On 20 February 2014, Kofax, in association with Timetric held a webinar on mobile customer engagement. The session brought to light the opportunity banks have in developing a mobile self-service product strategy to enhance convenience and empower customers in banking processes.
The rise in mobile penetration in Asia, has certainly imposed a need for banks to embrace mobile platforms into their service model. Meghna Mukerjee, RBI’s Asia Analyst highlighted that "estimates in 2012 showed as much as 8.5% growth in non-cash payments transactions and our love for mobile devices will only push this trend further.
"The concept of using mobile devices as a financial tool is definitely moving into the mainstream particularly in Asia.
"The smartphone carrying, tablet using modern consumer prioritizes mobility, wants convenience at its fingertips, and places a great deal of importance on mobile customer engagement."
Keeping pace with these changes to customer behaviour, US-based software provider Kofax places a key focus on developing mobile capabilities to bring accessibility to banking services to the modern-day customer.
Diane Morgan, senior business development manager, mobile, at Kofax highlighted the priorityfor today’s institutions to adopt their channel strategy towards more mobile engagement with customers.
Morgan commented: "Many institutions see mobile as the top-of-mind initiative and investment point. They see the investment in mobile to be more impactful than the investment on the web in the 1990s."
Referring to an Accenture CIO Survey 2013, Morgan highlighted that 34 per cent of institutions indicated mobile as their top priority this year partially because mobile adoption in financial services has grown at a much faster rate than and other previous trend. Research groups also predict 2014 will be a significant year, when mobile usage will surpass desktop usage, which highlights the necessity for banks to leverage on mobile device functionalities and bring convenient banking to their customers.
Why are customers moving so quickly into the mobile preference? Morgan denotes this trend to the ability of mobile applications to move customers from a customer-centric model to a self-service model. The preference of customers nowadays to maintain control, and be in the centre of the banking relationship, persuades banks to create platforms that are simple, efficient and convenient.
Morgan says: "Customers prefer self-service and immediate gratification. If you empower them to transcend from an informational mode to one where they cantruly experience the transaction, not only does it reduce transaction cost, but it also grows customer experience and satisfaction".
The mobile customer engagement platform created by Kofax aims to bring this independence to the customer through its multi-image capture application. The mobile application allows customers to directly capture, submit and verify different types of documentation and process them in real-time. The ability to capture multiple document types into one platform is what the company describes as its product’s core advantage – bringing independence and control to the customer in their account management process.
The mobile capture platform facilitates the image to be captured, pushes it back to the customer for validation and then moves into a back-office process for management.
The capability of supporting an omni-channel experience with the consolidation of all documents onto one platform brings the seamless flow of information and data across channels. Morgan: "If we ingest a document from a phone device, and ingest a different document from a desktop, it doesn’t matter. Its one process going through one platform supporting all channels."
Additionally, the analytics capability also allows for client banks to understand how the customer is engaging with them – keeping in view the most frequented channels for customers, how they interact with the bank, the documents that are captured via each channel, for the bank to understand customer preferences more effectively.
Morgan: "What analytics gives you are the details of customer interaction, what is working well, where the bottle necks are. This gives the bank the opportunity to measure and improve upon customer experience."
Morgan went on to describe the infrastructure of the mobile capture application to be built around three key systems. Firstly the mobile capture SDK that enables the capturing, processing and editing of the image. Following this, the edited image moves onto the platform, which looks at sophisticated classification and recognition, and decides whether the system needs to extract data in real-time.
Thirdly, an additional optional componentis for the platform to include pre-built frameworks for specific document types. This means to say if the client bank is certain of a device type they want to capture, like driver’s license, bill-pay, etc. can add on a Kofax pre-built solution of the particular documentation.
Conclusively, the webinar closed with Kofax team lead for sales engineering, Shawn Damon gave a live demonstration of the usage of the mobile capture platform with a client on-boarding example, exemplifying the classification and processing features of the application, to capture and transpose the required data for processing from the image taken through the mobile device.
The webinar brought key insights into the ability of mobile devices to bring about a seamless customer experience. Kofax’s senior business development manager highlighted the company’s view that mobile device functionalities can be leveraged in the banking process to bring greater efficiency and convenience in the operational processes the customer have to face.
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