Synopsis
Guardian Tax Solutions faced significant inefficiencies in client onboarding and verification. By implementing IdentityCheck, they reduced onboarding time by over 90%, achieved a 95% first-time completion rate, and realized an ROI of 15-20x their investment.
The Challenge
Guardian Tax Solutions struggled with several key issues in their onboarding process:
- Irrelevant Questions: The off-the-shelf forms asked too many irrelevant questions while missing critical ones, leading to client confusion.
- Lack of Flexibility: Limited customization options resulted in numerous client queries and additional work to correct form errors.
- Manual Data Entry and Verification: Data collected had to be manually re-entered, and client IDs had to be manually verified, leading to errors and requiring extra oversight.
- Partial Integration: The existing system only partially integrated with their practice management software, XPM, necessitating further manual work.
- Client Diversity: The previous system lacked adequate coverage for all countries and languages, complicating the onboarding of foreign residents and a diverse client base.
Onboarding over 100 clients a month, each taking an average of an hour, not only costGuardianTax Solutions thousands of dollars but also made the process prone to human error and inefficiency.
The Solution
Guardian Tax Solutions adopted IdentityCheck, which offered:
- Flexible Client Forms: Customizable forms tailored to their specific needs, eliminating irrelevant questions and ensuring all critical information was captured.
- Full Integration with XPM: Seamless integration with their practice management software, removing the need for manual data entry.
- Automated ID Verification: Completely automated ID verification, reducing the time and effort required for this process.
- Comprehensive Coverage: Ability to read and verify identity documents from over 230 countries and in more than 40 languages, making the onboarding process straightforward and efficient for a diverse client base.
The Results
The impact of implementing IdentityCheck was profound:
- Time Efficiency: Reduced onboarding time from an hour to less than 5 minutes per client.
- Accuracy: Achieved a 95% first-time completion rate for client forms.
- Cost Savings: Dramatically lowered operational costs associated with onboarding.
- ROI: Realized a return on investment of 15-20x.
- Scalability: Positioned Guardian Tax Solutions to scale effectively, onboarding more clients without compromising service quality.
