Category: Thought Leadership

Welcome to our Thought Leadership category, a carefully curated platform where we articulate our perspectives on the future trajectory of the fintech industry. As a company at the cutting edge of fintech innovation, we are committed to leading and enriching the dialogue on the trends, challenges, and opportunities that are shaping the financial landscape.

Our thought leadership contributions encompass a wide array of topics. We discuss everything from the transformative role of artificial intelligence and blockchain in the financial sector, to the profound impact of regulatory changes on financial institutions. Through these thought-provoking pieces, we aim to provide deep insights, ignite stimulating discussions, and contribute meaningfully to the broader fintech conversation.

At Signzy, we are driven by our commitment to fuel innovation within the fintech industry. We ardently believe in sharing our wealth of knowledge, insights, and unique ideas as a way to inspire others and shape the future trajectory of the industry. Our thought leadership articles serve as a testament to this commitment, offering a window into our visionary outlook for the future of fintech.

Whether you are a fintech professional deeply immersed in the industry, a business leader steering your organization through the evolving digital landscape, or a finance student keenly interested in future trends, our Thought Leadership category offers a wealth of valuable insights and forward-thinking perspectives.

We cordially invite you to explore our articles, engage in the dialogue, and contribute your thoughts towards shaping the future of fintech. Our Thought Leadership space is more than a category; it’s a conversation, a shared journey into the future of finance. Join us in this exciting exploration and let’s shape the future of fintech together.

Omnichannel support is a customer service approach that involves integrating all communication channels into one seamless system.

Omnichannel Support for Financial Institutions – Dos and Don’ts

Posted on | by Signzian

Are you tired of your financial institution’s customer support limited to phone calls and emails? Do you wish there was a more efficient way for customers to get the help they need, no matter what channel they use? Look no further than omnichannel support! This approach allows financial institutions to seamlessly integrate customer service across multiple channels, providing a streamlined experience for employees and customers. In this blog post, we’ll explore the dos and don’ts of implementing an omnichannel strategy tailored to financial institutions. We’ve got you covered from AML/KYC compliance to customer onboarding. Let’s dive in!

What is Omnichannel Support?

Omnichannel support is a customer service approach that involves integrating all communication channels into one seamless system. This means that no matter how the customer chooses to interact with your financial institution, they will receive consistent and reliable assistance.

 For example, if a customer starts an inquiry through social media but then switches to email or phone call, omnichannel support ensures that their information and progress are carried over effortlessly between channels.

This approach has become increasingly popular in recent years as customers expect more personalized and convenient experiences from businesses. By providing omnichannel support, financial institutions can offer faster response times, higher satisfaction rates, and a competitive edge in the crowded banking landscape.

However, implementing an effective omnichannel strategy requires careful planning and execution. In the next sections of this article, we’ll explore the dos and don’ts of adopting this approach for your financial institution.

The Benefits of Omnichannel Support

Omnichannel support offers a multitude of benefits for financial institutions. First and foremost, it provides customers with a seamless experience across all channels, whether they prefer to interact in person, online or via mobile devices. By offering this level of convenience and accessibility, financial institutions can increase customer satisfaction and foster deeper relationships.

Another benefit is the ability to provide personalized service that meets individual needs. With omnichannel support, banks can collect data on each customer’s preferences and behavior across channels. This information can be used to tailor marketing messages or make product recommendations that are relevant to them.

Omnichannel support also improves operational efficiency by streamlining processes such as KYC (Know Your Customer), AML (Anti-Money Laundering) compliance checks, address validation and ID verification. These tasks can be automated through digital channels without compromising accuracy or security.

Implementing an omnichannel strategy helps financial institutions stay competitive in today’s digital landscape by providing a consistent brand image throughout all touchpoints. By embracing technology advancements that meet their clients’ expectations for easy access and excellent experiences from start to finish opens doors for greater loyalty from these consumers over time!

