Category: Banking

Welcome to our specialized banking category, an expertly curated space where we delve into the exciting world of digital transformation sweeping across the banking industry. Our insightful articles explore a multitude of facets that are actively shaping the future of banking, from the disruptive force of cutting-edge technologies to the shifting paradigms of customer expectations.

As the terrain of the sector undergoes continuous evolution, it becomes increasingly crucial for industry professionals, enthusiasts, and observers to keep abreast of the latest developments and trends. Our in-depth articles serve as a resource, providing valuable insights into how traditional banking institutions are navigating the transition to the digital age, and how emerging fintech companies are spearheading innovative solutions that are redefining the industry’s contours.

Our coverage encompasses a wide array of topics, from the convenience and the ubiquity of digital payments to the transformative impact of regulatory technology and the paramount importance of data security. This comprehensive exploration offers our readers a panoramic view of the digital banking ecosystem. Our overarching objective is to equip our readers with a nuanced understanding of the challenges that lie ahead, as well as the opportunities that digital transformation brings to the fore.

So, immerse yourself in our curated content, enrich your knowledge, spark meaningful conversations, and stay ahead of the curve in this digital banking era. Join us in exploring the captivating world of this sector where the only constant is change. Welcome to the future of banking, with us!

Generational Shift in Banking

The Generational Shift is Redefining Banking Industry

Posted on | by Signzian

In the world of banking, there’s a new kid on the block: Generation Z. While the industry has been adapting to millennial customers for some time now, Gen Z brings a whole new set of challenges and opportunities that banks can’t afford to ignore. But it’s not just about catering to younger generations – older customers also have unique needs and preferences that must be considered. In this blog post, we’ll explore the generational gap in banking and how it’s affecting the industry. 

What is the generational gap in banking?

The generational gap in banking refers to the differences in attitudes, behaviors, and expectations of different age groups regarding financial services. Each generation has unique values and experiences shaping their money management approach.

For example, Baby Boomers tend to prioritize stability and security over risk-taking. They may prefer traditional banking methods and are likelier to value personal relationships with bankers.

On the other hand, younger generations like Millennials and Gen Z are more inclined towards technology-driven solutions. They expect seamless digital experiences that allow them easy access to their finances on the go.

The rise of social media also plays a significant role in shaping these generational differences. Younger customers increasingly rely on peer reviews before deciding where they bank or invest.

Banks must recognize these diverging attitudes to cater effectively to all age groups. The key is finding a balance between high-tech offerings for younger customers while not alienating older ones who still value human interaction above all else.

How has the generational gap in banking affected banks?

The generational gap in banking has had a significant impact on the way banks operate today. With three distinct generations – Gen Z, Millennials, and Gen X – each having different preferences and expectations regarding banking services, banks must adapt their strategies to meet the diverse needs of these groups.

One major effect of this gap is that traditional brick-and-mortar banks are losing relevance among younger consumers who prefer digital experiences. This means that banks need to invest more heavily in technology to stay competitive.

Another consequence is an increased focus on digital identity verification and know-your-customer (KYC) processes. Banks need to be able to verify customers’ identities quickly and securely, particularly as younger generations become increasingly adept at fraud prevention measures.

Age verification systems have become critical for financial institutions looking to appeal to younger customers while adhering to regulatory requirements. By implementing robust age verification protocols, banks can ensure compliance with legal obligations and protection against underage account opening or usage.

The generational gap in banking presents challenges for traditional financial institutions seeking to remain relevant in an ever-changing industry. However, understanding the unique needs of different customer segments, developing innovative technologies, and implementing effective KYC/AML protocols tailored to young people’s lifestyles will help them succeed going forward.

Gen Z versus Millenials versus Gen X

There’s no denying that different generations have unique perspectives on banking. Gen Z, Millennials, and Gen X have different attitudes toward money management and financial institutions.

Gen Z, born between 1997 and 2012, are digital natives who expect convenience and instant gratification. They prefer online banking over visiting a physical branch and demand mobile apps with seamless user experience. This generation is also more open to alternative forms of payment, such as cryptocurrencies.

