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How Financial Services Can Meet Remote-First Demand

When COVID‐19 first turned the world on its ear, lockdowns in the UK and across the globe quickly tested our ability to do anything and everything online. Highly paper-based sectors such as financial services particularly felt the crush. The volume of customer requests threatened to overwhelm banks, investment firms, and insurance companies. But efforts to respond also have created major opportunities to engage better. As digital consultants FS:11 predicted, the pandemic-forced scramble has accelerated the move to digital financial services.

Regaining a Remote-First Composure

Now tools such as Zoom have become mainstays of business. In many ways, we aren’t returning to the old normal, we’re choosing to regain control and move forward with “Remote First.”

But what about paper documents still required as part of the end-to-end transaction? Here in the UK, I recently changed my pension contributions and had to print out an email attachment to complete, sign and return by postal mail —not very digital. Imagine if I had left a box unticked. It could take weeks to learn of the error and start the process all over again.

Document problems cause significant time, cost, and customer service impacts. A McKinsey report found that in one bank, the mortgage application process was bogged by errors in 40% of supporting documents. Many are simple slip-ups such as the wrong document type, out-of-date documents and poor quality of the photocopy. Tracking down the right information drains productivity and adds overhead —£25 ($30+) per email, according to another financial services organization. The cost of getting it wrong soon mounts up.

Bridging the Gap with Remote Validate

It’s clear that digital acceleration has huge advantages. But it must merge smoothly with the customer journey. One obstacle? Many consumers don’t have a printer or scanner at home. However, nearly all have access to a smartphone that pairs a high-quality camera (better than most scanners) with a web browser. Paired with the right technology, financial services can use remote validation to achieve Remote First status.

Two Essential Parts of Remote Validation:

  • Instant Upload Feedback. The new business hours are 24/7 and Kofax Intelligent Automation lets you serve customers on demand. Users upload an electronic document through a web browser interface and the document can be validated in near real time. If the wrong document is presented, or the data is out of date, the user knows immediately. This ensures that every document presented as part of a process —proof of address, change of status, proof of no claims discount, marriage or death certificate, right to work document, etc. —is correct each and every time. This helps both company and consumer. Watch the demo to see how a potentially lengthy correction process shrinks to just seconds.
  • Identity Document Verification. A smartphone camera becomes a scanner when a hard copy document such as a driving license or passport is needed. Kofax technology can undertake detailed forensics to confirm that the identity document is real and matches the applicant. Processes like claims submission and on-boarding are transformed. See it in action.

Does your Remote First mindset put the customer first, leveraging the convenient access to electronic input they already have? Let’s talk about how Kofax Intelligent Automation can work with your systems.

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