The Dos of Omnichannel Support

When it comes to implementing an omnichannel support strategy for financial institutions, there are certain dos that can help ensure its success. Here are some of the key things to keep in mind:

Firstly, do prioritize customer experience. Omnichannel support is all about creating a seamless and personalized experience for customers across multiple channels. This means ensuring that every interaction with your institution is consistent, efficient and user-friendly.

Secondly, do implement robust security measures throughout the onboarding process. From AML/KYC compliance checks to ID verification and address validation protocols, your institution should have strict procedures in place to mitigate fraud risks.

Thirdly, do invest in technology that supports omnichannel engagement. Whether it’s chatbots or mobile apps designed specifically for banking services, leveraging cutting-edge tech can enhance the customer experience while also making operations more streamlined.

Do measure performance regularly and adjust accordingly based on data insights. By tracking metrics like response times and satisfaction rates across different channels, you can identify areas where you need to improve your omnichannel strategy over time.

By following these best practices when implementing an omnichannel support approach for financial institutions, you’ll be well-positioned to meet customers’ expectations while driving business growth at the same time.

The Don’ts of Omnichannel Support

When it comes to implementing an omnichannel support strategy for financial institutions, there are some key mistakes that should be avoided. Here are the don’ts of omnichannel support:

1. Don’t overlook data security: While it’s important to provide a seamless customer experience across channels, data security should never be compromised. Financial institutions deal with sensitive information such as AML/KYC compliance, address validation and ID verification, so make sure all systems and processes are secure.

2. Don’t forget about training: Implementing an omnichannel strategy requires proper training for employees who will be using these channels to interact with customers. Failing to train employees can lead to inconsistent messaging or even errors in compliance.

3. Don’t ignore customer feedback: One of the benefits of an omnichannel approach is the ability to collect feedback from customers across different touchpoints. It’s important not to ignore this valuable input – use it as insights into your operations and adjust your strategies accordingly.

4. Don’t underestimate the importance of consistency: Consistency is key when it comes to providing a positive customer experience through multiple channels. Make sure branding, messaging and tone remain consistent across all platforms.

By avoiding these common pitfalls in implementing an omnichannel strategy for financial institutions, you’ll ensure a smoother process that delivers better results for both customers and your business overall.

How to Implement an Omnichannel Strategy

Implementing an omnichannel strategy can be complex, but it is essential for financial institutions that want to remain competitive. To successfully implement this approach, it’s important to start by understanding your customers’ needs and preferences.

Firstly, identify the channels that are most commonly used by your customers. This could include email, phone calls, social media platforms or chatbots. By knowing where they prefer to communicate with you, you’ll know which channels you should prioritize when implementing the omnichannel support.

Secondly, ensure that all of these communication channels are integrated into a single platform so that all customer interactions are recorded in one place. This will give agents a complete view of each customer’s history with your institution and allow them to provide personalized support based on their individual needs.

Thirdly, make sure you have the right technology in place to manage and track customer data across all channels. This includes tools such as AML/KYC compliance software or address validation systems for ID verification during customer onboarding processes.

Train your staff on how best to use these tools and encourage them to collaborate across different departments within the organization. By doing so, everyone will have access to the same information resulting in better service delivery and stronger relationships with clients.

Implementing an omnichannel strategy requires careful planning but ultimately leads towards increased efficiency and satisfied customers who feel valued by their financial institution’s personalized approach towards communication; making implementation a worthwhile investment for any business operating within banking or finance sectors today!

Conclusion

To sum it up, omnichannel support is a crucial aspect of modern banking and financial institutions. With the increasing demand for seamless customer experiences, providing personalized solutions across various communication channels has become more important than ever before.

By implementing an effective omnichannel strategy that focuses on addressing customers’ pain points and delivering tailored solutions that meet their unique needs, banks can improve customer satisfaction levels, and build trust and loyalty while also enhancing their reputation.

To ensure success in this journey towards omnichannel support, financial institutions must prioritize compliance with regulatory requirements such as AML/KYC processes, address validation, and ID verification to prevent fraudulent activities.