Millennials, born between 1981-1996, are known for valuing transparency in their banking services. They want to understand the fees associated with their accounts and often prioritize socially responsible investments. However, they may struggle with debt from student loans or credit cards.

Gen X represents those born between 1965-1980 who grew up without technology but adapted quickly after its introduction. They value stability in their bank accounts and stick with traditional banks rather than fintech startups.

Understanding the differences between these three generations can help banks tailor their services accordingly to serve each group’s needs better. From digital identity verification systems for Gen Z customers to offering debt counseling programs for Millennials struggling with student loans – each generation presents unique challenges that require tailored solutions from banks.

Conclusion

The generational gap in banking is a complex issue requiring banks’ careful consideration and attention. As digital natives like Gen Z continue to enter the workforce and demand more personalized digital experiences, it’s clear that traditional banks must adapt to stay relevant.

By implementing age verification systems and utilizing customer data to personalize their offerings, banks can bridge the generational divide and meet the needs of all customers – regardless of age.

Ultimately, by embracing change and staying on top of emerging technologies, banks can remain competitive in an ever-evolving landscape while providing exceptional service to customers across all generations.

 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Compliance in Banking

How To Make Compliance Your Bank’s Competitive Advantage

Posted on | by Signzian

Banking regulations are ever-changing, and staying compliant is essential for financial institutions, but it doesn’t have to be a burden. In fact, by leveraging compliance activities as a competitive advantage, your bank can increase its profitability and gain a leg up on the competition. In this blog post, we’ll look at how banks can leverage compliance to create an edge in the industry. We’ll discuss managing risk, using customer data safely, developing innovative products and services, and more—all while staying compliant with the law. So, if you want to make compliance your bank’s secret weapon, this blog post is for you!

Understanding compliance

Today’s consumers are looking for a banking experience that is personalized, convenient and offers value. In addition, they want to bank with an institution that understands their needs and is willing to work with them to find solutions. A recent study by Boston Consulting Group found that 43% of consumers would switch banks if their primary bank did not offer the digital capabilities they were looking for.

Banks must provide a superior customer experience to keep up with the competition. That starts with understanding compliance. Consumers expect banks to protect their personal information and comply with regulations. They also want transparency from their financial institution. They must know that their bank works in their best interest and protects their money.

Compliance is more than just following the rules. It’s about creating a culture of compliance within your organization. Everyone from the CEO to the tellers must comply with regulations. This can be achieved by establishing clear policies and procedures, providing training and education on compliance topics, and promoting a culture of ethical behavior.

When done correctly, compliance can be a competitive advantage for your bank. In addition, consumers will trust that you keep their best interests in mind and feel confident doing business with you.

The benefits of compliance in bank

The McKinsey Global Institute estimates that advanced analytics (AA) and artificial intelligence (AI) in banking could generate up to $1 trillion in annual economic value globally. Credit underwriting, fraud detection, and trade surveillance are some of the opportunities related to risk management. 

Banks are under pressure to do more to comply with rules and regulations in a world of increasing regulation. But, at the same time, they are looking for ways to improve their customer experience and grow their business. A compliant bank meets all the requirements of the regulators and provides an excellent experience for its customers.

There are many benefits of being a compliant bank:

  1. It allows you to avoid costly fines and penalties.
  2. It helps you build trust with your customers by showing that you are committed to protecting their information and meeting their needs.
  3. It can give you a competitive advantage in the marketplace by differentiating you from other banks that may not be as compliant.

Fourth, being compliant can help you attract and retain the best talent. Fifth, it can help you manage risk more effectively. And sixth, it can help you improve your bottom line.

So, consider these six benefits if you’re looking for ways to make your bank more compliant. They might make compliance your bank’s competitive advantage.

Compliance technology

Technology has always been crucial to compliance, from simple audits to more complex monitoring and analysis. But with the ever-changing compliance landscape, technology must constantly adapt to new regulations and threats.

That’s where compliance technology comes in. Compliance technology uses software and other tools to help organizations meet their compliance obligations. This can include everything from automating regulatory filings, tracking employee training, and monitoring customer interactions for signs of fraud or money laundering.

