Remote Onboarding – Banks Need to Meet Customer Demand During a Pandemic

Remote Onboarding – Banks Need to Meet Customer Demand During a Pandemic

The COVID-19 pandemic has driven significant changes in the financial sector, shifting practices among various enterprises to meet the increased demand for remote services. It comes as more consumers transitioned from in-person visits to digital platforms to access financial services safely and efficiently.

According to FIS Global's 2020 survey, about 45% of Americans have changed how they interact with their banks amid social distancing and quarantine measures. It has also been revealed that there was a 200% jump in new mobile banking users and an 85% rise in mobile banking traffic.

The digital transformation and surge in new mobile bank users have changed people's expectations of financial services, particularly their demand for an easier and faster onboarding experience as well as a more convenient and secure user experience.

Many banking clients regard the user experience as the most crucial aspect when selecting a digital bank, while others consider streamlined onboarding and login as their primary deciding factor. When users have a poor customer onboarding experience, they are more likely to abandon the new account opening procedure or replace their existing financial services provider with another one that offers better digital services.

Enterprises must respond quickly to address customer needs and gain a competitive advantage over other industry players. To meet the changing demand for a better customer experience, banks and financial technology or "fintech" companies must reassess their policies, streamline their processes, and leverage modern technology.

Financial organizations must utilize modern identification solutions that provide omnichannel support, streamline processes, and ensure security in online enrollments. Implementing reliable identity assurance helps promote the growth of the company and strengthens consumer trust.

Employing a more stringent Know Your Customer (KYC) procedure and utilizing modern identity verification solutions are paramount, particularly in the remote onboarding processes. Since financial enterprises cannot see who is trying to create a new account in their digital platform, they rely on their clients' personal information and provided credentials to verify that they are legitimate customers.

Banking institutions and fintech companies can leverage mobile facial biometric verification for digital onboarding to confirm a person's claimed identity more efficiently and securely, blocking fraudsters right from the start. This procedure compares a person's selfie to the photo found in their identity documents.

Apart from comparing the person's selfie to their ID photo, it is also crucial to confirm that the ID document is genuine. Therefore, financial enterprises must supplement the biometric verification procedure with an automated identity document authentication. An authentic government-issued credential often has security marking that is not present in fake IDs. Employing a document authentication procedure will allow institutions to compare the client's credentials to known templates in trusted databases.

Identity as a Service (IDaaS) vendors, like Ipsidy, offer identity verification technology that can be easily integrated into mobile devices. By maximizing the potentials of mobile phones, financial institutions can improve their digital processes while giving consumers the option to use their preferred channels.

Leveraging mobile technology and modern identification solutions can also help financial organizations guarantee a seamless user experience and ensure a more secure service delivery. Customers can use their mobile devices to take a selfie and perform biometric identity proofing during the online enrollment procedure. They can also use their electronic device to capture a photo of their identity documents and submit them to their banks for authentication.

Security and demand are among the top priorities of banks and fintech companies, placing urgency on shoring up their identity proofing methods to improve user experience amid the COVID-19 crisis. If financial institutions fail to provide what their clients want, customers will take their business elsewhere.

To know more information on how banks meet customer demand during a pandemic, see this infographic from Ipsidy.

Remote Onboarding – Banks Need to Meet Customer Demand During a Pandemic

Post a Comment

Previous Post Next Post

Contact Form