COVID-19 has changed the way brands & consumers interact, and the BFSI sector is not an exception. And as with other verticals, digital started becoming the preferred channel of interactions. One of the leading public sector banks viz SBI changed its work-from-home policy to work-from-anywhere in response to Covid-19.
Also, the efforts to encourage contactless digital payments over cash as a hygiene measure have led to increased digital payments. While digital payments and transactions recorded remarkable growth, there was also a rise in digital payment frauds.
While there is no going back on digital transformation, here are some of the tech-driven ways the BFSI sector can use to acquire and service customers while addressing the trust issues.
PCI-DSS Certification to Win Customers Trust
Payment Card Industry Data Security Standard (PCI DSS) was created to increase cardholder data controls to reduce credit card fraud. It covers technical and operational practices for system components included in or connected to environments with cardholder data.
Being PCI DSS compliant bring hosts of benefits as follows:
- Win customers’ trust by assuring them of secured transactions.
- Avoid data breaches and the associated costs and penalties.
- Increased protection of customer’s data
Ameyo is PCI DSS compliant with certified public cloud environments across India, APAC, Africa & ME.
Video KYC for Remote Onboarding
Know-Your-Customer (or KYC) is a necessary part of onboarding a new customer for financial institutions. Video KYC follows a Video-based Customer Identification Process (V-CIP) approved by RBI to authenticate the customer’s verification documents. So, the process remains secure, paperless, and saves the customer’s travel to the branch. Many leading banks like HDFC Bank, Kotak Bank have launched Video KYC to onboard customers remotely.
With Video-based KYC, BFSI companies can reduce the operational costs by 90% and the time required to do KYC from 5-7 days in less than 3 minutes.
One example is The Muthoot Group, the largest gold loan provider across the country, which has launched its Loan@Home service that provides gold loans from the comfort of their homes without having the customer visit the branch and maintain a contactless experience.
With Video KYC, Muthoot has reduced the loan executive’s time at the customer’s place by 75%, making it easy for the loan executives to verify the customer’s identity even before they visit the customer.
The old-school offline process of document collection and verification poses a threat of misuse of customer’s data. Video KYC, in adherence to the RBI guidelines, ensures that the BFSI sector addresses the security risk by providing safe and secure data storage. Video KYC provides the flexibility to allow the KYC officers or call center agents to provide virtual assistance to the customers using co-browsing and screensharing features.
Video Personal Discussion for Loan Approval Process
Lenders have personal discussions with borrowers before sanctioning a loan to gauge their creditworthiness and ensure they make the right decision. But with physical distancing, real face to face meetings are not possible.
Ameyo’s Video Personal Discussion enables you to achieve the same face to face meeting remotely in this new normal of physical distancing. It helps you with AI face match detection, document uploading, or transfer documents collected previously, e.g., during the KYC process.
Video Chat to Close More Sales
Many brands have closed sales successfully over video like Tanishq has brought in around Rs 100 crore sales through video calls in the last two months.
Video as a channel makes it possible to have
- Real-time face-to-face discussions enable you to pay the highest level of attention to the most critical customer interactions.
- Read customers’ non-verbal cues and gestures.
- Exchange information and address objections in real-time
Ameyo’s video chat solution also helps brands with recordings for analysis by an AI or human being for continuous improvement.
Video Contact Center
With Video Contact Center, you can provide personalized and expert service remotely. With a face to face discussion, you can gauge the customer’s anxiety and make them comfortable with a smiling face.
In India, IndusInd Bank reports that video banking enabled it to solve 50% more cases in the first call, compared with voice services.
Automated Humanized Collections Bot
RBI’s notice to end the moratorium on Aug 30 with an extension till 28 September 2020 has challenged the loan collection firms to find an alternative solution to speed up the collection process. The final decision on loan moratorium is still pending with Supreme Court adjourning the hearing till Nov 2
A significant number of calls in the collection process are routine queries that can be solved by a humanized debt collection bot that covers customer coverage. Without hiring additional agents for debt collection, the collection bot can maximize customer coverage while increasing collections calls with human-like conversations.
Additionally, the bots capability to personalize the conversation by knowing the context with available data in CRM helps increase the efficiency of Collection Calls. Queries that the bot is unable to understand are transferred to a human agent with an appropriate message, preserving the conversation’s context.
Addition of Newer Channels
One of the significant lessons of the shelter-in-place is digital transformation. The use of social media platforms has grown by 82%, which is an opportunity for FIs. In the post-pandemic world, most banks, insurance companies, and financial services will go online, making business easier for their customers.
As every customer is different, so is their preference for the communication channel. Now, channels like WhatsApp can be leveraged for customer service to send out payment reminders to the customers, notify them about the payment success, and send bank statements.
Customers will be able to rely on digital banks to open their accounts with no in-person show required. Without the need to show up at the branch, the banks will get new customers to sign up faster.
Wouldn’t we all be happier if we didn’t have to wait in the queue to pay our debts, open a bank account, and apply for loans?
In a Nutshell
The GDP is struggling, and the financial sector is under pressure to meet customers’ demands. Anxiety among customers is another added challenge in the situation. If that seems bearable, think of the competition in the market. Digital transformation is no more one of the choices for financial institutions, but the only choice.
Technology has transformed the traditional banking system in the past, and in the post-pandemic world is set to see even a better and advanced version of it. The definition of normalcy will be changed forever, and fintech has the stage set. Just use the right click to make the most of the opportunity!