Adopting an all-encompassing approach to customer service through the integration of multiple channels into one cohesive platform that emphasizes personalization at every stage of engagement with customers will not only result in repeat business but also create lasting relationships between banks and their clients.

 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

How To Complete reKYC for DEMAT/Trading Accounts?

Posted on | by Signzian

The digital reKYC process adds a new layer of security to financial transactions and trading accounts. It is an essential part of the Know-Your-Customer (KYC) process, to which banks and other financial institutions must comply with regulatory requirements. Re-activating a trading account through the digital reKYC process can be tricky, but it doesn’t have to be. This blog article will discuss how you can successfully navigate the process and easily re-activate your trading account through reKYC. 

Why is reKYC of DEMAT/Trading accounts important?

When you open the DEMAT account, the DP / broker will ask you to fill up a KYC form along with your client agreement form. KYC requires basic paperwork and the submission of essential documents. It also requires originals for complete verification.

KYC norms were put out by the RBI in 2002 and have been adopted by SEBI for all investment-related activities. This includes opening a trading account, DEMAT account, mutual fund investments, etc. The idea was to cut down on corrupt practices. Some examples are money laundering, acting as fronts for entities, trading in cash without audit trails, fraud, and financing of anti-national activities.

The same goes for reKYC process. It is really important to go for reKYC trading accounts for several reasons:

  1. The reKYC process will allow the account holder to continue to trade securities and access their account information smoothly. 
  2. It will help to ensure that the account holder’s personal information and security settings are up to date. 
  3. It will help to keep the account active and in good standing with the broker or exchange.

What is Digital reKYC?

Digital reKYC is verifying a customer’s identity using online methods such as video KYC, facial recognition, or government-issued ID. This process aims to make it easier for customers to get their accounts reinstated after they have been suspended for suspicious activity.

This process has become increasingly popular as it offers many advantages over traditional KYC methods. For one, it is much faster and more convenient for customers. Additionally, it helps to reduce costs associated with account reactivation.

A visit to the bank branch is not needed to update KYC: RBI

In its latest circular, the Reserve Bank of India (RBI) has said that If customers have already provided the appropriate documents, they are not required to visit a bank branch to update their ‘know your customer’ (KYC) details. In place of submitting KYC information, they can submit a self-declaration by email, registered mobile number, or any other digital channel if there has been no change. Banks should offer customers the ability to self-declare different aspects through various non-contact methods. These can include registered email addresses or mobile numbers, ATMs, digital channels such as web or app banking, and letters. If the address needs updating only, customers should let their bank know via any of these channels, after which it will be verified within two months.

Advantages of Digital reKYC

The advantages of the Digital reKYC process are many and varied, but some of the most notable advantages include the following:

  1. A more efficient and streamlined process: The Digital reKYC process is much more efficient than the traditional KYC process, meaning that it can be completed in a fraction of the time.
  2. More accurate data: Since the Digital reKYC process relies on digital data sources, the data collected is usually more accurate than that collected through traditional methods.
  3. Increased security: The Digital reKYC process is also much more secure than traditional KYC processes due to the increased use of encryption and other security measures.

Key steps in the reKYC documentation process for the DEMAT/Trading account

  1. The first step is filling out the KYC form if you are a new investor and opening your DEMAT account for the first time. The application forms require demographic information. This can be named residential address, office address, joint account holder details, account nomination, etc.
  2. The next step of the investor onboarding process is to present your identity proof. A PAN card is mandatory in this regard. You may also be asked to submit additional government-authorized proof. This can be a passport, driving license, voter ID, Aadhaar, etc.
  3. The third step involves submitting proof of residential address. The document should include the current address in the exact format. You can provide utility bills with link documents. Other documents, like bank statements, company letters, etc., can also be linked.
  4. Finally, you must submit a copy of your canceled Cheque. The account holder’s name must be embossed on the Cheque leaf. This is to verify your IFSC code and account details.

