Do you know some of the advantages of working from home? A news report by CNBC says that 47% of those who work from home say that they’re delighted with how they live and work.
The stress level of people working from home has reduced tremendously, according to various surveys. If you live in a city, the amount of money and time one can save on commuting and its expenses with the ever-increasing petrol price is enormous.
Also, have you ever thought about how Eco-friendly it is? Compared to pre-lockdown, air quality has improved significantly across India, with a 50% decrease in pollutants. So, isn’t it great to be sitting at home and contributing to air quality without having to do anything?
These are some instances where employees receive benefits. Let’s see how business has been affected due to this pandemic.
A country like Indonesia has about 1.53 thousand rural banks and 110 commercial banks. Indonesia is a country with 11,508 habitable islands with five major islands and about 30 smaller groups.
Can you imagine how these bank branches are spread across these islands? Before COVID, it would have been fun to island hop while getting your document verification done in Indonesia.
But all fun and games until the coronavirus decided to spread widely. Banks now believe in solving this problem through the digitization of their processes.
The main motto of banks now lies in bringing the bank to customers through reliable and secure video KYC software solutions, aiming to bank less and live more. That would be an ideal way of banking.
According to JakartaPost, Bank Mandiri has become the largest lender in Indonesia. Bank Mandiri has achieved this by aiming to provide better decision-making, credit risk evaluation, and shorten the process for data processing, preparation, and governance.
Digital reinvention is observed all over the globe. In India, the banking industry is experiencing a significant transformation. Given India’s large population, the time spent in banks verifying documents or waiting in queues is tedious.
An introduction to end-to-end bank procedures via remote work from home software and mobile techniques is a boon. It is observed that nearly 43% of customers experience low satisfaction during the new account opening process, indicating a likelihood of switching banks due to the need to re-enter information multiple times, particularly when transitioning between channels.
Hence, banks providing video e-KYC products have the upper hand in this area. Along with this, video e-KYC offers several additional benefits, including reduced onboard fraud, faster and more flexible access to services, improved operational effectiveness, and reduced document loss.
Some banks in India, such as City Union Bank, a small bank in a district in Tamil Nadu, are moving towards bank digitization. Villages with banking solutions will help farmers educate themselves about their rights and increase transparency.
There is an opportunity to connect towns to cities and broaden their understanding of the benefits provided by the bank. The more transactions across the country, the more economic development, and hence it’s a great way of measuring economic distribution.
It is observed that completing a transaction at a branch is more expensive than online, and cutting costs is the top priority for many financial institutions. Meanwhile, bank closures have pushed more customers to turn to online banking out of necessity.
In conclusion, all problems have a solution. And every key has a scope for improvement. And every improvement leads to greater customer satisfaction.
With rising issues in banking and the work from home culture, industries are seeking a platform that offers high-level solutions to mitigate various problems and enhance customer satisfaction.
Read more about the experience of remote work from home software from this blog: Safe Banking from Anywhere and Anytime.
