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How Banks and Financial Sector can Benefit from WhatsApp Business

I am sure you are no stranger to the WhatsApp messaging platform. After all, it is one of the most popular messaging apps in the world today. More than 2 billion users across 180+ countries are using this application to interact with their friends and family.

Well, the cherry on top is that now WhatsApp for business is available to have professional conversations too. One of the key beneficiaries of this move by Facebook is the banking and financial services industry. We all know, the BFSI sector is usually one of the firsts to react when it comes to improving customer experience. So, when we talk about digital transformation, banking and financial institutes are the first to come to mind.

Digital Transformation of BFSI with WhatsApp Business

Some of the leading banks like Kotak Mahindra Bank, Saraswat Bank, HDFC Bank, AU Small Finance Bank, etc. have already started offering WhatsApp banking services.

How does WhatsApp banking work?

The first step to getting started with WhatsApp banking is getting the consent of the customer customers. Customer can give their consent via different options. One way to do so is by giving a missed call on the bank’s WhatsApp number. Similarly, they can also drop a message on the same number to initiate a conversation. However, the important thing to note here is that the WhatsApp number will be different from the phone banking number.

Availing Banking Services

Banks offer an array of services – personal banking, loans, credit card, corporate to name a few. And even though some have gotten used to the net banking or mobile banking, there still is a significant population who would rather visit the bank’s branch. However, with WhatsApp being a popular messaging platform and people using it on a daily basis, it presents as a great channel to extend banking services. Customers can chat with the bank to get details of their credit cards, fixed deposits, request for mini statements, pre-approved loans, etc. that too on their preferred channel.

Chat Banking

Chat as a channel has gained prominence in recent years. Be it web-chat, mobile chat, and now chatting over WhatsApp, it’s one of the fastest ways to ensure first contact resolution. With WhatsApp Business API being launched, financial institutes now have a great opportunity to engage with their customers on the WhatsApp platform. Some of the ways of doing that are:

#1. Transactional Notifications: Banks can address simple and routine customer queries such as balance inquiries, sending reminder notifications for credit card bill due, etc.

#2. Informational Updates: Banks can also use this channel to educate the customers about their new services, or share documents for troubleshooting. Thus, saving both the customer and the bank official’s time.

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Why Banks and Financial Institutes Should Use WhatsApp for Business

Save Time

Eliminate the need for the customers to visit your branch to get things done. Offer contactless banking services and support. Thus, saving your bank employees’ time while allowing them to focus on high priority and urgent matters.

Save Money

Modernize your customer engagements while reducing costs. Distribute your customer queries onto WhatsApp while offering self-service options to the customers. Integrate bots to further increase productivity by letting them handle routine queries while having the option to transfer the chat to an agent when required. Thus, lesser agents, more channels, and faster resolution.

24X7 Availability

Automate your workflows to cater to the customer queries during non-business hours. For eg., allowing the customer to schedule a callback or self-serve depending on the instructions provided.

Omnichannel Services

Add your customers’ and prospects’ choice of messaging platform to your customer engagement strategy while ensuring truly omnichannel customer experience. The supervisors and managers can always track the effectiveness of WhatsApp engagements using insightful real-time dashboards or channel-specific reports.

Multi-lingual Support

Personalize your conversations and make your prospects and customers feel comfortable while interacting with your organization. WhatsApp supports more than 50 languages. The banks can create message templates in different languages or have live chat in the customer’s preferred language.

Secure Conversations

Do not compromise on the privacy and security of your customers or organization. WhatsApp offers end-to-end encryption to ensure a conversation between two-parties remains private. Thus, preventing data leakage.

Ready to get started with WhatsApp Business? Book your demo today to experience Ameyo’s WhatsApp Customer Service Solution!

How Instagram is the Customer Engagement Channel you need?

Instagram, a short video and photo sharing social networking platform was found in 2010 and since then has gained popularity amongst the younger generation. As per a report by Forrester, it’s widely acknowledged as the king of social engagement. According to Statista, as of June 2018, Instagram reported more than 1 billion monthly active users worldwide. Owing to the wide acceptance of Instagram, brands are using this channel to create a lasting visual impression on their users. Businesses use this channel to promote their products and services and boost their brand awareness. However, Businesses are also looking at it as a promising customer service channel for the future. According to past research done by Gartner, by now, 90% of companies would be using social media for customer service.

To offer a seamless two-way engagement experience, businesses are now interacting with their customers and replying to queries via Instagram. For building stronger relationships with customers, it is important for brands to listen to their customer problems and resolve them quickly and effortlessly whenever and from wherever they reach out to brands.

To help brands engage with customers on their fan-favorite channel, Ameyo has recently launched Instagram as a customer engagement channel in its 4.8 GA product version of Ameyo Fusion CX. For delivering great customer support on social media and improving customer loyalty, Ameyo’s focus is on delivering an engagement solution that helps brands listen to their customer queries and, even more important, to effectively respond in a timely manner. According to Aberdeen, companies that have a well-crafted social customer service approach in place, experience 92% customer retention.