Conclusion

Re-activating a trading account through the Digital reKYC process is simple and efficient. By following these three steps, you’ll be able to get back into trading with minimal fuss quickly. The process takes just a few minutes and is completed from the comfort of your end customer’s home. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Retail Banking Automation is the key to success!

Posted on | by Signzian

In today’s digital age, banking is changing faster than ever. With the rise of AI and automation, retail banks face some of their biggest challenges. Banks must adjust to keep up with customer expectations while also trying to remain competitive. This blog post will explore major retail banking challenges and how automation can help them overcome them. From increasing customer satisfaction levels to improving efficiency, read on to learn more about how emerging technologies are reshaping the banking industry and what you should do to stay ahead of the curve.

The changing landscape of Retail Banking

In the past decade, the retail banking landscape has changed dramatically. The industry has become more competitive, with new players such as online-only banks and their offering services that traditional banks have not been able to match. At the same time, customers have become more demanding, expecting personalized service and around-the-clock access to their accounts.

To meet these challenges, banks are turning to automation. For example, automated teller machines (ATMs) can provide 24/7 access to cash without the need for human tellers. In addition, automated loan origination and underwriting systems can speed up the loan application process, while fraud detection systems can help protect against losses.

By using automation to improve their operations, banks can keep pace with the changing landscape of retail banking and better serve their customers’ needs.

The challenges Retail Banks face

As the retail banking landscape changes, so do banks’ challenges. With new technologies and regulations constantly introduced, banks can be difficult to keep up. Here are some of the main challenges that retail banks face:

  1. Compliance with new regulations – With new regulations being introduced all the time, it can be difficult for banks to keep up. This is especially true for smaller banks, who may not have the resources to dedicate to compliance.
  2. Managing customer expectations – Customers expect more from their banks than ever in today’s world. They want convenient access to their accounts, fast responses to their inquiries, and personalized service. Meeting these expectations can be challenging for banks, especially as they strive to maintain profitability.
  3. Enhancing customer experience – To compete in today’s market, banks must provide exceptional customer experience. This means offering convenient and user-friendly digital channels and providing personalized service when needed.
  4. Reducing costs – As margins continue to shrink, reducing costs has become a top priority for many banks. This includes both operational costs and regulatory costs. Automation can help in both areas by reducing manual processes and increasing efficiency.
  5. Increasing profits – Despite all the challenges retail banks face, they still need to find ways to increase profits to stay afloat and compete in today’s marketplace.

Automation in Retail Banking – How it helps?

Retail banks are pressured to do more with less in today’s fast-paced world. They must provide excellent customer service, keep up with the latest technology, and ensure compliance with ever-changing regulations. At the same time, they need to control costs and increase profitability. Automation can help retail banks meet these challenges. 

McKinsey estimates that by 2025, approximately 50 billion devices will be connected to the IoT (Internet of Things). In addition, with 3D printing, automation, and robots, retail banks generate approximately 79.4 zettabytes of data each year, improving efficiency and decision-making. During this year, smart automation will continue to support process automation tools in banking, such as digital process automation (DPA) and robotic process automation (RPA).

Achieving an enhanced customer experience requires credit unions and banks to prioritize digital processes, such as digital loan application management, customer onboarding, and new account opening.

By automating routine tasks, banks can free up staff to focus on more value-added activities, such as providing personalized service and developing new products and services. Automation can also help banks improve accuracy and efficiency while reducing costs. Cybercrimes have increased frequently over the past several years to the point where it is thought that they are one of the most significant hazards to the financial sector. 

The acceleration in the digital banking transformation of financial institutions leads to increased cyber threats. As a result, protecting critical infrastructure and customer data is of utmost importance, particularly with the predicted rise in online data transmissions and mobile technology come 2022. Apple Pay and Google Pay have solidified their positions as major players in proximity mobile payments (nearly $247 billion market) with respective market shares of 43.4% and 25.0%.

The benefits of Automation for Retail Banks

In today’s ever-changing and fast-paced business world, it’s more important than ever for retail banks to automate their operations to stay competitive. Automation can help banks improve their efficiency and accuracy, freeing up valuable time and resources that can be better spent on other business areas. In addition, automating repetitive and manual tasks can reduce human error and improve compliance with regulations.

