Mobile Apps are transforming the way people access financial services while offering new business opportunities. With an estimated 2.5 billion unbanked people and an exponential growth of mobile devices, extending the reach of financial offerings to the underserved makes more sense than ever.
Some examples include:
- Account opening (onboard customers) and cash deposit.
- KYC – Know your customer.
- Bill payment (water, electricity, etc.), bulk disbursement, and merchant payment.
- Domestic or international transfer through mobile wallets avoiding assaults and robberies and better controlling transactions.
- Micro-insurance services that allow subscribers to manage risks by providing a guarantee of compensation for specified loss, damage, illness, or death.
- Save money in an account that provides security, and an interest rate.
- Borrow a certain amount of money to be repaid within a specified period.
Regulators are increasingly recognizing the key role that Mobile Apps providers can play in fostering financial inclusion and with that in mind, they are establishing and enabling regulatory frameworks for the provision of Onboarding and Mobile Money services.
But how to easily onboard and identify your customers while ensuring top level compliance with existing regulations and security procedures?
- Mobile App Due Diligence
First, you should have a mobile app connected to your core system to capture customer’s identity card, collect his personal information, ensure compliance checks, detect frauds and implement anti-money laundering (AML) policies. Registration/client onboarding processes involve personal data management within a business scope and under a legal/regulatory context. It’s essential to have automatic capture and classification tools in the registration point to immediately block any possible fake information, ensure the right retention periods and eliminate the risk of data breaches. Information is then securely processed (automatic quality control and validation) and, once completed, is lastly integrated/submitted within your company’s core system.
- KYC – Know Your Customer
Second, knowing your customer, you can define marketing and commercial strategies that will allow you to sell him the products that best suit his needs and profile. Reporting tools provide you valuable inputs to segment databases and set the right offer to the right person.
- Contract Signed
Finally, you need to formalize the relationship and create a contract to connect your company to that person (with general terms, conditions and acceptance terms). All information collected for the client registration process is encrypted not only on the device but also during the transfer or submission process. If there’s something wrong or missing, the system sends alerts and explains how to solve any problem. It also auto-populates the required information: it takes a photograph of the document and auto-populates the name, birthday, country, gender… everything is mapped to the form, and the client just needs to accept and confirm that everything is ok. Then, the system generates a contract by individual e-signature and when the contract flows into the final database, it already has a classification of private data and the retention rules around it, as well as information related to each IDs.
This mobile approach takes the business to the client (wherever he is, with no need for expensive physical facilities, branches, and stores), guarantees compliance, creates new sales opportunities and improves customer experience.
In fact, it can accelerate product or service subscription from 60 days to 7,5 minutes or less accordingly to the business rules you want to implement. Can you believe that? Can you imagine what it represents to your business?
The answer: absolutely, if you have a solution like Papersoft Onboarding Platform!
– Download our ebook and get answers to the main issues regarding Customer Onboarding: Identify and Know-Your-Customer while guaranteeing top level compliance with existing regulations.
– If you think your business could benefit from a fully automated, secure, and compliant onboarding platform, get in touch with us.
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