In this session we’ll talk about solutions capabilities that can help combat online fraud and deliver balanced operational excellence.
1. The importance of integrated E2E journeys for compliance and same-session customer completions
2. Essential capabilities to consider for your transformational digitisation programme
3. Strong KYC/onboarding drives ongoing client authentication and operational excellence
About this session:
This session introduces the combination of capabilities that can transform the customer experience while minimising the opportunity for fraud. It explores how these capabilities have a positive impact on the typical customer journey.
“Such capabilities enable End-to-End transactions to be undertaken within the SAME MEETING
– seeing purchase completion rates for loan applications leap from 3% to over 40%!”
1. The typical customer journey is inefficient and too often frustrating
In too many current processes, an advisor or representative travels to meet clients, or vice-versa, to discuss complex regulated products and services where ‘knowing the customer’ is important – e.g. for loans, mortgages or financial investments.
But this has limitations:
• The original identity documents (eg, passport, driving license) may have to copied (or worse, to be taken and later returned)
• The validity of the documents can’t be checked in real time
• Evidence that the picture in the photo is the same as the client is reliant on the advisor’s word
• Documents may need to be generated, amended, posted, signed and scanned
• The process can’t be completed in one transaction and may take several days.
It provides a customer experience akin to pulling teeth!
In others, parts of these process stages have been made digital but only as discrete work areas (digital silos) and the opportunity to transform the entire end-to-end (E2E) process has not been taken.
2. What solutions are there to overcome these limitations?
Online Smart Meetings provide facilities to allow the participants to perform the same meetings remotely, for example:
• Reviewing documents together
• Sharing screens
• Signing documents
• Taking evidence for suitability confirmation, KYC and AML
• Making notes
The customer may also be able to self-serve, using artificial intelligence (AI) assistance to simplify or support the process, where these virtual agents are available 24/7. AI can also help human agents assist customers through sometimes complex transactions, ensuring they follow the correct procedures for compliance and best practice outcomes.
What is a Smart Meeting?
Essentially, it is a virtual meeting room with a range of collaboration tools using a web-video connection. Remote advisors can guide customers as if face-to-face through choices, decisions and documentation using screen-share while automatically gathering ID documentation and evidential recordings of meeting sessions (giving an independent record of the client’s intent and understanding before consent via e-signing of documents). Some or all can be supported with AI and fronted via a human or virtual agent.
How is ID Document verification completed?
A customer’s identity can be verified conveniently, assisted by an automated visual KYC check against identity documents presented to the webcam.
The documents can also be validated using external reference sources of related customer information on a real-time basis. This gives greater certainty of presented details, strong customer authentication and strong audit trails.
These services offer a robust obstacle and highly visible deterrent for would-be fraudsters who may otherwise take advantage of the anonymity of digital remote processes. Beyond the ‘physical’ ID checks, recording of individuals generally reduces their inclination to lie, exaggerate or mis-represent.
3. How do Smart Meetings help manage the Customer Lifecycle process?
While the complete lifecycle ranges from marketing to support, the focus is on how to reduce fraud through three key stages in customer journeys for high value regulated transactions:
• Suitability or Qualification and then Onboarding
• Advice leading to product or services sales
• Support through Client Servicing, Administration, Claims and Support processes
Such capabilities enable end-to-end transactions to be undertaken within the same meeting.
Why? If you were providing loans, wouldn’t you like to see purchase completion rates for loan applications leap from 3% to over 40%?
This scale of transformational impact is repeatable over many sectors and different use cases
What functionalities help to achieve this?
There are many capabilities that can be used in a Smart Meeting; what you decide to use will depend on the business transactions you perform. Below is a list of features that could be utilised:
If two or more of these are of interest, you may wish to take a deeper dive to explore further options for your organisation. Some functionalities apply to just one sub-stage area (e.g. e-signing functions for the ‘client e-sign-up’ process, which may consist of a series of actions and systems).
It is important that all technologies, at least through the critical mid-three stages, talk to each other seamlessly in real-time to enable a ‘straight through process’ to be accomplished.
4. What is the most common digital transformation blocker?
The integration overhead is perceived as a prohibitive cost for many, but one that if performed well creates a substantial transformation opportunity. There are a variety of new, modern platforms that are designed to remove the systems integration and the ongoing maintenance load for businesses.
Analyse whether your chosen technology can provide:
• A solution that handles complete customer journeys without break outs, bridging the gaps between the multiple systems
• A guided user experience to soften the transition from paper or digital silos to an end-to-end seamless electronic process
• Less fraud and better compliance (whilst enabling sales success)
• Removal of passwords and other outdated authentication methods
• Modular functionality, configurable for rapid design and implementation of tailored end-to-end solutions
5. How can a business identify the solution that suits it best?
Identify and focus on the high impact areas first:
• Pair internal knowledge of ‘as is’ processes with externally assisted understanding of best of breed options to create a clear ‘future state’ plan for all types of improved customer journeys.
• Find complete platforms that can be used flexibly for the spectrum of future use cases across the enterprise – selling, onboarding, AML/KYC compliance, advice, service or support.
• Enable suitability to service processes with advanced tools for web-video collaboration, biometric identification and AI-assisted journeys (human-assisted and self-serve).
1. Find complete platforms for flexible use over a spectrum of future use cases
2. Multiple factor biometric identification and webcam onboarding will be standard
3. Fraud rates can tumble whilst boosting business completions over 10X
Think your processes are overloaded?
Technology or Tools a bit outdated?
Are your systems disjointed?
See how your digital priorities assessment compares with the market – Take the 5-minute Improvement Priorities Survey
Tip: check out the other videos for further free tools
Transform your and your Customer’s regulated Documents experience – ask how.