There are several different ways in which retail banks can automate their operations, including using software to automate account opening and closing processes, customer onboarding, loan origination and processing, fraud detection and prevention, and much more. By investing in automation, retail banks can improve their internal operations and provide a better customer experience.

The future of Retail Banking

In the next decade, the retail banking sector will face many challenges. These include improving customer experience, keeping up with digital transformation, and meeting changing regulatory requirements.

Fortunately, automation can help banks overcome these challenges. By automating manual processes and tasks, banks can free up staff to focus on more value-added activities. This will help them improve customer experience, keep up with the digital transformation, and meet changing regulatory requirements.

When considering automation solutions, choosing a partner with a deep understanding of the banking industry is important. It can offer a comprehensive suite of solutions tailored to your needs. FIS is a leading provider of automation solutions for retail banks of all sizes. Our solutions can help you streamline operations, improve customer service, and increase profitability.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Shraddha is a passionate Digital Marketer and a versatile leader, working as the Director of Marketing at Signzy. She is a goal-driven professional with excellent innovative skills. Having 11+ years of experience across industries including travel, SNV, healthcare, and Fintech, Shraddha considers herself a self-empowered and self-driven individual ready to take on challenges and proactively rise to occasions in crisis. A professional who ardently believes in the right work-life balance, she ensures to spend quality time with her family. This has a positive effect on her professional life and pursuits.

Top 10 Fintech Company Business Models Set To Take Over The Fintech Industry

Posted on | by Signzian

Did you know that as of 2022, the fintech industry is worth $179 billion with approximately 30,000 financial technology startups? Those are big numbers for an industry as young as the fintech industry. Moreover, now a usual fintech company primarily is capitalizing on the numerous services traditional banks provide, such as account opening and insurance underwriting, and turning the old business models in financial companies on their heads.

The fintech sector is receiving a tonne of venture capital funding, and “challenger” banks are threatening to eliminate banking behemoths more quickly than Netflix eliminated Blockbuster from the game. So let’s examine ten cutting-edge fintech company concepts paving the way for disruption and growth.

Progress In P2P lending

Peer-to-peer (P2P) lending is the practice of a person borrowing money from another person. Like this, peer-to-business (P2B) lending occurs when a company borrows money from a single or group of people. By directing their funds to pre-approved and carefully screened borrowers, these lending models make it simpler for investors to obtain higher returns than those provided by debt markets. Companies in the fintech industry build platforms to connect borrowers and lenders and typically deduct a charge from the borrower’s repayment.

The Magic Of Digital Wallets

We can compare a no-frills bank account and a payment gateway to digital wallets. This business model allows customers to pre-load a set amount of virtual currency into their wallets, which they can then use to make online or offline purchases from businesses that accept digital wallets.

Providing users with the convenience of making payments for a small fee that is typically charged to businesses is the basic tenet of a digital wallet business model. These can be in the form of a merchant discount rate (MDR) and through the float that they would make on the money that is sitting unpaid in customer/business accounts. Businesses that provide their customers tangible goods or services in person are the typical end users of wallets, for example, Venmo, Square Cash, Google Pay, etc.

Digital Banking Revolution- The Fintech Company Impact

Imagine your local bank closing its physical location and moving entirely online. There would be no bank tellers, no mail, and no real offices. Instead, challenger banks provide no-frills personal and commercial bank accounts through a fully developed digital infrastructure. The business strategy used here is much the same as that of a bank with physical branches, except that consumers can significantly benefit from lower rates thanks to the significant labor and real estate cost savings.

Safety For Everyone, Everywhere With Digital Insurance

A standard fintech company in the insurance sector brings all of the conventional services online, just like digital banks. These Fintech companies can offer life and health insurance with superior underwriting procedures while aggressively undercutting traditional insurance providers because they can charge variable premiums based on the customer. These insurance policies can open up commercial opportunities that insurance firms have just begun investigating when combined with targeted marketing.

