How MyDocSafe is looking to revolutionise digital onboarding

Founded in 2013, MyDocSafe claims it is the only document security and e-sign software needed to verify and manage all your documents online and automate all compliance, onboarding and contract renewal processes.

“The idea behind MyDocSafe originated from an observation that most professional services firms do not have a unified digital shopfront through which customers can be onboarded or registered and through which services can be bought and securely delivered,” said Daniel Stachowiak, the CEO and founder of MyDocSafe.

What exists currently, Stachowiak claims, is a mix of communication channels all leaving a mess behind – customers are left with mailed paper documents, email attachments and logins to e-sign services amongst other things. This leads to an impact on the experience, while also increasing the risk of the customer leaving even half-way through the onboarding process.

He continued, “What MyDocSafe aims to do is to help professional services firms in general and wealth management companies in particular stem that outflow by offering them a unified, customer facing and fully white labelled portal technology for acquiring and retaining customers.”

MyDocSafe is a cloud software-as-a-service provider that offers digital signature, document management and workflow technology. The company’s workflow editor can be used to configure and launch bespoke client facing experiences that include in-house and third party elements. Stachowiak added, “We have built the technology with security in mind, which manifests itself in our use of public key cryptography and our ISO27001 certification.  We integrate with hundreds of vendors, from CRMs to practice management suites, enabling seamless data transfers between us and other systems our clients use.”

Digital transformation and onboarding  

With the pandemic still looming large over many lives, a vast range of industries have been forced to undergo unexpected digital transformations. This has been vital in a time where in-person communication has been at a forced minimum and has provided companies with the opportunity to strengthen themselves against future trends post-pandemic. In the eyes of Stachowiak, many wealth management firms are behind the curve in their digital transformation journey.

Despite this, the MyDocSafe CEO believes that ‘a new breed of challengers are on the horizon’. These brands, he claims, are digital-only and offer a ‘slick’ user experience. Alongside this point, these up-and-comers are targeting young digital natives, who are the next generation of wealthy customers.

Another huge trend that has been spurred on by the pandemic has been a greater move towards digital onboarding solutions – again, a development driven in huge part by the restrictions put in place due to Covid-19. How has the pandemic affected the digital onboarding and e-sign markets?

Stachowiak said, “Clearly remote working has forced companies to adopt digital technologies at breakneck speeds. It is one thing to adopt a point solution for e-sign of for KYC and a completely different thing to rollout an end-to-end onboarding solution.

“My view is that point solutions are great if they are integrated seamlessly into an end-to-end process. We currently speak to companies that realise that and are now looking for a more holistic approach. “

Is there still an apprehension for firms in regard to completing their digital transformations? Stachowiak commented, “Choosing a new vendor is rarely an easy decision, and especially so when one is about to entrust a mission critical business process to a third party.

“That is why we at MyDocSafe approach this with a series of small steps: a quick and inexpensive pilot that shows how fast we can launch a platform, empowering our client to test end user acceptance and collect feedback from internal stakeholders. A positive feedback loop creates trust in our technology and us as a reliable partner.”

Future plans

What has MyDocSafe got planned for the rest of this year? Stachowiak highlighted that the company is about to launch several new tools that make digital transformation easier and also increase efficiency gains from the transition.

He added, “The first benefit will come from our workflow editor technology – ability to build complex processes with little effort.  The second will come from our marketplace – ability to launch complex data flows between us and third-party systems.”

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