So, how does this customer engagement process work in Ameyo Fusion CX?

Ameyo has recently added Instagram via its Channel Addition Framework that offers easy plug and plays media channel additions.

Here below are the key steps in the Instagram customer journey using Ameyo Fusion CX:

Let Customers Engage Seamlessly on Brands Media Profile

Users can interact with businesses by posting comments on Instagram posts. The customer’s voice gets heard by agents by logging into the Instagram campaigns on their Fusion CX workbenches. Agents get notified of incoming customer interactions on Ameyo’s unified agent desktop in Fusion CX. Unified agent desktop eliminates the need to toggle between different screens to manage interactions coming in from different channels. It empowers agents to effectively manage omnichannel interactions and thus improves agent productivity.

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Ticket Creation

Let agents get notified for customer queries with interactions getting landed in the Ameyo Fusion CX agent dashboard. Tickets are logged in Fusion CX every time a customer reaches the business by commenting on an Instagram post. Agents get notified whenever a ticket is raised and can access the same in their workbenches and reply to them.

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Single View of Customer Conversation

To help agents get the context of customer conversation and reply to customers via their preferred channel, Ameyo Fusion CX offers a single view of customer information and conversation history. All the Instagram interactions get stored along with timestamps. This enables agents to give resolution faster and thus improves customer loyalty.

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Reduce your TAT with in-time Responses

Make your customers feel heard with in-time responses and tagging for easy recognition on Instagram. Ameyo agents can reply via their dashboards and the same is visible for the customers to view in the form of continued conversation on Instagram.

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Channel Specific Dashboards

Operation managers can have a detailed view of the conversations handled via the various CAF channels with dedicated dashboards for channels. The graphical dashboards help supervisors better plan resource allocation on the basis of traffic on each channel. A quick glance at SLA dashboards helps supervisors to stick by their resolution timelines and plan actionable on reducing the TAT.

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In A Nutshell

Considering the current market trends and customer engagement stats for Instagram, brands have to amp up their game by including this widely acclaimed channel to its customer journey. To thrive in the CX game and make life easier for customers, brands are continuously evolving and are using Instagram not only for reputation management but also for customer service. To give customers a true omnichannel experience, if you are considering adding Instagram in your customer service channels arsenal, then Ameyo is here to help.

Why Video KYC has become a Game Changer for Mutual Fund Companies?

With the lockdown enforcing the contactless onboarding process as the new normal for most financial institutions, Video KYC is rising as the new digital solution to ensure a paperless and presence less customer onboarding experience. And as technology advances, the rise of Mutual Fund investors is imperative, leading to financial inclusion of a large part of the country.

The technology advancement invites cyber frauds and money laundering with attackers becoming more sophisticated. To prevent and decrease fraudulence, investors need to keep a check on data security and data privacy. With the speedy turnaround of providing digital services, most of the mutual fund companies are moving towards secure e-onboarding that gives an opportunity to include rural India in this digital trail.

Digital banking was available only for the customers that preferred doing business on online mobile channels but the pandemic has enforced this radical shift from brick and mortar to the digital wave, proving that the virtual onboarding can be made easy with the right set of technological tools.

Video KYC solution is the game-changer for mutual fund companies to provide the services that the customers are looking for.

Why go Paperless?

Easy Customer Onboarding

Contactless onboarding of customers becomes easy with Video KYC for Mutual Fund as you can engage with your customers on video and initiate the customer onboarding and authentication process remotely.

For an existing customer, if the customer wants to update their contact number, change of address, or any other information, it can be done easily with updating the information in the Aadhar card and then in the database to never lose on any important information.

Reduced Drop Offs

Now, you do not want your customers to have a bad experience because of the poor internet connectivity. You can complete video KYC recording even at a speed as low as 60KBPS, ensuring that the customer experience is not compromised.

Along with that, you can further reduce your customer drop-offs by 20% with a technology partner that offers a complete omnichannel customer engagement suite with the Video KYC. You can invite the customer to continue the KYC, if dropped off, by sending a rejoining link on their preferred channel like SMS, email, social and even following up on it with a call. You can significantly increase the KYC completion rate.

Data Security & Compliance

To initiate mutual fund video KYC, you will need to integrate your system with tools that again bring in some security risks. But, you can eliminate this risk by choosing a technology partner with AES 256 or above encryption standards. Further, you can ensure that all the personal data like live images and video documents are stored in your environment, so no one can tamper with the data without having the right authorization.

Strong AI-driven face recognition technology minimizes the risk of fraudulence by providing 99%~ and above accuracy. It assures that the person being verified is the same person that she/he claims to be.