With the right technology, banks can meet regulatory requirements and gain a competitive advantage. By using technology to automate repetitive tasks, banks can free up staff time for more strategic work. And by using data analytics to identify risk areas, banks can proactively address potential problems before they arise.

When it comes to compliance, technology is your friend. Investing in the right tools can make compliance more uncomplicated, efficient, and effective—and give your bank a leg up on the competition.

Conclusion

Compliance is becoming increasingly important in the banking industry, and making it your bank’s competitive advantage can help ensure sustainable long-term success. By providing that your compliance strategy is up-to-date and effective, you can create an environment of trust with customers and regulators alike. Additionally, a clear understanding of regulatory requirements will enable you to adapt to any industry changes quickly, ensuring your unique competitive edge remains intact.

Identity Theft in Banking – Things you need to know!

Posted on | by Signzian

30% of consumers said that they had been victims of online identity theft is one of the surveys by Experian in July 2022. 

Identity theft is a serious problem, and with the rapid advancement of technology, it’s only getting worse. Every year, millions of Americans become victims of identity theft and financial fraud.

According to the FTC, identity theft and related fraud increased nationwide in 2021:

  1. More than 5.8 million fraud complaints were filed for the year, an increase of 19%.
  2. The financial losses from fraud increased by 77% from the previous year to more than $6.1 billion.
  3. Consumer identity theft complaints increased by 3.3% to just over 1.43 million.

While there are steps you can take to reduce your risk, it’s important to be aware of the tactics criminals use to gain access to your personal information. In today’s blog post, we will discuss how identity theft works in banking and what measures you can take to detect it. By understanding the methods criminals use and taking the necessary precautions, you can put yourself in a better position to protect yourself from potential identity theft.

What is identity theft?

Identity theft is when someone uses your personal information without permission to commit fraud or other crimes. Your personal information can include your name, Social Security number, date of birth, bank account numbers, credit card numbers, or other sensitive information.

1,434,695 identity theft complaints topped the FTC’s list of fraud complaints in 2021, accounting for about 24 percent of the 5,883,409 fraud, identity theft, and other complaints received. Imposter scams were the second most reported fraud category after identity theft, with 995,789 reports and $2.4 billion in losses—nearly double the $1.2 billion loss caused by the category in 2020.

Identity theft can happen in many ways: Phishing, smishing, spoofing, and vishing are some techniques Fraudsters use.

Phishing:

As a method of identity theft, phishing involves individuals unwittingly providing personal information that can be misused. Fraud is usually carried out by creating fake websites, emails, or texts that appear to be from a legitimate firm. 

On Feb 20th, 2023, a farmer from Rajasthan almost lost more than Rs 8 lakh to a cyber fraudster when his son clicked on a phishing link. In the past few years, cyber fraud cases have witnessed a significant rise. According to the EY report, 53% of respondents in India state that cybercrime and ransomware risk have increased in India in the last 1 year. 

Vishing:

Vishing (voice phishing) is an attempt where fraudsters try to seek personal information like Paytm Bank PIN, Paytm OTP, Card expiry date, CVV, etc. via a phone call. The miscreant acts as an employee from Paytm, the government, or a bank. He/she asks you for your KYC details. They will state various reasons, like reward points, free cashback, reactivation of account, etc., for this. These details are then used for accessing your account without your knowledge.

Smishing:

Smishing (SMS phishing) is when an SMS/Email/WhatsApp message is used to lure you to call back on a fraudulent phone number, visit fraud websites, or download malicious content via your phone. Fraudsters will send you SMS/Facebook Requests/WhatsApp messages to inform you that you’ve won some prize money, a cashback offer, or the like. They’ll ask you to share your Paytm account/Paytm Payments Bank account details. Unaware of what might happen, they will initiate fraudulent transactions using your account details once you do that.

How does identity theft happen?

There are a few ways that identity theft can happen in banking. One way is if someone steals your personal information, such as your Social Security or account number. They can then use this information to open new accounts in your name and rack up debt. 

