COVID-19 has seen the banking and financial services industry witness unprecedented challenges and transformation as banks and financial institutions implement rapid adaptation measures and place a stronger focus on digital presence as more customers go online to conduct their banking and financial services during the pandemic. The pandemic has accelerated the digital transformation that was happening in the retail banking and financial sectors pre-COVID-19. Banks and financial institutions are fast leveraging disruptive technologies, not just to deliver exceptional banking and financial experiences but also to operate more effectively and efficiently.
Overcoming legacy processes
Banks and financial institutions are working hard to adapt to a fast-changing environment, and in doing so the spotlight has been shone on the challenges of traditional processes, with new client onboarding taking center stage. Traditional onboarding is slow and complicated, and with 7 out of 10 millennials demanding a seamless integrated experience across all service channels, it’s no surprise that “Digital onboarding” was one of the most searched for google terms in the context of financial services in the last 12 months.
Solution to the challenges of traditional onboarding
Banks and financial institutions are adopting digital onboarding, or online customer onboarding, to give customers a smooth omnichannel journey and to ensure more efficient back-office operations. Online customer onboarding reduces the stakeholders involved in getting a new customer onboard, reduces human error and process repetition besides greatly enhances service delivery through the fast and remote operations.
ETHIX NG: Next Generation Customer Onboarding
ETHIX NG Omni Channel provides banks and financial institutions customers with a seamless and consistent digital banking and financial experience across all channels, allowing a customer to begin their journey on one device, whether it be a desktop, laptop, mobile or tablet, and finish it on another, without any interruption, while ETHIX Mobile provides a wide range of functionalities, including fully automatic and compliant customer onboarding to address Know Your Customer (KYC) challenges in a dynamic regulatory environment which is revolutionizing the banking landscape.
Digital Onboarding streamline the challenges facing the organizations to comply with the regulations and provide them with accurate authentication capabilities, it automatically validates the customer’s ID with a very high acceptable matching rate and online integrations with regulatory authorities to confirm the authenticity of the ID, performs accurate liveliness checks, enables the capturing the digital signature and block chain publishes for some cases.