To further the data security, opening up digital banking to everyone but fraudsters, the Video KYC solutions check the live location of the person being verified with geotagging and the verifier does a liveness check to knock out the possibility of sending a pre-recorded or tampered video.

Significant Cost Reduction

It’s good news for the Mutual fund NBFC’s as they will not have to invest capital on field agent processes for travel to remote locations, documentation, and physical record maintenance, as the video KYC process takes care of that.

You can now reduce your customer onboarding cost further by 90% because it takes only as little as 3 minutes to onboard a customer, resulting in onboarding 18-20 customers in an hour. And, as it has brought flexibility to onboard customers remotely, you can broaden your customer pool by gauging into rural and semi-urban areas.

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Interested in transforming your Customer Onboarding Experience? Check out Ameyo’s Video KYC Omnichannel Engagement Suite.

PFRDA Allows Paperless KYC for NPS Account Opening

Pension Fund Regulator PFRDA has provided relaxation for the opening of NPS accounts using Aadahar-based offline paperless KYC to onboard new subscribers under the National Pension System. Due to COVID-19, regulators are looking to digitally transform customer authentication and onboarding processes and provide a seamless experience for applicants.
PFRDA, in its guidelines on 27th May 2020, has announced that to increase the awareness of NPS and comply with the necessity of time, new technology is birthed to onboard the subscribers or applicants without demanding their physical presence. Penetrating the idea to increase the adoption of NPS, the transition towards a more tech-driven world has made it possible for PFRDA to ease the onboarding process.
It is a simple, secure, and reliable system that will attract tech-savvy millennials. PFRDA has added to permit e-NPS and points of presence (POP) facilities to use offline Aadhar of the applicants with a consent-based policy. Now, there’s no need to provide a physical copy of the 12-digit identifier.

How does this process work?

  • As per the guidelines stated by PFRDA, an applicant can download a password-protected Aadhar XML file by accessing the Unique Identity Authority of India (UIDAI) portal through e-NPS and register for the NPS.
  • Now, the applicant can select the appropriate option for registration and fill in other details like a UIDAI registered mobile number and upload the XML file on the NPS portal with a four-digit password.
  • Once the mobile number is provided, an OTP is generated to further the authentication process. Once the OTP is entered, the applicants’ details like Name, Age, Gender, DOB, Address, and Photograph are fetched through the UIDAI database.
  • The applicant is now requested to provide a scanned copy of PAN card, canceled cheque, and digital signature in the prescribed format.
  • The users are then redirected to the payment gateway to make the payment for their NPS account. On the successful payment, a Permanent Retirement Account Number (PRAN) is allotted to the users.
  • The users can now request to get a digital copy or print the form.

The NPS account opening can also be availed through Points of Presence (POP), which are said to provide this facility.
The PFRDA regulations have made amendments to the existing KYC process and have designed a seamless onboarding experience for citizens of India.
While the government is rethinking the customer onboarding process with a digital-first strategy, Ameyo in line with the KYC guidelines is providing Video-based KYC solution for banks and financial institutions and provide a digital customer onboarding experience. Video as an engagement channel can help deliver personalized experiences and ensure integrity to the customers. With government moderating the KYC process for opening of NPS accounts, Ameyo is also simplifying the customer journeys with its best-in-class Video KYC solutions.

How insurance companies are revamping Customer onboarding with Ameyo’s Video KYC Solution?

With the world going remote there has been a forced digital shift in consumer behavior and the Insurance sector in India has also responded with IRDAI relaxing KYC regulations.
Insurance Regulatory and Development Authority of India (IRDAI), vide Gazette notification dated April 23, 2020, has published a list of Insurance companies that can undertake e-KYC or paperless KYC in the coming days allowing the insurance companies to avail Aadhaar-based authentication services of the Unique Identification Authority of India (UIDAI) to fulfill the Know Your Customer (KYC) norms.
With the relaxed Video KYC RBI guildelines, Insurance companies are gearing up to overhaul their KYC operations from contact or paper-based approach to a completely remote and tech-based approach.
The traditional insurance KYC has a huge list of challenges from operations to compliance:-

  • The offline process of document collection brings the threat of misuse of documents and increased risk of information leakage due to physical records involved at every stage of KYC.
  • The turnaround time (TAT) and the cost of processing each file increases due to the physical verifications. It also hampers the overall customer experience and increases the chances of human error.
  • Any error in authentication documents further leads to higher KYC drop-offs owing to repeat physical visits.
  • In tier 2 and tier 3 cities, people still rely on field agents for investing in insurance. The Pre Insurance Insurance verification process is often broken and non-compliant to IRDAI norm. As the field Agent only focuses on selling, the procedure of reading out policy terms and conditions are often ignored or not recorded
  • Insurance Field agents often provide their mobile numbers instead of customer contact, negating the policy readout compliance