Access Transaction delivery

The ability to effectively manage data can provide invaluable insights into the demands and desires of the client. Data is the new oil. To gather customer data and then share it with the rest of the group to map the customer’s capacity to pay premiums, invest in real estate, buy mutual funds, etc., financial technology entrepreneurs in the transaction delivery space are developing free solutions, including cost management apps. A standard fintech company operates under a commission-based business model by reselling financial products from third parties.

Even A Single Fintech Company Ensures Safer Payments With Gateways

Payment gateways allow customers to pay for goods and services on a retailer’s website. Various payment options are available today, including cryptocurrencies, digital wallets, debit cards, and credit cards. Unfortunately, banks typically impose astronomical fees for processing transactions from these numerous channels. Still, fintech companies are combining these payment channels into practical apps that internet retailers can easily afford and incorporate on their websites. Businesses offering tangible goods or services to end customers are the typical users of these payment apps, such as Stripe, Alipay, and iZettle.

Easy Asset Management

Have you ever heard of buying mutual funds or stocks without paying a commission fee? In exchange for their data, fintech businesses are allowing investors to trade for free. They deliver this information to high-frequency traders, who can then affect the asset’s price. The investor may pay a little higher price for their asset, but there is still a positive differential between what they save on trading fees and the marginal price rise.

Small Ticket Loans Have A Big Market

Due to the poor margins and significant setup and recovery expenses associated with smaller-price loans, banks and other lenders often do not want to underwrite them. A standard fintech company in this industry segment (like Affirm) offer one-click buy buttons and impulse buy mechanisms on e-commerce websites to let clients make quick purchases without submitting any authentication or credit card information.

We can buy almost anything outright with the opportunity to pay in installments. This is thanks to the average 0% interest rate at which these loans are underwritten. So how does one make money? By disclosing customer information to the original equipment manufacturers (OEMs), who stand to gain the most from the decreased cost of these gadgets. Highly individualized marketing offers are ensured with algorithms that ascertain customer demographics. Consider sharing your data with them as the loan’s interest.

Alternative Credit Scoring

Due to stringent and antiquated credit score standards, many self-employed people with a reliable source of income fail traditional bank loan screens. By taking into account alternative data points like social signals and percentile scores among comparable borrower groups, a standard credit rating fintech company adopts novel strategies. With time, better lending judgments may result from combining all these qualitative factors with an intelligent and self-learning algorithm. For instance, a lender can avoid dealing with loan recovery if there is a means to identify unfavorable profiles based on social presence before loan disbursement.

Alternative insurance underwriting

Two people today who are the same height and weight, don’t smoke, and don’t consume alcohol will receive the same life insurance premium. But one individual can be a fitness fanatic, while the other might be a couch potato who is more likely to get diabetes and pass away from it. Since risk premiums currently don’t account for characteristics that aren’t quantifiable, average out (also known as normalizing in actuarial terminology) leads to these incorrect premium computations.

Fintech businesses are developing variable premium computing processes utilizing alternative data points like social signals, lifestyle, and medical history, similar to alternative credit scoring. These InsureTech firms may decide whether to offer insurance, present various terms and conditions and provide numerous payment choices when combined with intelligent and self-learning algorithms (for example, co-pay options).

The Bottomline

Fintech firms have a considerable role to play in the futures of almost all industries. They are revolutionizing both precedent and retrospect. As the world evolves, fintech innovates.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

 

Garnering the Gig Economy- 3 Ways The Fintech Industry Leverages AI To Enhance The Gig Workforce

Posted on | by Signzian

In 2021, there were nearly 23.9 million independent/gig workers comprising the Gig economy in the United States, an increase from 12.9 million in 2017, according to the 2022 Gig Payments Report. The study further illuminates that 85% of respondents have increased their gig work, and 58% cited inflation as their primary reason for this. The number of workers is still growing with rising inflation, pandemic-era job losses, and the work-life balance mindset.

