Virtual room technology delivers secure customer interactions for the finance sector
One of the problems the finance and banking sector has had during the pandemic has been reduced branch access and the inability to hold face-to-face meetings.
Identity specialist OneSpan has introduced a technology called Virtual Room. Using this, financial institutions and their customers can digitally review and sign documents together without having to combine multiple tools and apps.
"During the pandemic people have been saving more and that leads to a greater need for financial advice, but there's been no avenue for it," says Sameer Hajarnis, e-signature Product Leader at OneSpan. "We saw a gap in this space, we've traditionally provided the last leg of the signing process, this usually requires someone to walk you through the process and explain what you're signing up for. That usually would be face-to-face but suddenly there was no way of doing that. To solve that problem we've launched Virtual Room. It gives companies a set of collaboration tools and technologies, allowing you to pass control of a document over to a signer just as you would in an in-person meeting."
The process is also able to capture a video recording of the session to provide electronic evidence for compliance purposes. Real-time assistance also improves customer retention and avoids missing or wrong information that can delay transactions.
"Each transactions needs a certain level of assurance, Sometimes because of regulators, or because of the bank's policies," adds Hajarnis. "That might be via a document but technology provides solutions like taking a selfie to see if it matches a document like a drivers license. It's really no different from what would happen in the branch, but technology can make it more secure by being able to validate documents. Plus things like financial advice and wealth management that require greater banker involvement would be a natural fit for this where you can put both parties in a sort of virtual branch together. COVID has provided the critical mass to make the change from analog to digital processes, but hesitancy around in-person meetings is going to linger for some time so technology like this is here to stay."