How digitising interactions with customers can help them achieve their financial goals

digitising interactions with customers helps achieve financial goals

By Andy Champion – Vice President, Enterprise Sales EMEA at Docusign

Digital transformation is a must for banks and financial services. Today, customers expect their transactions to be digital across every step of the journey. We’re used to having our every need satisfied at the click of a button. We can shop, order food, or grab a taxi with near-instantaneous fulfilment. It’s little wonder that consumers now expect the same kind of experience from their financial services provider. Avoiding action is not an option and any financial organisation that doesn’t embrace consumer demand for digital interactions will struggle to remain competitive or relevant.

The banks and financial institutions that are succeeding are those that are delivering on immediacy and removing friction. They’re the ones that are eradicating paper and manual processes.

In this post, we cover some of the ways that banks can accelerate their digital agenda, embrace today’s consumer and, ultimately, mitigate risk.

Digital automation of manual processes

Automating manual processes reduces risk, increases the speed of delivery and drives better customer experiences. Customers use mobile applications to check balances and move money. But they want to do more than that. They're looking to open new accounts, apply for loans and make investments from their mobile.

To do this, banks are digitising more and more interactions with their customers. While that may be simple for newer entrants to the financial services market, other banks and financial institutions need to navigate technical debt or legacy systems.

In the old world, a customer that needed to open a new account or was requesting a loan often needed to print, fax, scan or post documents. After this, it took days or weeks before the account was opened or the loan approved. In some cases, the customer had to sign documents at the branch itself – a considerable inconvenience for most.

With technology, it’s now possible to cut the time it takes to process agreements both for the customer and for your team, by digitising the entire agreement process with the Docusign Agreement Cloud™. The Docusign Agreement Cloud can be integrated via custom APIs and can integrate with most banking and financial services' legacy systems.

Docusign CLM also helps frontline staff to generate documents that enable them to self-serve, so not all decisions have to be referred back to legal. This benefit can drastically improve customer service and increase the speed of approval.

Secure Identification

While providing a valid ID in the past would often involve a visit to the branch of a bank, now an individual’s identification can be securely verified and validated via Docusign Identify, which is part of the Docusign Agreement Cloud. Financial institutions can confirm at the highest level that someone is who they say they are. Customer data is kept safe by encryption practices, audit trails and rigorous security certifications. This validation reduces risks and increases efficiency for banks as well as driving a better consumer experience.

Let’s not forget the environment

Our generation has a duty of care to future generations to protect the environment. Reducing printed paper forms and reducing the number of car trips someone needs to take to create and approve financial agreements has a positive environmental impact.

The Docusign Agreement Cloud can help digitise customer interactions. It can transform the entire agreement process for banks and financial institutions, allowing them to deliver improved customer experiences.

Andy Champion, Vice President, Enterprise Sales EMEA at Docusign