How can Ameyo’s Video-based KYC approach revive KYC operations for the Insurance Sector

  • Ameyo’s video KYC solution makes the remote onboarding process highly effective with its three-pronged approaches of Omnichannel engagement, Video enabled KYC and 100% compliance
  1. Decrease KYC drop off at each stage of Customer onboarding using omnichannel engagement
  2. Video enabled KYC that runs even on low Internet bandwidths (60Kbps)
  3. Enabling 100% IRDAI compliance with video-assisted Pre Insurance verification
  • Ameyo’s paperless and contactless process of Video-based KYC for Insurance would result in reducing costs by 90% as compared to the Physical KYC processes
  • Enterprise-Grade Security with AES 256 Encryption & ISO 27001 to reduce the chances of fraudulence.
  • Ameyo’s Video KYC Solution increases KYC completion accuracy with its advanced solution backed by AI-technology.
  1. OSV (Originals Seen & Verified) check is done by the Regulated Entities (REs) using OVD (Officially Verified Document) on the video call.
  2. OVD auto extracts the details via OCR (Optical Character Recognition) to match the details of the customer like their name, age, address, etc. with the provided documents.
  3. The image is extracted from the documents provided by the customer and is matched with the live video call to ensure maximum accuracy.
  • To increase the customer engagement, you can engage on multiple channels with the customers and send timely reminders for KYC completion using a voice bot, an SMS, email, or any other channel preferred by the customers.
  • Measuring and tracking V-KYC completion rates can be made easy with Ameyo’s comprehensive dashboards that are customized to fetch reports of KYC officer dashboard and auditor’s dashboard.
  • Ameyo’s V-KYC solution is tested with 80+ device browsers to ensure maximum compatibility for all devices and browsers and attain high Video KYC completion rate.

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Considering the present situation, Video KYC RBI guidelines have allowed the Video KYC completion at an opportune time by the regulatory bodies to make the on-boarding process digital, when meeting customers is almost impossible. Insurance companies are looking for solutions to enhance customer convenience and improve business efficiency in these times of economic turbulency and Ameyo is here to help.
Looking to Explore Ameyo’s Video KYC & Omnichannel capabilities? Request a Demo today!

Why NBFCs Resort to Video KYC for Customer Onboarding and Authentication?

Offline KYC took a toll on NBFCs, involving customer onboarding costs, documentation costs, and making it difficult for startups to broaden their customer base. The financial inclusion of rural India has been a dream for many of these NBFCs for a long time.

With the onset of Aadhar based e-KYC, NBFCs started gauging into the rural and semi-urban areas, only to find it difficult to onboard customers in a cost-effective and secure manner. And Aadhar KYC became a hanging sword when the Supreme Court, in a notice dated 26th September 2018, declared the use of Aadhar based KYC by private players as unconstitutional. NBFCs were constantly looking for a solution that helped them ramp up their customer authentication process.

Just when the world was going to be hit by a pandemic, Video KYC RBI circular issued its guidelines to allow NBFCs to onboard customers virtually using Video KYC solution in January 2020.

Experts believe that the customers won’t easily adopt the traditional method of money depositing or withdrawing post COVID-19, therefore, an evolution in the financial industry for customer onboarding is required.

However, Video KYC norms has its own set of challenges, some of them are:

  • Mindset Shift: Most NBFCs and customers are habitual of doing KYC in a traditional way and the shift towards doing KYC digitally for people situated in rural and semi-urban areas might take some time to adopt this technology. The due diligence to COVID-19, NBFCs have to be prepared with this new way of working remotely.
  • Low or Poor Internet Connectivity: Due to low internet bandwidth, the Video KYC completion will take a toll on the customer experience and the completion rate might go down. To ensure maximum coverage for the financial inclusion of rural India, NBFCs will have to revise their existing technology and upgrade their system to perform Video KYC on low internet bandwidth.
  • Technology Upgradation: Investing in the new technology of video as an engagement channel and having people trained for it can become very challenging. Upgrading the security for customer’s data and storing that information to ensure there’s no data theft has become a prime concern for most NBFCs. As per compliance guidelines, records are to be stored in a safe and secure manner.
  • Adoption of AI-driven Technology: The traditional technologies did not demand the adoption of face detection technology but RBI has encouraged NBFCs and BFSIs to invest in AI-driven face-matching technology.
  • Performing Re-KYC on Time: The government has mandated to complete the Re-KYC of each individual in a periodical cycle which in turn takes a toll on the loan aggregators. The KYC completion rate decreases further and the customer onboarding cycle stretches, decreasing the productivity of businesses.

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How Ameyo’s Video KYC Process for NBFCs can become the Game Changer?

The contactless KYC can remove the barriers of physical meetings, biometric verification, and the paperwork involved. And customers aren’t prepared for a world of physical meetings to get the KYC done, therefore, it is beneficial to both the customers and the businesses.

