Banking and banking solutions have almost become a requirement for people. Over 71 per cent of adults preferred to use internet banking in 2017. With the enhanced technology currently available, this number is likely to have increased. The need for faster, automated solutions is largely inherent in the millennial generation. Around 38 per cent millennial users of mobile banking applications are unsatisfied with their services. Sure enough, the banking industry is one with extremely cutthroat competition. Banks strive to attract more customers by making their services more efficient and user-friendly. However, the increasing compliance regulations and Know Your Customer (KYC) requirements present a challenge for the financial services sector, on the whole.
In such a challenging landscape, banks need to come up with ways to increase their conversions. Some of the ways an effective online identity verification method can help them to achieve this include;
Reach Global Audiences by Addressing Local Needs
Many financial institutes are unable to tap into global markets as they are unable to fulfil the local requirements of a particular region. There are only so many conversions you can generate in your own country. Small measures like language preferences can make a huge difference. Studies suggest that 60% of foreigners tend to ignore websites that are not in their local language. Therefore, banks must make sure their authentication procedures support as many languages as possible.
The identity verification procedures employed by banks must also be capable of verifying as many documents as possible. There is no such thing as a global ID and identity verification solutions must be able to verify local documents that prevail in a particular country.
Make it Efficient
Authentication procedure, particularly for an online banking app must be fast as well as secure. Advanced, tech-based solutions enable banks to verify clients in an instant. Traditionally, banks have been used to verifying a client’s ID physically through the documents they have provided in person. However, the concept of remote banking has changed the landscape for authentication solutions. Third party Fintech solutions are now able to provide real-time digital verifications to customers. Such procedures are much faster and efficient and have known to increase conversion rates by 15 per cent.
Develop Omnichannel Solutions
Since banks and financial institutes have been around for a long time they have seen and experienced the change in customer behaviour. With the increased accessibility to the internet, clients are now preferring online banking services to be state of the art. Therefore, banks need to make sure that every channel used by their customers is efficient. Every step of the onboarding procedure must be developed seamlessly and made better with feedback received from customers. They also must make sure that every channel used by the customer is supported by the automated verification system used by the bank. Whether they are accessing their online accounts on the website through their PCs or they are accessing it through a mobile banking app on their smartphones. The solution must be easily integrated into all web operating systems and mobile applications available to customers.
