Use Case

A multi-national bank currently has customers in 70 different countries, many of which do not have physical branches. Current workflow requires remote customers to verify identity by validation through a branch or on-site visit to an embassy, coupled with paper forms to be completed and sent to/from by courier.

Key Challenges

  1. Financial institutions require customers to visit the branch in person for account openings. The reason is mitigation of impersonation fraud/KYC* (Know Your Customer).
  2. Financial institutions require customers to produce a ‘wet signature’ when completing applications.
  3. This process requires a customer to allocate time to travel to a branch, wait for appropriate representatives availability, and actual meeting time to complete necessary workflow/paperwork.

*KYC is the process of a business verifying the identity of its clients. These procedures are in place to prevent fraud and money laundering.

Current Workflow Considerations

Many banks require both electronic and original signatures on KYC documents. Although banks are operating in the digital age, some or most of the regulations were written before the digital era and are still in effect today. All regulations (old and new) are left open to interpretation by the financial institutions and therefore the rules are interpreted in different ways . The reality is that most regulations allow for electronic signatures and documents. However, many banks and financial institutions interpret the legislation to mean that the original documents and signatures are also needed for audit purposes. Antiquated business practices and duplication in the financial services industry are sometimes caused by a lack of resources to implement procedural change and/or organizations following old procedures (i.e. the thought process is that original documents have always been required and are still required).

Most forward thinking institutions realize that electronic documents are quicker to implement and easier to store. With current technology, now is the perfect opportunity to improve workflow to more securely authenticate customers.

How Does Liveoak Improve Workflow?

  • Lay eyes on your customer:  Through the use of Liveoak’s  live video conference technology, validate customers through KBA – Knowledge Based Authentication*, capture images of identification along with a snapshot of the customer in the conference.
  • Simple upload of signature image: Requirements for wet signature can be solved in the video conference by simple upload of the signature image (an actual photo of the person’s signature).
  • Complete and sign documents:  Forms and applications can be completed and signed during the video conference session without any break in communication.
  • Record session data for audit trail:  Throughout the entire synchronous conversation, 100% of the conference activity is packaged in a single audit trail, including video, audio, text chat, and a record of all keystrokes.

* KBA is a type of authentication which looks to prove that the person providing identity information truly is who they claim to be.

Specific Interactions Inside the Enterprise

There are a wide range of business functions represented from tech to business inside the enterprise. Most organizations have interdepartmental teams that are tasked with finding solutions. The process starts with the business use case and then moves to enterprise technology teams to vet internal and external solutions.

People and/or Roles Affected

Typically, the types of roles affected are financial services representatives and customer service representatives, both internal and external.

Functions Impacted

Using Liveoak will allow for remote account openings and substantially decrease the total time to onboard a customer from both the customer and representative perspective. Using Liveoak creates several different authentication points and we believe the sum of the combined parts exceeds current authentication practices.

The Impact of Implementing Liveoak

Increase Revenue, Profitability, Productivity, Customer Satisfaction and Decrease Expenses

  • Reduce time to close – Applications/Forms/Agreements can be completed by the customer on the first call avoiding repetitive interactions utilizing in branch meetings + fax/scan/email/mail

Early Metrics: Preliminary results of adding the ability to conference and collaborate in a remote setting, has yielded a decreased time to close by over 60%.

  • Mitigation of impersonation fraud – Recreate the experience of a face-to-face meeting and capture images and identity data.
  • Reduce NIGO* (Not in Good Order) rates  – Live collaboration will eliminate the back and forth of information gathering with the ability to check for accuracy while engaged with customers.
  • Enhance audit trail – Record and archive the data entered by conference participants.
  • Increase close ratios – Sales & customer service representatives can spend more time performing their role and less time on paperwork via elimination of inefficient workflow.
  • Enhanced bank reputation for innovation  – Add a new layer of communication to your customer’s digital journey.
  • Enhanced customer service – Omni-channel communication gives convenient choices to customers and allows for interactions on their own terms (desktop, tablet, or mobile).  This type of communication is key for the millennial customer.

*NIGO defines applications and forms that are incorrect, illegible and/or incomplete. Often times, applications that fall into this category are returned to representatives/customers for completion and therefore delay the customer process.

About Liveoak Technologies

Liveoak Technologies has developed a cloud-based customer engagement and transaction management platform that utilizes secure high definition video, audio, and document co-browsing to enable collaboration, compliant data capture, eSignature, identity verification (IDV) and fulfillment of time-sensitive paperwork anywhere, anytime on any device.

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