Reduced Drop-offs: KYC through Video Call can be completed within 3 minutes and that gives an edge to NBFCs to onboard more customers at the same time. With Ameyo’s advanced Video KYC solution, you can complete KYC on 60 KBPS and increase the KYC completion rate significantly.

Data Security & Compliance: The video recordings are stored on the server, ensuring that there’s no data stored on the agent/RE’s system. Video KYC RBI guidelines require the data to be stored in a safe and secure manner bearing the date and stamp. The REs are subject to bear the onus of customer identification, being 100% compliant with video KYC RBI guidelines.

Along with the data storage requirements, data can be masked to furthering the data security in any circumstances.

Accuracy of Video KYC: The Video KYC completion backed by AI-based face recognition technology eliminates the chances of fraudulence and becomes a reliable source of customer identification. Ameyo’s technology captures the snapshots from the live video even on low internet bandwidth and matches it with the documents provided by the customers to verify the identity of the said customers in real-time.

OSV (Originals Seen & Verified) check is done by the Regulated Entities (REs) using OVD (Officially Verified Document) on the video call. OVD auto extracts the details via OCR (Optical Character Recognition) to match the details of the customer like their name, age, address, etc. with the provided documents. The image is extracted from the documents provided by the customer and is matched with the live video call to ensure maximum accuracy.

Video KYC Completion on Low Internet Bandwidth: Now that NBFCs are putting steps towards the financial inclusion of rural and urban India with Video KYC, it will pose a bigger challenge to the internet fluctuation in remote locations. Video KYC can now be performed at an internet bandwidth of as low as 60KBPS, providing an opportunity to increase the customer base and include people from Tier 2 & Tier 3 cities as well.

Ameyo’s Video KYC solution is tested with 80+ browsers to ensure a high level of compatibility for the companies to perform KYC at ease.

Data-Driven Dashboards:

Video KYC data can be monitored to track the productivity of the RE official and the auditor and monitor the accuracy of Video KYC completion. A comprehensive KYC Officer Dashboard gives a quick overview of the KYC completion rate, the average time taken for each KYC, breaks duration, etc. to determine the productivity of the KYC official.

Supervisors or managers can make well-informed decisions after closely analyzing the Auditor’s dashboard that shows details about KYC rejected, approved, and pending. This data, presented in a statistical view, gives managers an edge to analyze the performance of the auditors.

Improve Customer Engagement: Video as an engagement channel gives a personalized customer experience, driving customer loyalty and trust. But, video KYC for loan lending companies is not limited to the data security, it also demands to engage with customers during and after their KYC journey. With Ameyo’s omnichannel contact center software, you can engage with customers on their preferred channels, sending timely voice bot reminders, notifications, and alerts.

Customer drop-offs further decrease when the customers are constantly engaged with via SMS and voice calls. If a customer drops off during the KYC process, they can be provided with a rejoining link to complete their KYC process through Video Call.

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Video KYC is changing the landscape of customer engagement and now NBFCs are finding it easy to get customers onboarded across rural and urban areas without having to invest the time and money to verify their customers’ identity. During this time, contactless onboarding is what customers are looking for and it has paved the way for customers to seek assistance from their NBFC loan providers even at the time of nationwide lockdown.

WhatsApp for Business – Everything There is to Know

Are you planning to use WhatsApp for Business? If I may say so myself – well done! You are making the right choice as with a user base of more than 1.5 billion across 180 countries, WhatsApp is one of the most popular messaging platforms today.

WhatsApp Business gives you the opportunity to interact with your customers in a private, secure environment, allowing you to interact with them on their preferred communication channel. Moreover, while chatting on WhatsApp, businesses can be creative with their messages and use attachments and emojis to increase customer engagement.

Using WhatsApp Business to Your Advantage

1. Automated Notifications to Customers

Get started with WhatsApp and send non-promotional personalized notifications to your customers. For eg., alert them of their order status, change in flight timings, or confirmation of order booking. Using WhatsApp for notifications, you are automating the task and thus, saving agents’ time while eliminating human error and delivering top-notch customer service.

2. End-to-End Encryption for Privacy

One of the main reasons for WhatsApp’s popularity is its security and privacy. The same principle applies when you are using WhatsApp for business purposes. You need to be verified by WhatsApp to become a user. And once that’s done you can have a secure and private channel for messaging with complete end-to-end encryption.

3. Rich Media Support

Send multimedia messages – images, attachments, brochures, audio, or video file to make the conversation more engaging. Since WhatsApp supports richer formatting options, businesses can think out of the box and use bold text, italics, and stickers. etc to further enhance the messaging experience.

4. Multi-lingual Support

Interact with the customers in their preferred language. With WhatsApp supporting more than 50 languages, it provides a great opportunity for the brands to personalize the conversation. At the same time, you can also create templates for business responses to send notifications, alerts, and quick responses as a way to further use automation.