Another way is if someone gains access to your bank account and makes unauthorized withdrawals. This can happen if your bank account number is stolen or if you have an online account that is not secure. 

Finally, identity theft can also happen if you receive a phishing email that looks like it’s from your bank. This type of email will try to get you to click on a link or download an attachment that will install malware on your computer. If you do this, the cybercriminal will have access to all of the information on your computer, including your banking information.

How can Banks Detect & Prevent Identity Theft?

The process of detecting stolen identities begins at the onboarding stage. Adding new customers can be risky for banks regarding digital onboarding – there is the need to satisfy regulations such as KYC (know your customer) and AML (anti-money laundering). These legal obligations must be obeyed to prevent any kind of financial fraud. Criminals often use false or synthetic IDs to deceive the process and open bank accounts, so confirming identities can be expensive – with costs reaching $35.2 billion in 2020. This is especially daunting for neobanks and challenger banks, who strive to make the customer onboarding experience quick and straightforward. 

With video KYC verification, banks can verify their customers’ identities remotely through a video call, which is quick, convenient, and reliable. As a result, businesses can detect potential fraudsters beforehand and eliminate the need for physical presence. 

Use Cases:

  1. By using video KYC, banks can onboard new users digitally via a video call, making the process more efficient and productive. 
  2. The real-time video call helps banks identify money laundering, identity theft, and terrorist financing while onboarding new users. 
  3. In any country where the Bank operates, they must ensure that their businesses comply with KYC & AML regulations. Signzy’s Video KYC verification helps businesses meet those regulations while avoiding being penalized.

Features: 

  1. Text Match is used to ensure PAN card data corresponds with Aadhaar records. Simultaneously, high-definition snapshots of the ID and video can be taken for comparison. 
  2. Documents no longer need to be stored since recorded videos, and captured documents can easily be retrieved. 
  3. Geo-Location capture and IP check detect Proxy or VPNs while scanning for spam or abuse reports in established blacklists. 
  4. End-to-end encryption is enabled for full data security, applying the most reliable security protocols.

Conclusion

Identifying identity theft and synthetic ID fraud starts with thorough identification verification. While most banks and financial institutions will have a robust KYC process that includes IDV, Signzy’s Video KYC will let risk managers work with real-time alternative intel and in-depth technical data points. 

The following are key advantages.

  1. Real-time enrichment is applied to all data.
  2. To save time and money, you can perform Video KYC checks.
  3. In the digital age, digital footprint analysis is becoming more important than traditional ID checks.
  4. You can catch more fraudsters by combining these with velocity checks and device fingerprinting.

Identity theft can be scary, and banks are one of the main targets for criminals trying to steal your identity. Through liveliness checks, image forensics, face matching, and randomized questions, Signzy utilizes artificial intelligence to perform comprehensive identity verification. The solution offers inherent safety by making the process directly between the bank, and the consumer and is completely paperless and contactless. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

How To Complete reKYC for DEMAT/Trading Accounts?

Posted on | by Signzian

The digital reKYC process adds a new layer of security to financial transactions and trading accounts. It is an essential part of the Know-Your-Customer (KYC) process, to which banks and other financial institutions must comply with regulatory requirements. Re-activating a trading account through the digital reKYC process can be tricky, but it doesn’t have to be. This blog article will discuss how you can successfully navigate the process and easily re-activate your trading account through reKYC. 

Why is reKYC of DEMAT/Trading accounts important?

When you open the DEMAT account, the DP / broker will ask you to fill up a KYC form along with your client agreement form. KYC requires basic paperwork and the submission of essential documents. It also requires originals for complete verification.

KYC norms were put out by the RBI in 2002 and have been adopted by SEBI for all investment-related activities. This includes opening a trading account, DEMAT account, mutual fund investments, etc. The idea was to cut down on corrupt practices. Some examples are money laundering, acting as fronts for entities, trading in cash without audit trails, fraud, and financing of anti-national activities.

