The New Digital Business Landscape

As digital business tech advances, it pushes physical businesses to take customer service into the digital realm and meet customers on their turf.

Toll-free call centers are becoming less and less common, being replaced with 24-hour online customer service chats. Drive-through banks and automated teller machines are giving way to digital business tools like mobile deposit and account management apps that can be used on any phone.

Customers today want to choose how they interact with their financial institutions, and bank professionals are accommodating their preferences. It’s good business to offer access to banking across a spectrum of digital channels. This both reduces the cost of doing business from the merchant’s side and makes it easier for their customers.

For the financial sector, digital business solutions quickly changing the industry. Financial executives, administrators, and customer services reps more and more are relying on tech, digital tools, and online collaboration apps to conduct their day to day business and remain compliant with all regulations.

In fact, a lot of digital tools are improving the workflow for the finance industry:

  • Video conferencing: banks and credit unions that have adopted this technology can invite their clients to experience face-to-face banking without ever needing to drive to a branch.
  • Online collaboration: a financial expert and customer can view screens, edit documents, complete applications through teamwork, and store the session data.
  • Enhanced accuracy and ease of auditing: All data and actions are captured, recorded and archived for compliance and audit.
  • Fraud prevention: technology such as video conferencing not only builds relationships; it also captures images and enables accuracy in identity verification.
  • Document collaboration and review: online collaboration simplifies information gathering. It allows for document review during active engagement with clients. And a financial institution’s customers can later upload more paperwork as they obtain or find it. The additional documentation joins the file without need for mailing.
  • Customer relationship management: businesses now integrate recordings, files, and signatures into databases such as CRMs.

Financial companies are seeking to expand their customer bases without increasing the number of brick-and-mortar branches. Even legacy institutions known for their personal connection and high-touch client management needs to learn how to engage new clients that are used to doing business digitally. That said, the ability to collaborate online can bring distant customers into closer relationships with the agents working in commercial spaces.

Liveoak Leads in Customer Collaboration Online

Our digital business technology platform enables financial institutions to verify customers’ identities and comply with regulations including Know Your Customer. Liveoak’s online conferencing sets up authentication questions and responses. ID photos can be taken on the spot with a mobile device and uploaded through a selfie feature, and matched with an uploaded image of the customer’s official ID card. The images are then inserted into the individual’s file.

Online ID verification, communication, and transactions are the best way to engage the digital-savvy customer.

Innovate with Liveoak. Contact us with questions or to set up a video conference or a live demo.

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