5. Monitor Performance Metrics

As a WhatsApp for business user, you can monitor and track the messages sent by the business as well as the messages received from the customers. The graphical view and dashboards make it easy to decipher the data and provide actionable insights.

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Customer Engagement Made Easy with WhatsApp Business API by Ameyo

Ameyo being one of the WhatsApp partners to provide WhatsApp API has a lot more to offer. It’s a plug and play solution that helps organizations deliver a true omnichannel customer experience. You can initiate two-way chats, add chatbots for customer service, and even log all your WhatsApp activity by sending the data to the CRM.

That’s not all, by adding WhatsApp as a channel to Ameyo’s Omnichannel Ticketing Solution you can also create tickets for WhatsApp interactions which can then be monitored for accountability and improvement purposes. Get channel-wise reports to monitor which channel is performing best and which needs to be improved.

Getting Started with WhatsApp Business API was never this Easy!

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Want to get started with WhatsApp Business API? Contact Us today!

Video Engagement Channel: For a True Omnichannel Experience

There has been a digital shift with consumers choosing alternative channels to connect with the brand or seek customer support. Customer engagement is no more confined to traditional channels like voice or emails, its time for omnichannel customer engagements. And today we are going to talk about one such channel – VIDEO! There is no doubt that having face to face help solves the issue faster and with a higher satisfaction level – even if that is done virtually.

Video – One Piece of an Omnichannel Customer Experience

According to a PWC Report, the number of companies investing in the omnichannel experience has jumped from 20% to more than 80%. Similarly, according to Adobe, companies with the strongest omnichannel customer engagement strategies enjoy a 10% Y-O-Y growth, a 10% increase in average order value, and a 25% increase in close rates. All this data reinforces the need for brands to work towards delivering an omnichannel experience – and video as a channel is one piece of this puzzle. Using a Live video chat platform can be a way to boost customer service and support.
You can easily convert your inbound customer requests into a video call to offer live video chat and improve the overall customer support experience. For instance, when your customer service reps are having a live chat with the customer about some payment-related issue and the executive needs to verify the invoice,  they can convert that chat conversation into a live video chat. By doing this, they can verify the authenticity of the document in real-time while providing the solution there and then.

Some of the key features of a complete omnichannel solution powered by video channel are:

  • Smart on-call options: Transfer, mute, confer
  • Collaboration tools
  • Maintain a record of every conversation
  • Adding notes and call disposition for every call
  • Actionable insights using channel-wise reports and monitoring tools
  • Single view of the customer

Video Engagement for Businesses

Let’s have a look at some of the use cases of video as a communication channel.

1. Video KYC

Completing KYC is a critical step in the customer onboarding process for banking and financial institutes. Being able to do this over a video call makes a lot of sense as it reduces the costs as now organizations don’t have to send their agents in the field to complete the KYC process. With a Video KYC Solution, the organizations can increase their KYC completion by more than 90% as now, the time taken to do so is significantly reduced from days to mere minutes. Additionally, having multiple channels to followup and send timely reminders add to reducing the drop-offs.

2. Recruitment

Another sector that can benefit from the video channel are the recruitment agencies. They can conduct video interviews, onboard new recruits remotely while having a single view of all the job aspirants on a single screen. Moreover, the Live video chat platform can also help with following up with job aspirants about scheduling the interview, assessments, and/or documentation purposes.

3. Telemedicine

Scheduling an online doctor’s appointment and having a video call as a way of e-medical consultations can help the healthcare professionals cater to the patients effectively while having the complete patient history on their screens. This arrangement is particularly more useful in today’s time when the world is dealing with a pandemic and it is not advisable to venture out to hospitals unless absolutely necessary. Video conferencing can be a great tool to resolve this problem.

4. E-Counselling

Now, counseling can take various forms – one can do it for education or work prospects or can also have a psychological counseling session. Either way, the counselors can deliver one-on-one personalized consultations over a video call. They can also collect feedback, send smart reminders, etc – all of this at a reduced cost as opposed to in-person sessions.

In Conclusion

Having Video as a communication and support channel is particularly helpful when both parties cannot physically be there. For instance in case of a disaster or a pandemic like the COVID-19. In this situation when there are lockdowns and neither the people should nor want to visit the banks, shopping malls, or basically any high-density public place, this virtual assistance via a video call is a blessing to ensure the business continuity while maximizing customer satisfaction.

How to Find the Right Video KYC Vendor?

Amid the COVID-19 crisis, the majority of businesses are working remotely, demanding the refined process to continue customer onboarding effortlessly. RBI’s recent decision to allow Video KYC for Banks, Financial Institutions, and NBFCs is a major relief. With Video KYC, banks and FIs can onboard customers in 3 minutes while eliminating the need for a field verification agent and thus reducing the cost by up to 90%.