The same goes for reKYC process. It is really important to go for reKYC trading accounts for several reasons:

  1. The reKYC process will allow the account holder to continue to trade securities and access their account information smoothly. 
  2. It will help to ensure that the account holder’s personal information and security settings are up to date. 
  3. It will help to keep the account active and in good standing with the broker or exchange.

What is Digital reKYC?

Digital reKYC is verifying a customer’s identity using online methods such as video KYC, facial recognition, or government-issued ID. This process aims to make it easier for customers to get their accounts reinstated after they have been suspended for suspicious activity.

This process has become increasingly popular as it offers many advantages over traditional KYC methods. For one, it is much faster and more convenient for customers. Additionally, it helps to reduce costs associated with account reactivation.

A visit to the bank branch is not needed to update KYC: RBI

In its latest circular, the Reserve Bank of India (RBI) has said that If customers have already provided the appropriate documents, they are not required to visit a bank branch to update their ‘know your customer’ (KYC) details. In place of submitting KYC information, they can submit a self-declaration by email, registered mobile number, or any other digital channel if there has been no change. Banks should offer customers the ability to self-declare different aspects through various non-contact methods. These can include registered email addresses or mobile numbers, ATMs, digital channels such as web or app banking, and letters. If the address needs updating only, customers should let their bank know via any of these channels, after which it will be verified within two months.

Advantages of Digital reKYC

The advantages of the Digital reKYC process are many and varied, but some of the most notable advantages include the following:

  1. A more efficient and streamlined process: The Digital reKYC process is much more efficient than the traditional KYC process, meaning that it can be completed in a fraction of the time.
  2. More accurate data: Since the Digital reKYC process relies on digital data sources, the data collected is usually more accurate than that collected through traditional methods.
  3. Increased security: The Digital reKYC process is also much more secure than traditional KYC processes due to the increased use of encryption and other security measures.

Key steps in the reKYC documentation process for the DEMAT/Trading account

  1. The first step is filling out the KYC form if you are a new investor and opening your DEMAT account for the first time. The application forms require demographic information. This can be named residential address, office address, joint account holder details, account nomination, etc.
  2. The next step of the investor onboarding process is to present your identity proof. A PAN card is mandatory in this regard. You may also be asked to submit additional government-authorized proof. This can be a passport, driving license, voter ID, Aadhaar, etc.
  3. The third step involves submitting proof of residential address. The document should include the current address in the exact format. You can provide utility bills with link documents. Other documents, like bank statements, company letters, etc., can also be linked.
  4. Finally, you must submit a copy of your canceled Cheque. The account holder’s name must be embossed on the Cheque leaf. This is to verify your IFSC code and account details.

Conclusion

Re-activating a trading account through the Digital reKYC process is simple and efficient. By following these three steps, you’ll be able to get back into trading with minimal fuss quickly. The process takes just a few minutes and is completed from the comfort of your end customer’s home. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Retail Banking Automation is the key to success!

Posted on | by Signzian

In today’s digital age, banking is changing faster than ever. With the rise of AI and automation, retail banks face some of their biggest challenges. Banks must adjust to keep up with customer expectations while also trying to remain competitive. This blog post will explore major retail banking challenges and how automation can help them overcome them. From increasing customer satisfaction levels to improving efficiency, read on to learn more about how emerging technologies are reshaping the banking industry and what you should do to stay ahead of the curve.

The changing landscape of Retail Banking

In the past decade, the retail banking landscape has changed dramatically. The industry has become more competitive, with new players such as online-only banks and their offering services that traditional banks have not been able to match. At the same time, customers have become more demanding, expecting personalized service and around-the-clock access to their accounts.

To meet these challenges, banks are turning to automation. For example, automated teller machines (ATMs) can provide 24/7 access to cash without the need for human tellers. In addition, automated loan origination and underwriting systems can speed up the loan application process, while fraud detection systems can help protect against losses.

By using automation to improve their operations, banks can keep pace with the changing landscape of retail banking and better serve their customers’ needs.

