Explore the pivotal role of automation in revolutionizing business onboarding for the digital banking era. No, we're not talking about AI.  

The promise of automated digital onboarding in banking lies in its ability to enhance the quality, speed, and volume of customer acquisition, thus driving growth for financial institutions.  While consumer onboarding has seen significant success, business onboarding in 2024 still lags in performance due to the inherent complexities of business identity. These challenges have hindered the transition to truly automated business onboarding, which is the ultimate solution for many contemporary pain points including high costs, subpar onboarding experience, low pass rates, and escalating fraud. To solve these challenges and unlock the true potential of business banking, banks need access to reliable business identity. 

Drawing on insights from recent market research on Business & Entity Verification (BEV) conducted by Liminal, a leading identity research group , we will walk you through the market pressures, BEV-specific challenges, and automation-based solutions to help you improve your onboarding programs.

We present benchmarks and strategies for automating key aspects of BEV. Highlighting the importance of:

• Building experiences that collect the right information from applicants and deliver less friction.
• Obtaining the best-in-class data vendors and how to manage them
• Optimizing your automation through pass rate rules and policies, as well as a future vision of where this is headed.

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