Digital Transformations to
Eliminate Your Process Frictions
In this section we’re going to discuss how anti-fraud tools can drive conversion rates and customer retention and improve the Return on Investment of deployment.
1. Why include humans in otherwise automated process flows?
(greater engagement helps secure faster purchase commitment and onboarding)
2. How all-in-one completion of contracts improves customer experience and reduces fraud
3. Cost drivers and the ROI of video-enabled solutions
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About this Session:
This session looks at the many options available to deliver a better customer experience in Smart Meetings and the positive financial impact it will make. In summary, topics include:
1. Different types of fraud add complexity to the challenge
The other videos in this series have discussed Application Fraud and Identity Theft in the context of online complex high-value transactions, but there are so many other types of fraud, for example:
Clearly the solutions discussed will assist with many but not all fraud types. They target an important fast-growing area where appropriately compliant yet customer focused technologies in widespread use are far from mature.
It is important to implement solutions that have a wide net and range of capabilities that can be flexibly deployed from within the same technical platform, rather than attempting to find point solutions for all types but multiplying internal complexity.
2. How can solutions reduce both Fraud and improve Outcomes more generally?
The technologies discussed in the previous videos can replace the physical meetings used by many professionals currently (e.g. Financial Advisors, Notaries, Field Sales staff, etc.). They can be used for onboarding Identification and capture a strong basis for ongoing Authentication in almost all digital transactions. Because transactions can be completed in one session rather than days it has been proved to reduce costs, deliver a fast ROI and improve customer experience.
Are humans best equipped to detecting fraudulent behaviour?
If you pick the right combination of technologies, it is possible to remove high-cost staff from certain types of transaction and let the customers serve themselves. However, the more complex and regulated the transaction, the more challenging that becomes. So, when shouldn’t we completely automate?
Humans have high empathy in face-to-face situations which is a driver of trust (particularly important for sensitive matters) and can manually integrate many different processes from different systems that have not yet been fully integrated. They are also good at detecting certain types of fraud, given the right points of comparison and supporting tools.
But humans are costly and can make mistakes easily, especially when they do not have the right tools or training. So it’s about the way in which technology is used to support business outcomes.
Humans should ideally only be used for:
How does all-in-one completion improve customer experience?
Wealthy individuals or Millennials are time poor and intolerant of poor processes which leads to:
3. What is the RoI of Smart Meeting platforms?
Payback comes from:
Consider a traditional Financial Advisor who travels around their region to meet potential and existing customers. The difference in process steps and productivity impact from changing just one trip to using digital technologies might look like this:
The analysis shows 10x ROI is common, with a payback period of just months not years. Try the free ROI tool below.
4. What do the regulators think of digital change?
With this tremendous potential for full digital customer engagement management, productivity and cost-efficient client services, the Regulators in many sectors are encouraging greater adoption of these kinds of technologies. Greater efficiencies help democratise access to expensive services (such as legal, financial advice, health, etc.) which are currently recognised as serving only a fraction of the ideal share of the population. They also make UK organisations more competitive domestically and globally.
As an example, Electronic documents and e-Signatures have gained acceptance in many quarters but there is still too much paper and many digital silo processes have break-outs for a separate signing process, including on paper! In the UK, the Law Commission’s review of the Electronic Execution of Documents and similar Financial Services Industry reviews, show there is an immediate impetus for change. Some previously perceived barriers, such as questions over the acceptability of eSigning, are now clearly shown to not be obstacles.
A cautionary note though; Regulators demand high standards and good compliance.
Both in France & Germany, Banks are having to re-identify tens of thousands of customers as their AML & KYC processes are judged insufficient – with reputational impact & fines imposed on both Challenger Banks (like German Bank N26) and many of the established French banks.
Having easily accessible, full and accurate records of all meetings would have saved big-time on PPI!
All this whilst simultaneously enabling faster and more customer convenient completion of Onboarding, Information requests, Product insights and service. The target for every business to achieve this should not be 18-30 months, but just 2-6 months! The technologies and expertise to support this sort of change are available now!
By implementing End-to-End digital processes, Fraud can be reduced significantly by:
1. preventing ID fraud from entering the system
2. safeguarding against any downstream attempts at passing-off, and
3. minimising exaggeration from either employees or clients.
Watch the Series Summary
A short recap and all bonus tools: GO TO SUMMARY PAGE
Free ROI assessment
Why not try this simplified ROI calculator to see if your organisation would benefit from using smart meetings?
It only takes a few minutes to complete and will give you an idea of how long implementing smart meetings will take to pay back.
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