It not only cut costs by huge margins, but it also enabled remote onboarding, thus making it easy for banks and FIs to penetrate their ways into rural areas.

While Video KYC processes are in high demand, there are certain challenges that BFSIs, NBFCs, and E-Wallets face when adopting this customer onboarding process. As much as it is a much-needed relief during this lockdown phase, it has the following challenges:

Data Security: Banks and FIs, as they adopt video conferencing for customer onboarding, have to keep a check on the security measures like a secure video conferencing platform, data & video storage, and adherence to regulatory requirements.

With the rise in fraudulence like video manipulation, the entire responsibility of customer identification lies with the banks to ensure that there’s no data leakage and data tampering.

Fraud Detection: Now, customers can provide a pre-recorded video if the liveness check is not done properly. There has to be a sequence and type of questions that eliminate the chances of spoofing and fraudulence or fake identification. The RE officials have to ask various questions to establish that the process is seamless and end-to-end encrypted.

High Drop-offs Rates: Though the process does not take more than 3 minutes, the video call can be disconnected because of the various reasons like system error, internet fluctuation, manual hung up, and more. Once the call is dropped off, it becomes difficult to reach out to the customers for re-enrollment and KYC completion. This can lead to bad customer experience and the it might take longer for KYC completion

Adherence to RBI Video KYC Norms: As per the Video KYC RBI guidelines, Video KYCs are to be driven by an RE official and an auditor who would need training for video-based KYC. The Video KYC process will be handled by the officials that are trained for this and their activity record is required to be preserved for future records.

Monitoring KYC Accuracy: Now banks and FIs cannot complete the verification process without monitoring and managing the productivity of RE officials and Auditors. There is a constant need for monitoring key metrics like KYC completion rate, dropoff rate, and accuracy rate to make a data-driven decision.

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How to choose the right Video KYC vendor and overcome these challenges?

Banks and FIs were looking for a seamless, presence-less, and paperless customer identification process for a long time and the video-customer identification process (V-CIP) has provided the hassle-free model to the money lenders.

Now, a customer can request to open their savings account online and it will only take a few minutes to complete the customer onboarding verification.

For this hassle-free process, you need a system that has the following features:

Secure & Compliant

Ameyo’s video-based KYC is 100% Video KYC RBI compliant, ensuring end-to-end encryption and reducing the chances of fraudulence. It is also ISO 27001 certified with enterprise-grade security like AES 256 Encryption, ensuring that the banks, FIs, and money lenders get maximum security. Along with that, video-based KYC allows the businesses to establish rules for identity check like:

  • There’s a liveness check to discard the possibilities of using pre-recorded video and the customer’s location is checked using geo-tagging to maximize the accuracy of the customer authentication.
  • The RE official may ask a set of questions like hand movements, pet’s name, schooling year, etc., to eliminate the human error.
  • Store customer’s data on the cloud server, therefore, there’s no data tampering by any internal agent or official.

Reduce Drop-offs by 20%

Now, you do not want your customers to switch to your competitors because of bad customer experience. If the video call gets disconnected due to poor internet connectivity, the call gets abandoned on ACD, or there’s a system error, you can always reschedule the call immediately to deliver an amazing experience with Ameyo’s Video KYC solution.

With an omnichannel customer engagement platform, you can easily reach out to the customers via SMS or chat to resend the video link.

Measure what Matters

Let the supervisors get a quick glance into the customizable dashboards that can help to make informed decisions.

  • They can get a periodical Video KYC abandoned report and keep a check on officer SLA, auditor SLA, total KYC rejected, accuracy rate to analyze the performance of the campaign.
  • They can then prioritize the KYC requests and automate the workflow by aligning it to the best-suited agents.
  • They can analyze the detailed officer’s productivity report on business-specific parameters like accuracy rate, CSAT score, and number of KYCs completed.

Cost Reduction by 90%

Eliminate the need for a field agent who would travel to different locations to complete the customer verification process. Now, you can onboard a customer in less than 3 minutes with minimum cost.

  •  Let the RE officials onboard 18-20 customers in an hour
  •  Reduce the traveling and documentation cost
  •  Onboard customers from remote location online

Ease of Usability

It is as important to have an amazing in-product employee experience as it is for the customers. Ameyo’s highly flexible solution ensures to simplify the KYC process for banks and FIs.

  • It allows the RE officials to attach short notes with the video call recording like customer details to retain the information.
  • Agents/officials can dispose the calls with two-level dispositions such as “KYC completed,” “Call disconnected,” “System error,” and “KYC pending” to provide an outcome of the call.
  • They can engage with the customers on multiple channels and take follow-ups for KYC completion.
  • Automated reminders/notifications can be sent to the customers prior to the scheduled time.

