If you’ve ever applied for a mortgage, credit card or even a new savings account, you know how paper-intensive the process can be. Photo ID, tax returns, insurance forms and statements take a long time to compile and an even longer time to be processed by the financial institution. These initial and information-intensive interactions are vital early experiences that set the tone for what should be a long-lasting and mutually beneficial relationship between the customer and the financial institution.
Chances are good that you, or someone you know, has been a victim of fraud. In 2018, the U.S. Federal Trade Commission processed 1.4 million fraud reports totaling $1.48 billion in losses. Credit card fraud was most prevalent in identity theft cases — more than 167,000 people reported a fraudulent credit card account was opened with their information.
In an age of “click and get it done,” customers are conditioned to expect business interactions to be simple, speedy and convenient. Applying for a credit card, for example, should be as seamless as snapping and sharing a photo from a smartphone. But if a business asks you to send documents by fax, email or mail/post? That’s very frustrating. Proving identity shouldn’t be so tedious.
In part 3 of our series, we asked Jim Marous, top 5 Fintech influencer and publisher of Digital Banking Report and The Financial Brand, to share how the most innovative banks have broken down internal barriers and his top 3 tips for banks seeking to digitize their processes.
Agents and advisors increasingly seek mobile document processing, digital client collaboration, and client self-service. Clients now demand greater choice and empowerment, with a digital-first omnichannel experience on their terms. Back- and middle-office operations personnel prioritize core system integration and flexible, automated and accurate compliance. And all of the above place process visibility high on their wish lists.
Welcome to the second blog in our series: Kofax Conversations – Thought Leaders Talk “What’s Next” in Digital Banking. Throughout our series, we are featuring exclusive interviews with industry experts to help create a snapshot of where banks are on the digital continuum, where they’re going and the steps they’re taking to get there.