As the world and the global economy continues to react and respond to the ongoing coronavirus crisis, we can be sure that the post-corona world is not going to look the same as it did.
As the world and the global economy continues to react and respond to the ongoing coronavirus crisis, we can be sure that the post-corona world is not going to look the same as it did. While the constraint on logistics and restrictions in the movement have worsened the economic impact of Covid-19, they’ve also opened up new (and better) ways to operate. This is especially relevant for sectors like finance, IT, education, etc. With the right frameworks and technology in place, we can even expect an increase in onboarding more new users and more productivity & satisfaction for existing users. As an example, with technology by their side, many industries have been able to operate remotely in the middle of the pandemic:
Customer onboarding is no stranger to remote operation. In fact, digital onboarding of customers (e-KYC) had already begun in various parts of the world long before Covid-19 forced the onboarding process to go online.
Before the pandemic, e-KYC was seen as an obvious next step in the evolution of KYC technology but probably not yet as an unavoidable need. The unprecedented turn of events, however, has forced a fundamental paradigm shift. But that’s not all. e-KYC has, in fact, turned out to be safer and smarter for businesses since it has the potential to:
While e-KYC is already a big technological leap in itself, newer tech advancement can help to make it smarter and more efficient. Digitization has broadened the horizons by eliminating the need for physical availability on either end. Not only that, technology has opened many more possibilities as well.
The time is perfect for customer onboarding to go fully online. Online KYC is a promising new way for many industries but these possibilities need to be harnessed in the right way. It offers much greater efficiency for document share and safety, but it can also help businesses expand their outreach beyond geographical limitations. There are great possibilities such as:
With the future holding so many unseen and even unimagined possibilities in customer onboarding, businesses will have to shift gears to go digital or go home. The recent global events have made a sudden shift in business needs and e-KYC is clearly one of those developments that need to be embraced faster and more widely.
Cove eKYC provides a revolutionary and 100% online experience to share documents online, enabling customer onboarding via its SAAS platform. From document submission to video-KYC, Cove’s AI-enabled platform provides safe and super-fast execution of onboarding processes using decentralized encryption.
Find out more about Cove Identity here.
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