Conventional financial services are not tailored for the needs of gig workers. This is because many banks focus more on premium and higher-income customers. Additionally, they lack access to data about the financial behaviors of gig workers, who often have to keep their financial activity unregistered. Their paychecks often fluctuate with jobs coming and going from one month to the next. This lack of a steady income means these workers struggle to access investment accounts, loans, insurance, and other financial products. They are also likely to face difficulties paying for unexpected emergencies, such as costly medical treatments.

For fintech industry companies, an opportunity awaits. Many financial technology ventures have recognized these workers as potential customers who are underserved by the traditional banks and are now playing a pivotal role in powering the Gig economy. We at Signzy like to stay ahead of the curve and have been focusing on providing financial technology services that are easy to use without compromising quality. Let’s see how all this has helped the growing sector.

AI From Fintech Industry Companies For Gig economy

Gig Payments Report states that gig workers prioritize speedy service while receiving payments. For example, 70% prefer to receive their payment on the same day they work while 39% choose immediately after each job. Only 29% prefer it at the end of each day. Additionally, with rising inflation impacting work and personal expenses for 57% of respondents, timely access to funds is crucial for their financial needs.

With a gargantuan gig economy workforce looking to financial sector to manage their finances, there are bound to be support-related queries that follow. So how can the support teams of financial technology companies rise to offer the much-needed support, especially that which aligns with the preferences and expectations of their customers today? Herein lies the chance for these companies to immediately incorporate modern AI-powered support systems into their technology stacks to resolve all customer issues.

Meeting Customers Where They Are

Not bound to any location, gig workers are constantly moving. AI-powered solutions provide resolutions across channels through email, messaging, chat, SMS, and voice for support when they require it the most. Most of Signzy’s API resources enable the institutions with remote-friendly solutions. This can be for onboarding, KYC, etc.

Moreover, they are constantly busy, and gig work is often a side hustle that supplements their income (Branch and Marqeta’s report defines only 27% rely on gig work as their major source of income). By leveraging AI, fintech companies can offer proactive customer service – addressing a customer’s issue before they encounter one- by detecting or anticipating the problem in advance and extending the necessary support to resolve it. Some of the use cases are:

  • Warning a customer that their bill is soon due.
  • Reminding customers to transfer balances from one account to another.
  • Alerting customers that there may be an improved savings account option than their current one.

Such proactive, preemptive, and predictive support is much needed for the workforce. We ensure that you get it at Signzy.

Fast, Immediate Solutions

Terraforming the customer support landscape, AI-powered chatbots for customer service have become significantly efficient by delivering personalized solutions immediately and automatically for a truly effortless experience. In addition, AI can automate resolutions to high-volume, repeatable tickets like paying monthly bills and resetting passwords, freeing up human agents to focus on the more complex issues and decreasing resolution times. The result? Faster and more consistent customer support, and less fielding of common and repetitive problems for the support team.

For example, suppose a customer has doubts about the loan application process. In that case, a chatbot could efficiently provide a relevant article from a company’s knowledge base that covers this topic in detail. Furthermore, if it is connected to the correct backend systems, it can even provide the real-time status of applications.

AI-driven solutions enable fintech companies to improve their support for customers’ needs. This includes access to 24/7 support outside of standard working hours when support teams are unavailable to respond to queries. This also reduces the cost of keeping a human support team on standby in case of an unexpected ticket spike. In addition, this type of support is ideal for gig workers who work irregular schedules but still need support access from their financial service provider. One of the emphasized areas Signzy focuses on is this kind of support for our clients. We ensure to take care of everyone.

What Signzy Is Adding To The Growth

Signzy has been in the fintech industry for nearly a decade now. We began with the idea of having fully customizable AI-driven automated solutions for all onboarding and KYC problems. But since its inception, we have kept in mind the further horizons we would explore. The time is nigh, and we are helping out in all the industries we can. With the Gig economy, we believe our services can provide a strong foothold in ensuring the right customers for all financial institutions. We make sure to make it simple for everyone.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

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Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

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