"Technology: Empowering your business" by Oswald Lopes, Infrasoft Technologies

Every customer who wishes to have a business relationship with a Financial institution will base their experience and future business needs based on the initial interaction they had with that firm.

The first step, which is the onboarding process, needs to be seamless and quick, however, presently an individual is running from pillar to post, either submitting endless documents or proofs or filling out lengthy forms and waiting for a response. Around 89% customers said they were frustrated having to answer the same questions multiple times and in some complex cases months before the customer relationship is established.

A digital move by any organisation will not only benefit from a better customer-centric experience, but also firms are 23% more profitable than their less mature peers.

The eCo solution powered by Kiya.ai was built to facilitate an entire Client Lifecycle Management process from Digital Onboarding to Offboarding.

The Key features of the solution are

· Remote onboarding via Individual Prospect and Intermediary

· Complete Defined and flexible Customer journeys for Trusts, Fiduciaries, Mortgages, Retails etc.

· Multi-Jurisdictional capabilities providing a Unified Customer KYC and Holdings capability.

Built with strong authentication and advanced Digital Forgery and KYC checks, the solution ensures authentic customer onboarding and ongoing checks leveraging our Univius RegTech solution used by over 230 institutions globally across 48 countries, that provides ongoing screening and transaction monitoring for meeting regulatory needs and reporting any fraudulent activities.

One of the most frequent and missed out pieces of the puzzle is the continuous validation of the customer KYC data held on the system. The eCo solution is designed with automated rules and workflows that can be customised to trigger client reviews and periodic KYC checks, to ensure accurate and up to date client data and its compliance with changing regulatory requirements.

Some complex products, sold by firms, need to extend their services to other firms that provide part of the solution and such complex needs mean data collection or subsequent sharing of such KYC data with the relevant firms. eCo can facilitate secured sharing of such data using technologies like Distributed Blockchain with authentication mechanisms put in place.

When customers do decide to move on hopefully after a long-term relationship, fulfilling GDPR requirements by offboarding clients at the end of a long relationship will become another need. Having a consent management solution that can extend the data collection and anonymisation across the client ecosystem will help in smooth transitioning of the client relationship.

Investing in a Digital experience for firms has to be a priority as 70% of customer interactions are expected to be driven by Intelligence systems in the coming years, and with Generation Z as potential customers in the coming years the expectation of a frictionless digital experience will be a paramount deciding factor.

Back to news