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.


Don’t Waste Time! 3 Facts Until You Reach Your Case Management Needs

Published at: August 24, 2020

Whether it’s a small business or an enterprise, everyone faces the common challenge of maintaining lengthy, time-consuming documentation track of records. 

For instance, 

  • In the finance industry, customer needs are addressed, cash flow is managed, inventories are conducted, among other things.
  • In the field of medical industries, patients must be partnered with the correct physician, provided reliable services, supplied medication, and given accurate documentation of their medical history. 
  • In law firms, they have to answer client questions, refer clients to a suitable lawyer, handle simple to complex cases, schedule court cases, and perform required documentation of all cases.

Well, all these are quite complicated processes that are extremely collaborative and information comprehensive. For smooth and correct implementation of these tasks, you have to choose a system that can complete them in an automated and efficient manner. Case management is the perfect solution to this.

1. What Is Case Management Software?

“Case management” is a subjective term that indicates various things to different people. It can be as easy as a contact management and organization application. Or, it can be as complex as an end-to-end legal platform which allows you to investigate every action on a case. Basically, case management software is driven by data the information you collect from multiple sources. This comprises:

  • Case documents
  • Clients
  • Third parties, or more 

Or in technical words, case management software is a data-driven solution that lets you efficiently implement your legal processes by managing each step on a data level.

What actually case management performs for the companies?

Case management comes up with a dynamic structure for implementing non-routine unpredictable business processes that lack coordination of multiple tasks and difficult decision-making.

2. Remarkable Benefits Of Case Management Software:

Effective resolution of cases

Case management software gives one solution to manage multiple cases. This improves productivity and efficiency. 

Enhanced transparency

Its workflow elements contribute to enhanced transparency in all processes.

Customized customer care

Customers are given a more customized experience through various means like analytics, live chat software, or messaging apps. Customer profiles can be pulled out so customer service reps can accurately fix the queries of the customer.

Prompt access to information

An integrated system advances up searching for information required to solve a case.

Self Service Portal

Some case management systems can be utilized to give customers self-service portals that allow them to fix issues on their own.

3. What To Look For In The Case Management System?

As there are many case management systems available in the market, but it’s essential to choose the one that exactly meets your business’s tracking, communication, and reporting requirements. And while features are valuable to look at when selecting which system to choose, there are vital questions to analyze:

  • Does the provider give quality, ongoing support?
  • Can the system be configured to match your industry’s unique demands?
  • Can the software grow and adapt to your industry?
  • Is it accessible to recover and report on the data you gather?
  • Can you make minor system modifications without having to go through the provider?

The Best Case Management System Provider:

We compared many softwares and basis the above-mentioned factors, we found Pega is the best award-winning case management solution that has multi industry niche experience handling complex processes quite smoothly. The solutions are specially designed to address the challenges companies are facing nowadays with a simple low code approach.

In a nutshell, if you want to run your business smartly through a reliable case management software, you can consider Pega! We are silver partners for Pega and can help you assist your business with your Case Management needs.

Crochet Technologies is a Global Information Technology (IT) Services and Solutions company. Crochet’s Pega competency helps streamline and automate business processes across industries. Crochet offers end-to-end services from business consulting, development, design, and managed support in Pega space. With Crochet’s deep business acumen, world-class project delivery and leadership capabilities, we assist companies in making the most of BPM investments for driving their business value.