Why banks should use digital verification

Banking is an industry in which it is important to optimise the use of cutting edge technology in order to provide the best levels of service. It is a fiercely competitive industry and has an impact across most of the national and international economy.  In addition, banks, along with most other business sectors are actively being encouraged by Government to turn to technology, particularly for IDV purposes, as a way of limiting fraud and streamlining document workflow.

Here at SiNERIX we share many of the same beliefs – staying ahead of the curve is our business and we have developed our Digital Engagement Cloud in line with the demands of the corporate world and equally the end user. We have been pioneering digital identification technology and paperless, document management solutions for almost a decade now.

So, why is it so important for the banking industry to adopt digital verification technologies?

Efficiency

One of the biggest failings of banking in the past has been delays in simple processes due to miscommunication or long winded verification processes requiring multiple checks and man hours to complete.

With the SiNERIX Digital Engagement Cloud, banking firms can get their clients to complete and sign documents and confirm their identity within minutes and from anywhere. A process which has taken days in the past can now be completed within minutes; and with our API can be fully integrated with existing systems.

Cost

This, in its simplest form is a major factor in why most businesses make the change. Gone are the postal costs of sending important documents in the snail mail. Gone are the costs of replacing documents which could go missing in the mail, as well as the costs of any delay caused by such an incident.

What’s more you have the cost of paper, printing, stationery and all the related paraphernalia, as well as expensive administration time. Using a digital solution not only removes those costs but eradicates deliverability issues.

Simplicity

Banks face a vast amount of red tape and legislation in their day to day business, with roadblocks around every corner it can take extended periods of time and complex problem solving in order to get to the end goal. A digital identification verification platform can simplify the whole process.

Using our platform an urgent document can be signed and verified within seconds. So whether it’s a mortgage application or business loan approval, bank customers can authenticate and verify details quickly and simply, minimising the delay in completing the transaction.

Reliability

Using a digital onboarding platform eradicates a number of unreliable aspects of onboarding new clients, whether you are a bank or working in a completely different industry. For banks one such reliability issue can be signature forgery, while this has slowly been phased out with the introduction of chip and pin.  However with digital verification you can ensure that the correct person is authorising the correct document without any alterations. Security is paramount and while there are some benefits to postal mail, in essence any kind of tampering with documents is impossible for those shared through our platform.

Traceability

Every single transaction using our Digital Engagement Cloud is recorded and stored within the bank’s own system. Our platform can be fully integrated with existing systems in order to easily trace all transactions in an audit trail, making the entire process transparent. This helps to garner trust between all parties involved in the transaction and makes documents and processes tamper-proof.

Environmentally friendly

Saving paper and energy should be high on any business’ operational priority list. Saving paper is one of the easiest ways a business can help the environment, with digital solutions to previously paper led problems, there are very few excuses left.

As major corporations take steps to become greener, reducing carbon footprint will appear on the political agenda with more frequency in the coming years and so adopting digital solutions should be undertaken now.

Get in Touch

The SiNERIX Digital Engagement Cloud can make doing business in 2020 easy and convenient for your teams and your clients. If you would like to speak to a member of our expert team about your digital onboarding requirements make sure you call us on 0333 335 5176 or email us and we’ll get back to you as soon as we can. You can also find us on Facebook, Twitter and LinkedIn for all the latest news and updates.