How can banks and insurance companies prepare for the new normal in remote working?

Covid-19 changed the world, but now firms must focus on the next set of challenges, such as how to reimagine customer onboarding in a more remote and mobile world.

When the effects of the pandemic were being realised last year, companies were put into high alert and made changes to ensure business continuity. However, now that a year has passed and firms have established measures for the shirt-term effects, companies will need to face the next set of challenges.

OneSpan has released a new whitepaper, ‘Beyond business continuity: the new normal in remote banking and insurance.” The paper explores how businesses can prepare for the new market that has been caused by the pandemic.

It explores concepts like how to reimagine customer onboarding in a more remote and mobile world. It also examines top financial processes to digitise with the use of e-signatures and digital identity verification technology, and the key security considerations to support the rise of the digital-first financial services provider.

One of the biggest changes caused by the pandemic is the reliance on online services. A report from American Banker claimed that between 13% and 17% of consumers in France, Germany and the US expect to use their branch less.

To cope with this new preference, banks and insurers will need to adapt their operations.

Technology like e-signatures, digital identity verification and remote online notarisation will be invaluable for this.

Last year, regulatory authorities around the world made temporary relief measures to help companies through the troubled time. This included positive changes in regulation around these three types of technology solutions.

For example, e-signatures were permitted to be used in processes that had previously required a wet signature.

Download the full whitepaper here to fund out how companies can prepare for the future.

Copyright © 2021 FinTech Global

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