MyConCall: The New Age of Authentication
As more and more Internet users turn to online banking, online money transfer or just e-commerce in general, banks and other financial institutions have been dynamic to keep up with the ever-increasing demand for improved trends and security. In response to these needs, banks have been deploying solutions such as automated risk scoring algorithms, two-factor authentication, biometrics and Video KYC automation.
Over a decade ago, when banks began looking for innovative ways to cut costs and improve their service offerings, there was a significant shift in authentication methods. Traditionally, customers were required to physically visit their bank or financial institution in order to prove they were who they said they were.
Nowadays, video-based solutions have begun to replace traditional customer verification processes entirely.
MyConCall: A seamless Video KYC & Personal Discussion Platform
MyConCall is a video-based engagement platform offered by Novel Patterns to address the onboarding and servicing needs of a customer for the last mile coverage and bring down the operational cost and turn-around time to almost negligible.
Customers’ experiences have never been this great. Reduce onboarding times by up to 95% with MyConCall‘s Video Engagement Platform.
What customer experience (CX) is and why it is so important?
The customer experience (CX) is about providing customers with an outstanding experience when dealing with your brand, product or service. Creating great customer experiences requires everyone to work together as a cohesive unit because no single employee can be excellent in isolation. Being able to deliver a seamless and consistent brand experience means knowing every aspect of how your company operates, from sales and marketing through to customer service and operations.
Companies need to focus on customer experience for a number of reasons. Studies have shown that happy customers are more likely to do business with a company again and recommend it to others, resulting in more sales and revenue. By investing in improving your customer experience, you’ll also make your employees happier since they’ll be working at a place where they feel valued and appreciated.
In addition, customer experiences can help build community goodwill with potential clients by helping them understand why they should support your organization over one of your competitors. In any business situation, positive relationships between customers and organizations can result in increased revenue by creating a network of repeat customers who have positive associations with your company’s brand.
Automation and Customer Experience (CX)
Automation has made it possible for companies to improve customer experience, reduce manpower cost and increase staff productivity.
Automation has rapidly evolved over recent years and it has now become possible to automate a wide range of processes and systems. From customer service to the supply chain, automation is making leaps and bounds towards improving business efficiency and effectiveness. When it comes to creating great customer experiences, increased efficiency can really go a long way. Automation solutions allow businesses to maximize productivity by integrating various tools such as loyalty programs and business databases into one seamless solution.
By using automation, human error can be eliminated. The online platform can auto-fill information that is common for every customer. A chat box that gives prompt replies to queries is another way through which experience can be improved. As no human will answer back, prompt responses are assured by automated scripts. Automation also helps in targeting potential customers more effectively.
Video-based KYC process and Customer Experience (CX)?
Video-based KYC is becoming a popular method of collecting vital information for compliance purposes. Businesses are no longer limited to manually inputting customer data into their company’s CRM or KYC systems, but can also choose to use video-based verifications. This approach saves time and money by eliminating unnecessary steps in customer onboarding and hence improving customer experience (CX).
Most organizations these days are focusing on digital innovation, but there is no replacement for the human touch. The use of video-based kyc processes to identify customers has made it easier for people to enroll in many business or service websites. The video-based kyc process also gives customers a wide array of choices to perform KYC verification anytime and anywhere. This convenient method has helped improve customer experience by helping companies reach out to more customers than ever before. Banks and other BFSI’s KYC initiatives have tremendously improved their relationship with customers. More importantly, they have reduced turnaround time for customer verification from several days to a matter of hours if not minutes! It is a win-win situation as far as both business and consumers are concerned.