Why KYC & Onboarding Is Essential To Financial Service Providers & Their Customers?

Published at: October 6, 2020

Do you know what are the parameters that a customer usually uses to decide the experience with a new bank and insurance service provider? The answer is the onboarding process. To put it utterly, this process plays a vital role in setting the tone for the client’s overall experience with the bank or insurance service provider. Furthermore, in today’s time of important Know Your Customer or KYC norms, it is equally valuable to collect KYC data that will help for the ongoing maintenance and management of the account. Today, digital data banks like Aadhaar, NSDL, CKYC repositories, etc, and regulatory bodies make it compulsory for performing e-KYC via biometric authentication.

Significance of CRM For KYC and Onboarding For Financial Service Providers:

Different financial services providers, whether be it banking or be it insurance mandated responsibility to understand their customers and negotiate the risks they pose before offering services. When the prospective customers lack any kind of testimony, or when their identification is challenging to authenticate, it becomes tough for service providers to deliver the necessary Customer Due Diligence (CDD) on them. Then, this can appear in two restrictions on financial inclusion:

  • On the demand side: Lengthy or embarrassing onboarding systems can discourage potential customers from signing up for financial services, and
  • On the supply side: Expensive customer identification and due diligence systems can give low-income customers profitless, compelling the size of the viable market.

Effective and powerful CDD systems fix both these concerns. Here is where KYC and onboarding become the best solution to banks and insurance providers. Although more complicated to perform than conventional KYC, it encourages plenty of benefits in the long term like lesser man hours, cost reduction, developing the record-keeping system, and as a macro view, also advance financial inclusion.

Significance of CRM For KYC and Onboarding For Customer

KYC and onboarding of the customers come up with different aspects:

  • Require no paperwork or waiting time for accounts to be opened
  • No more queuing up at bank branches to submit paperwork
  • No wasting time and effort in multiple follow-ups and innumerable other processes that the customer had to undergo until some years ago.

Due to CRM for KYC and on-boarding, opening a bank account or applying for an insurance policy has become completely hassle. All it requires is just a few minutes and some basic details and you are all set to go.

Crochet Technologies:

If you are finding the CRM solutions for KYC and onboarding, Crochtech Technologies is what you need.  Crochtech Technologies is the silver partner of Pega and can help your business with the KYC or onboarding requirements. Crochet Technologies is a Global Information Technology (IT) Services and Solutions company that puts its hard efforts to streamline and automate your business processes.


Unlock The Secret To Everlasting Customer Relationship through CRM Solutions

Published at: August 24, 2020
Well-said by a great businessman, “There is only one boss, The Customer.” Any company can find unpredictable obstacles in their path, but those who place their customers’ on top priority can handle them successfully. One of the lessons 2020 has taught businesses is the importance of developing sound relationships with customers. With the strength of strong customer relationships, businesses can stand in the market even in the COVID-19 like situation. This simply depicts to drive successful outcomes in your business, you need to be focused on improving customer services.  When it comes to improving customer services, the CRM system is considered the most effective tool to keep the businesses organized and customers satisfied. The system helps the business to engage their potential customers from anywhere, anytime, or on any device rather than just making them wait over the phone. 

How CRM helps in improving customer services:

CRM tools are specially designed with a number of advanced features and functionality that help the business to improve productivity and build a sound relationship with the targeted audience. In addition to this the most business CRM systems have case management functionality that enables agents to track & manage professionally:Customer Service Software for Small to Enterprise Businesses
  • Customer Contact Information
  • Correspondence
  • Documents
  • Conversations
  • Billing Information
CRM system offers many leverages like LIVE chat or more to the service agents that help them in making a good relationship:

Engagement Through Different Social Media Platforms:

One of the best benefits agents can utilize with CRM software is social engagement with customers. Agents can distinguish the key social media influencers within their customer community, and get vital marketing insights applying the built-in analytics that are usually given by CRM systems.

Knowledge Management Portals

Another remarkable feature of CRM systems is knowledge management portals for customer self-service. These portals allow customers to reach FAQ or troubleshooting items(usually articles) without the help of an agent. Some CRM solutions also allow organizations to provide customers with their online communities where they can invite each other for help, provide feedback, and even voice their plans for new services or products.

Crochet Bespoke CRM Solutions

Crochet Technologies is a Global Information Technology (IT) Services and Solutions company. Crochet’s helps streamline and automate business processes across industries. Crochet offers end-to-end services from business consulting, development, design and bespoke CRM & enterprise solutions. With Crochet’s deep business acumen, world-class project delivery and leadership capabilities, we assist companies in making the most of digital transformation CRM  investments for driving their business value. We have clients across Banking and Financial Services, Manufacturing, Telecom and Public affairs. We create AI-powered CRM applications that  helps small and large enterprises to revolutionize their customer engagement with end-to-end automation.