Näktergal x Scrive: The value of making lending 100% digital and remote
We live in an always-on, digital world. We expect the opening of a bank account, applying for a mortgage, and taking out a personal loan to be as simple as opening a social media account. We do not expect physical meetings to sign documents, complicated identity verification procedures, or reaching out to customer support to complete onboarding.
When a significant amount of time, personal information or physical documentation is required, we are put off. Yet, identity checks are an essential element of applying for a loan.
The KYC verification part is a stumbling block for fully digital applications, which is a big turn-off for customers looking to open an account, take out a loan or get a mortgage. Today’s customers expect instant access and smooth and straightforward processes, all from the comfort of their phones screens while chilling with the latest episode of Boba Fett. Without a 100% online experience, many financial institutions will struggle to compete in today’s marketplace.
Bringing manual and analogue processes online is crucial to increase the ease with which consumers onboard. Fully digitised onboarding enhances customer experience while reducing abandonment. Electronic signatures have made signing documents online commonplace, but lending agreements, amongst others, still require identity verification.
What can banks do to make lending more digital?
The answer lies in providing identity verification checks seamlessly and digitally, implementing tools that accompany an electronic signature with a form of digital ID verification, like BankID. Näktergal has partnered with Scrive to do precisely this. Working closely with partners like Scrive ensures that here at Näktergal, we can offer the best-in-class experience at every step of the customer journey and provide a superior solution for our clients looking to stay ahead of competitors.
Our partnership with Scrive solves many of the challenges banks and lenders face around onboarding new customers, achieving automation, and ensuring secure digital processes for our clients. Digital verification is a win for the customers, too. Utilising Näktergal’s cutting-edge technology vastly increases convenience for customers, making it easier, safer, and more likely for them to complete the application. The reality is that it is all too easy for customers to abandon an application halfway through, with most users preferring to go to an online competitor and start again versus attending an in-person meeting. Having a smooth, fully digital process will ensure applications are completed much more often than not without having to jump through a flaming hoop.
The value of a flawless onboarding process cannot be underestimated. People’s expectations are high, and anything that takes too long or is too cumbersome will result in higher abandonment rates. Integrating Scrive’s e-signing and digital identity services with Näktergal’s expert technology into the banking world will open a whole lot of new doors for banks and lenders. From onboarding to loan acquisition and marketing, a fully digital offering like this is ready for the banks of the future.
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Cumbersome inconvenient tasks for consumers result in higher drop out rates. That is why Näktergal has partnered with Scrive. Integrating Scrive’s KYC, e-signing and digital identity services with Näktergal’s expert technology ensures seamless, and fully digital applications.