The challenges Retail Banks face

As the retail banking landscape changes, so do banks’ challenges. With new technologies and regulations constantly introduced, banks can be difficult to keep up. Here are some of the main challenges that retail banks face:

  1. Compliance with new regulations – With new regulations being introduced all the time, it can be difficult for banks to keep up. This is especially true for smaller banks, who may not have the resources to dedicate to compliance.
  2. Managing customer expectations – Customers expect more from their banks than ever in today’s world. They want convenient access to their accounts, fast responses to their inquiries, and personalized service. Meeting these expectations can be challenging for banks, especially as they strive to maintain profitability.
  3. Enhancing customer experience – To compete in today’s market, banks must provide exceptional customer experience. This means offering convenient and user-friendly digital channels and providing personalized service when needed.
  4. Reducing costs – As margins continue to shrink, reducing costs has become a top priority for many banks. This includes both operational costs and regulatory costs. Automation can help in both areas by reducing manual processes and increasing efficiency.
  5. Increasing profits – Despite all the challenges retail banks face, they still need to find ways to increase profits to stay afloat and compete in today’s marketplace.

Automation in Retail Banking – How it helps?

Retail banks are pressured to do more with less in today’s fast-paced world. They must provide excellent customer service, keep up with the latest technology, and ensure compliance with ever-changing regulations. At the same time, they need to control costs and increase profitability. Automation can help retail banks meet these challenges. 

McKinsey estimates that by 2025, approximately 50 billion devices will be connected to the IoT (Internet of Things). In addition, with 3D printing, automation, and robots, retail banks generate approximately 79.4 zettabytes of data each year, improving efficiency and decision-making. During this year, smart automation will continue to support process automation tools in banking, such as digital process automation (DPA) and robotic process automation (RPA).

Achieving an enhanced customer experience requires credit unions and banks to prioritize digital processes, such as digital loan application management, customer onboarding, and new account opening.

By automating routine tasks, banks can free up staff to focus on more value-added activities, such as providing personalized service and developing new products and services. Automation can also help banks improve accuracy and efficiency while reducing costs. Cybercrimes have increased frequently over the past several years to the point where it is thought that they are one of the most significant hazards to the financial sector. 

The acceleration in the digital banking transformation of financial institutions leads to increased cyber threats. As a result, protecting critical infrastructure and customer data is of utmost importance, particularly with the predicted rise in online data transmissions and mobile technology come 2022. Apple Pay and Google Pay have solidified their positions as major players in proximity mobile payments (nearly $247 billion market) with respective market shares of 43.4% and 25.0%.

The benefits of Automation for Retail Banks

In today’s ever-changing and fast-paced business world, it’s more important than ever for retail banks to automate their operations to stay competitive. Automation can help banks improve their efficiency and accuracy, freeing up valuable time and resources that can be better spent on other business areas. In addition, automating repetitive and manual tasks can reduce human error and improve compliance with regulations.

There are several different ways in which retail banks can automate their operations, including using software to automate account opening and closing processes, customer onboarding, loan origination and processing, fraud detection and prevention, and much more. By investing in automation, retail banks can improve their internal operations and provide a better customer experience.

The future of Retail Banking

In the next decade, the retail banking sector will face many challenges. These include improving customer experience, keeping up with digital transformation, and meeting changing regulatory requirements.

Fortunately, automation can help banks overcome these challenges. By automating manual processes and tasks, banks can free up staff to focus on more value-added activities. This will help them improve customer experience, keep up with the digital transformation, and meet changing regulatory requirements.

When considering automation solutions, choosing a partner with a deep understanding of the banking industry is important. It can offer a comprehensive suite of solutions tailored to your needs. FIS is a leading provider of automation solutions for retail banks of all sizes. Our solutions can help you streamline operations, improve customer service, and increase profitability.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Shraddha is a passionate Digital Marketer and a versatile leader, working as the Director of Marketing at Signzy. She is a goal-driven professional with excellent innovative skills. Having 11+ years of experience across industries including travel, SNV, healthcare, and Fintech, Shraddha considers herself a self-empowered and self-driven individual ready to take on challenges and proactively rise to occasions in crisis. A professional who ardently believes in the right work-life balance, she ensures to spend quality time with her family. This has a positive effect on her professional life and pursuits.

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