- By Owen Kilbane, Senior Executive, Kofax
The COVID-19 pandemic has highlighted the need for financial services companies to have a “Remote First” mind-set. When we look over the past number of weeks, consumers are interacting and doing more and more business online, using a new set of tools – such as Zoom. This could create a significant opportunity for financial services companies to find a better way of engaging. One can easily foresee that Wealth Management companies will use online video meetings for annual assessments.
However, there will continue to be several processes that require documents to be submitted, as part of the end to end transaction. One Bank highlighted that 40% of all in-bound documents, needed to support a mortgage application process, were wrong ones. This included the wrong document type, out of date documents, and/or poor quality of the photocopy. An insurer stated that just to send out an email to ask for the correct document to be resubmitted was costing them $25.00 – the cost of getting it wrong soon mounts-up.
Organizations will do well to explore a “Remote First – Remote Validate” way of working for the post-COVID-19 world. This is based upon an understanding that most consumers DO NOT have a Printer or scanner at home. However, they are likely to have access to a Smartphone that has a camera that is of a higher quality than most scanners, and access to a Web Browser. Using unique capabilities offered by Intelligent Automation platforms for example, an electronic document can be uploaded through a Web Browser interface and the document can validated in near real-time. If the wrong document is presented, or the data is out of date, they can be informed immediately. This will ensure that every document presented as part of a process – proof of address, change of address, change of status, proof of no claims discount, marriage certification, death certificate, right to work documents – the list goes on and on – is correct each and every time. This will help both the consumer and the company they are dealing with.
Several organizations are also integrating the camera of a smartphone where a hard copy document is needed, such as a copy of a Driving License and/or a Passport. Again, Intelligent Automation technology has the capability to undertake detailed forensics to confirm that the Identity Document is real, and it is for the person submitting the claim, on-boarding process etc.
In summary, when looking at your customers journey are you thinking “Remote First”, and more importantly are you leveraging the two electronic input devices they have – smartphone camera and Web Browser, or are you old-school: pre-COVID 19?