Ace your Customer Experience

Customers find it very easy to open a bank account or request a sim card online. And, COVID-19 has made it very obvious that the customers are not willing to visit the stores or banks physically.

With Video KYC, you can deliver the customer experience that your customers are looking for:

  • Customers can raise a request to apply for a credit card and will be happily available to complete their KYC online.
  • Once the KYC is initiated, allow the customers to check the status of their ticket while sitting at home.
  • Timely reminders can be sent to customers for KYC completion through their preferred channels like SMS, call, email, chat, etc. Voice Bot reminders can also be sent automatically to remind customers of the scheduled KYC appointments.
  • After the completion of the verification process, you can send the credit card, sim card, and related documents at the address provided by the customer.

Accuracy of Video KYC Completion

Ameyo’s solution uses face recognition technology backed by AI to ensure maximum accuracy.

  • First, OSV (Original Seen & Verified) check is done by the KYC officer using OVD (Officially Valid Documents) on the video call
  • OVD auto extracts the customer’s details like their DOB, Address, Aadhar Card details, PAN Card details, etc. via OCR (Optical Character Recognition)
  • KYC Officer then does a liveness check and verify customer’s OVD to perform the accuracy check and pass it for further verification

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How Best to Manage Remote Contact Center Teams and Operations

How are you managing your remote contact center teams? Are you also struggling with issues like – infrastructure, agent productivity, security, customer outreach, operation, and agent monitoring, etc to name a few? Ameyo recently partnered with Leadsquared for a webinar on answering some of these questions and providing businesses with the best solutions to sail through this time.

Challenges with Remote Working

1. Accessibility to System

When the agents do not have access to a laptop/desktop at their home or don’t have a stable internet connection, it leads to underutilization of the remote workforce and higher operating costs.

2. Data Security

As a business, you don’t want the customer data to be misused and would like to prevent data theft. Additionally, in many verticals like BFSI where there is sensitive data, there are stringent regulations and compliance that the organizations need to adhere to.

3. Collaboration

When the call center agents are working from one location or practically sitting beside each other, seeking help with a query is much easier. However, team collaboration becomes difficult when all the agents are working from home.

4. Tracking Team Effort

With no more face to face team meetings and huddles for faster allocation of work, while keeping track of the activities of agents, one needs to find other ways to ensure the team is on the same page even when working remotely.

5. Contextual Conversations

In the usual work from office scenario, the call centre agents have access to an array of features and integrations, and systems. What about when they are working remotely? Can the same be achieved from a remote contact center setup?

6. Voice Quality

Ensuring high call quality outside of the office location without hampering the experience of the customer is crucial, irrespective of the agents working remotely. As an organization, you need to provide the best remote contact center software which allows call over WebRTC or support dual call leg to offer high call quality.

Managing Remote Operations – Benefits of Remote Contact Center

Be Remote Ready

Irrespective of the level or type of infrastructure-readiness of your agents you can ensure they are equipped to handle customer queries remotely. Ameyo’s remote contact center software enables the workforce to serve the customers anytime, anywhere. Having a complete call center solution on mobile allows your agents to enjoy full-stack contact center capabilities via their smartphones themselves. Additionally, with CTI integration and WebRTC, you get to enjoy high call quality with complete customer information at your disposal.

Faster Conversions

Customers like to explore options before making their final decision. For instance, before buying a healthcare policy, they will browse through multiple websites and fill forms to get the best quote. As a general insurance player, you want to be the one to engage with the prospect fastest to improve your chances of conversion even in the remote working environment. All this can be achieved with a good contact center software integrated with the right lead management system. This will ensure the lead from the website is quickly transferred to your inbound agents who can then qualify and convert the lead.

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Secure Data and Quality Conversations

Secure your customer data by using number masking and storing all the call recording and customer information on the server, rather than on the agent’s system (laptop or mobile phone). Additionally, you can also push the call recordings and interaction history into your CRM to allow the agents to view them while conversing with the customers. Having historical information, the agents will be able to have contextual and personalized customer interactions and ensure first contact resolution.

Omnichannel Presence

We have been observing a digital transformation in the last couple of years. Customers are increasingly adopting alternative channels of communication with mobile messengers like WhatsApp and Facebook messenger taking a lead. Thus, having a remote contact center that allows you to be present where your customers are, helps with mapping the customer’s journey while providing the agents with a single view of the customer. The way we do interactions, the way we use channels is shifting with the user preferences. So, the businesses that haven’t transformed their strategies yet need to work on them and build a roadmap for the future.

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Remote Monitoring

Drilled-down reports, live dashboards, call quality monitoring tools along real-time agent allocation are some of the features of a contact center that allow supervisors and managers to not just monitor the KPIs and operations remotely but at the same time take necessary actions as well. Additionally, the graphical view makes data consumption easier and faster along with providing the agents with self-monitoring tools as well. This data helps them track their performance and plan their activities accordingly.