Why is it important to bring a human connection to remote banking, insurance and financial services?

Digital banking transaction security developer OneSpan has published an eBook which outlines how to find a unique competitive edge with remote processes, blending human and digital experiences with e-signature practices.

Financial institutions have traditionally relied on in-person interactions with customers to complete complex, high-value agreements. However, in our increasingly remote world, what OneSpan aptly named the ‘Anywhere Economy’, consumers are demanding more convenient and digital experiences.

The eBook pointed to research from Alite Group, which revealed that as financial activities get more complex, consumers tend to turn to channels where they can get human help. That is, consumers still value human connection.

This is why OneSpan is a champion of a human-digital hybrid model in the financial services industry. Moreover, the eBook also revealed research from Accenture that reported that before Covid-19, 15% of consumers had used a video call to communicate with an advisor. Now, 46% said they would be willing to do so, with 35% actually preferring a video solution to an in-person meeting.

OneSpan’s eBook explores the benefits of methods such as video-enable communications, whilst also satisfying KYN requirements and identity verification and authentication processes.

The OneSpan Sign Virtual Room solution can help streamline customer onboarding and support the most complex remote integrations with e-signatures, live video conferencing, and rich collaborative capabilities, all in a single solution.

Banks, insurers, and other financial institutions using OneSpan solutions have seen significant benefits. For example, the Bank of Montreal reported an improved customer experience with new account openings being carried out in under eight minutes. Insurance company Munich Re said it was able to streamline life insurance policy issuance from 30 days to ten minutes.

OneSpan went on to detail several use cases from wealth management, automobile financing and insurance, in which its Sign Virtual Room solution could deliver significant gains for companies and consumers.

For example, within the context of account opening and maintenance. OneSpan said that a staggering 44% of customers abandon account opening processes during the qualification stage. OneSpan Sign Virtual Room can provide real-time assistance and ensure customers get the help they need to complete applications and forms in a single session. Moreover, the comprehensive audit trails and the option to record the virtual session enables banks to demonstrate compliance. Therefore, instead of multiple back-and-forth email or phone conversations to address questions and complete activities, an application can be completed much quicker and at the customers convenience.

The eBook also outlined a requirements checklist companies might consider in how to deliver a human-digital service, to empower them to make an informed decision. This included that video-enable communications should be designed to help mimic as closely as possible a face-to-face environment in order to develop a relationship with customers.

In addition, strong identity and verification options should be considered. As well as co-browsing, which can help to facilitate real-time collaboration and reduce missing and incorrect information. The ability to create a legally binding agreement backed by comprehensive audit trails to satisfy legal and compliance requirements should also be evaluated.

The ‘Anywhere Economy’ is here to say, OneSpan said, and blended human-digital solutions such as the OneSpan Virtual Room empowers companies to meet their customers wherever they wish to meet you.

Download the full free eBook here.

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