Effective digital solution for financial institutions

The digital transformation of society and the use of digital technologies in the financial sector can be seen almost everywhere.

The already sharp growth in the use of electronic identities and remote electronic signing has been further accelerated by the pandemic. Even greater needs have been triggered for the digitalization of operations, the consolidation of data and the standardization of security mechanisms for the use of banking and insurance services.

Growth in document management costs, overburdened sales staff, a time-consuming and non-transparent document signing process and attracting new clients are just some of the challenges faced by the financial sector. In addition, efforts are being made everywhere to optimize processes in terms of time and costs, promote sales activities and improve the user experience with clients and partners.

With the aim of attracting new and improving relations with existing clients, financial institutions have opted to implement video identification (video ID) in step with today’s new normalcy. Using video ID via digital channels, they are making it possible for new and existing clients to access financial and insurance services, where identification is carried out through an internet connection. When the video ID process is successful, an identified person may also sign all necessary documents remotely.

The inclusion of the video ID process facilitates the advanced digital transformation of companies that provide banking, insurance, financial and investment services, reduces the costs of including digital clients and facilitates growth with a unique user experience. The latter, in the context of reduced physical contact, becomes digital and provides even more opportunities for taking a different approach to clients.

The greatest advantage of video ID and electronic identity lies in the fact that they facilitate secure access to financial and insurance services, the digital management of business transactions and electronic signing, anytime, anywhere. Each subsequent transaction with a client becomes easier using an electronic identity. It is accepted in some places as a legal equivalent to personal identification, and is becoming the standard for very secure identification verification procedures when signing strictly confidential documents.

The remote electronic signing of documents is becoming a mainstay and even some sort of market requirement for establishing business continuity. Some banks and insurance companies that have elected to use BetrSign® cloud services recognize that remote electronic signing using a smart phone, tablet or PC has become a key solution for improving competitiveness, and represents a step forward in the development of operations.

The last year has taught us how very flexible financial institutions and their clients can be. The Zelle study tells us that trust in digital technologies, such as electronic document signing, has grown considerably, even amongst people aged 55 to 72 years. Online banking is used by 82% of users, while mobile banking is used by more than half (55%) of users. In a recent study, the Boston Consulting Group even came to the conclusion that one quarter of clients intend to stop entirely or seriously limit visits to physical branches.

Numerous financial institutions still use a disproportionately large amount of time for processing documents. At the same time, they are subject to cases of fraud, less-than-optimal operations within partner networks, a lack of transparency in signing procedures, limited opportunities for cooperation between banks and insurance companies and, last but not least, a deteriorating image due to a non-sustainable mode of operations.

It is precisely because of the aforementioned problems that SETCCE is that much more aware of the importance of support for business ecosystems, where several partners (a bank, insurance company and sales staff that make it possible for an end-customer to purchase, finance and insure a product or service, even without physically visiting a branch) play a role in the process.

Today’s consumers expect processes on the banking and insurance markets to be quick and automated. In combination, remote electronic signing and video ID offer the improvement and digitalization of procedures through the optimization of the remote signing of documents, which means clients are no longer required to visit branches. The time has come to shift to digital operations and facilitate the conclusion of a transaction the moment a client wishes to make a change, enter into cooperation or make a purchase.

“Because the use of digital technologies is constantly growing, financial institutions that use our solution for managing digital transactions have gained a valuable competitive advantage. They will facilitate transactions with their clients at anytime and anywhere. Financial stability is assurance for long-term cooperation, and a professional and trustworthy partnership, even if that relationship is remote,” emphasised Boštjan Šušteršič, head of sales at SETCCE.

BetrSign® has digitally transformed the operations of several of our partners. Satisfied customers who have recently joined the large family of SETCCE solutions and services include: Sparkasse, Zavarovalnica Triglav, Gorenjska banka, RCI Banque Societe Anonyme, Addiko Bank, Lovćen osiguranje, Delavska hranilnica, Porsche Leasing, Generali, NLB, Sberbank, Raiffeisenbank in Croatia and Serbia, as well as 17 others both in Slovenia and abroad.

Our solutions have changed the user experience, which is now more in step with clients’ expectations regarding simplicity, comfort, speed, security and compliance with the law, and thus raises their trust in modern technologies.

    If you want us to help you, please, contact us. We are more than pleased to support your business.

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