedure. Against this background, customers cannot fully use the important services that are associated with the account.

The platform developed by Digital Onboarding solves the current procedural problems. The company’s solution allows financial institutions to interact with customers through targeted communication and action-oriented microsites. As noted in the press release of the firm, in this case, account primacy is ensured.

The Digital Onboarding platform includes a library of campaigns and widgets that can be easily integrated into various digital channels, including microsites, landing pages of banks, and third-party digital banking apps. The virtual onboarding format offers a simplified and more affordable solution compared to the standard practice of implementing the relevant procedure. In this case, financial institutions can improve customer retention and loyalty.

The company’s press release notes that the growth investments received from Volition Capital will support the goals of Digital Onboarding, including intensifying the creation of a product roadmap, supporting the existing customer base, and raising awareness of potential consumers.

The firm intends to use the received funding to expand its platform by adding additional features, including segmentation and profile management, machine learning, embedded fintech functionality, and marketing attribution. This intention is stated in the company’s press release.

Digital Onboarding also has plans to increase the size of its team by the end of the current year.

In August, Virtusa and Thought Machine joined forces to solve problems related to the specifics of the above-mentioned traditional onboarding procedure. These companies have launched a platform through which financial institutions can support small and medium-sized businesses. As part of the joint solution of the two companies, the need for physical paperwork has been minimized.

As we have reported earlier, BNPL Provider Billink Raises $32 Million/