Convenience is at the top of customer concerns today, and banks must step up to meet this challenge. The traditional branch banking model is quickly losing favor, especially among younger customers. Deploying virtual branch solutions is highly convenient for customers with busy schedules. However, these digital banking solutions should offer more than deposits, withdrawals, and transfers. Today's customers are already accustomed to end-to-end processes in other aspects e.g., passport processing. They want a wholesome, branchless banking experience. What features can enhance this experience?

KYC and Transaction Security

While convenience is good, security concerns are bigger concerns for many people regarding financial matters. On the other hand, a financial institution must safeguard its interests by complying with Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines.

Video chat and face capture and verification features make onboarding a new customer easier and faster. The bank customer rep can ask several security questions based on confidential information found in the customer's account, e.g., the last credit card transaction.

Virtual branch solutions must deploy the latest digital security standards. One-time passwords and PIN prompts are now standard for any digital platform handling secure transactions. Biometric verification offers an added layer of security to boost customer confidence in using the virtual branch platform.

Document Viewing and Sending

Document processing is a big challenge for virtual banking processes such as bank account opening, which is the reason many banks still insist on customers opening an account at the branch. But virtual branch solutions can overcome this challenge with document viewing and sending functionality.

For example, when the customer rep is guiding a client through account opening, the platform should support document downloading, viewing, and editing without leaving the platform.  The platform should also support popular document formats.

Quick Chat

Quick communication is crucial in resolving financial matters. For example, a customer who loses a credit card wants it blocked ASAP. They don't want to wait on the phone, go through an IVR, and finally explain their predicament to a customer rep.

Virtual branch solutions offer enhanced communication when they take advantage of common customer questions and lead the client to common solutions. For example, the quick chat question would have a question like, Have you lost your card? When the customer chooses this question, they can be shown the cards in their account, and choose the card to block. It makes communication faster and more efficient for both parties.

Is your financial institution looking to enhance customer service delivery? Talk to a financial tech provider to explore virtual branch solutions for your customers.