Technology has ushered every segment of the business with something or the other. For the bankers, it has made various banking processes simpler and secure. Unlike the banking methodologies followed two decades back where everything was done manually; modern banking takes into account the advanced digital infrastructure providing seamless, secured, and high-performance banking services to the customers.
The Core of Modern Banking lies in Real-Time Service
Customers have always looked for services that would provide them with comfort by being hassle-free. In these competitive markets, especially when FDI stands at 74% and 20% in private and public sector banks respectively, it is important for the institutions to offer the best services by introducing all possible means that would ease the hassles customers face. The management of the banks is now turning towards software-based companies to provide them with a new business model which would help increase and automate the banking engagements and customer relationships. These companies have stood up to the expectations of these financial organisations by providing them with innovative, integrated software solutions based on Artificial Intelligence (AI) and blockchain technology. The combination of the two in the online bank software ensures quick service to the customer without compromising with the security & safety of the information.
Advantages of Online Bank Software
Ever thought about how banking was two decades back? The employees in the bank fraternity who have either retired or going to retire in the next 3-4 years would recollect the days of the big ledgers, manual entry of data and transactions, the tension of data mismatch and forgery, and many more. The introduction of a centralised system and online bank software has provided the following benefits to the banks—
- Quick redressal of customer complaints from any corner of the country
- Keep track of the transaction and prevent money laundering
- Secured mobile transaction and hence, reduced customers on the bank floor
- Offer an end-to-end and point-of-sale solution
- Easy and quick bill payments for the customers
- Conduct real-time and instant solutions to account opening and Know Your Customer (KYC) related formalities
- Contactless Customer Onboarding process
Contactless Customer Onboarding with AI & Blockchain
AI and blockchain have been the buzzword and very few of us know that the application of these two technologies is now used in the contactless customer onboarding process. The recent pandemic has forced us to maintain a distance and banking falling under the essential services category, the bankers had no relief. They had to continue their services towards the people. One of the essentials being the opening of basic savings bank deposit account (BSBDA) and fixed deposits (FD). The use of the robust, agile, and future-ready online bank software has made contactless customer onboarding possible. The following are some of the ways by which banks have been benefited in using this product—
1. Reduced Risk of Contamination
Banking professionals are not going to get in contact with a person (irrespective of whether he/she is a carrier or not). The person availing the services would have to upload all the documents on the cloud and a person would verify the details via video conferencing. Thus, eliminating the in-person verification process.
2. Reduced Time of Customer Onboarding
The traditional onboarding process took close to two to three weeks with a lot of manual work and increasing the chances of errors. On the other hand, this online contactless customer onboarding feature of online bank software does not take more than 30 mins. The maximum time that is consumed is during the verification phase. This phase includes processes like the customer identification process via video conferencing and then checking compliance through open API. It takes a maximum of 15 mins.
3. Reduced Error
Manual input has always been filled with errors. The introduction of technology and analytics has increased efficiency considerably. Banks at the global level are going for facial, biometric, and voice analytics for online onboarding with zero error.
Bottomline
The above-mentioned are some of the benefits associated with the use of online bank software and the online boarding process. Finacus are into the development of such kinds of software and are also offering a demo to get the application verified in terms of user experience and usability.