Since the outbreak of Covid-19, banks and financial services providers have witnessed unforeseen challenges. Industry’s perspectives have changed regarding customer onboarding & experience management.
The industry has already started rethinking the future of digital banking, through rapid adaptation measures as people are working from home and leveraging digital platforms extensively. It has now become very important for the industry to relook at their customer experience strategy as people are wary to go out and interact. The steps taken now by the industry will shape the decade ahead.
Since client onboarding needs to follow a multitude of processes across various departments, including legal, credit, and operational, customers are likely to get confused, while the departments might send the wrong documents to each other.
Paper-based processes can also make the onboarding experience feel impersonal and can make the customer feel undervalued, going digital is the need of the hour.
Despite the need for digital interactions amongst clients of all ages, the industry is still in the process of upgrading to that digital experience by integrating client preferences into business strategies. In the last few months of the COVID-19, the race to digital has experienced a drastic acceleration. End to End digital onboarding and real-time collaboration among the teams are no longer the ‘nice-to-have’ or ‘Plan B’, but rather a ‘must-have’ of the financial institutions and tools like ENSourceTM enables the institutes to achieve the same. Institutions must look to adopt a tool that lets them do video conferencing, digital document management, digital signature, video KYC and biometrics, and cloud services – and apply intelligent automation to lessen the operational burden and ensure compliance while enabling due diligence agility.
One of the upcoming trends is the adoption of Facial recognition which offers a leap over traditional security methods. ENSource™ Phoenix's built-in facial recognition feature uses biometrics to map facial features from a picture or a video and ensures that you are onboarding the person they say they are.
Video-based KYC is another trend that is catching up very fast. This essentially means that banks can now do a remote KYC from the back office with customers at their homes via a video call. Financial Institutes can verify an individual, do aliveness testing, verify documents to confirm the authenticity of the customer. ENSource™ Phoenix has an inbuilt video calling feature which allows the institution to add multiple people to and have conference calls, helping institutes verify not just applicants but guarantors, co-applicants, etc. These calls can be done from any handheld device or a desktop/laptop.
The emergence of government-backed data sources have made customer onboarding swift and continues to do so. The establishment of public registers for users’ data has helped reduce the need for physical documents and detect irregularities that may be present in the data provided by the applicant. ENSource™ Phoenix can be integrated with citizen ID databases of many countries precisely for this and reduce anomalies for faster eKYC.
Performing various activities on different applications such as LOS (Loan Origination), and credit scoring engines to arrive at the final credit decision can be time-consuming, Given the multi-faceted nature of the process, it involves more time and utilizes multiple teams to process a credit file thus increasing the turnaround time. Today customer onboarding system comes integrated with the leading decision system where credit score validation and credit decision-making processes happen within minutes thus reducing the TAT and weeding out junk leads from the pipe. This helps in the faster credit process, without compromising on various processes that are currently handled manually by different stakeholders.
Today’s the customer wants to select the product and services being offered to them rather than the financial institutes telling them what’s good for them. The system should be able to provide that personalized experience in product recommendations as per user’s preferences which creates a positive effect on the overall experience, which in turn, translates into metrics that are harder to measure – customer satisfaction, loyalty, brand affinity, etc.
Accountability not only today but has always been something that has kept financial institutions on their toes. Since the onboarding process goes through multiple steps there is no consolidated view of the customer, Data is scattered and prone to errors. The continuous procedural and record-related audit will ensure the accuracy and timeliness of the process but also increases the TAT for resources working on the client. Naturally, though audit trail that is automatically generated, will indeed help update the customer on the status and view performance of the resource. ENSource™ Phoenix records every action performed on a case with timeline and username ensuring no slip-ups.
Coming years may bring more regulations and the industry’s demand for a swift, rich, and optimized client onboarding process will become ever more evident. Solution providers will have to demonstrate original thinking and address the unique challenges faced by the industry. ENSource™ Phoenix with years of experience and innovative solutions has accepted these unforeseen challenges and is ready with its innovative solutions to satisfy customer requirements in these challenging times.
Organizations using ENSource™ Phoenix are reaping these benefits by signing up their customers, opening bank accounts, completing a loan procedure, and their KYC within a few minutes - a process that previously took weeks to complete.