Business, not as usual

December 2, 2020 - Reading time: 3 minutes

In a year beset with far-reaching international disruption, and the market uncertainty the pandemic has caused, the one thing that has remained consistent throughout is the essential need for trust to be maintained between consumers and businesses. In the RegTech space COVID-19 has served as the progenitor for great innovation, and as driver of change and migration to digital platforms due to the need to ensure compliance and ease of use for the end user.

The types of change which have occurred in many organisations as a result of the COVID-19 pandemic have permanently altered their operating conditions. Whether it has been in the medical and legal areas, or the accelerated adoption of ID verification technology in government departments, online marketplaces or banking. Rapid digital transformation programs over the last 3 quarters have been essential to many businesses hoping to maintain operations throughout hard lockdowns in order to  ensure trading stability as we move through this pandemic.

The speed of execution in implementing these programs has expressed the clear urgency to protect large numbers of consumers, and this has all needed to conform to the existing regulations like that of POPIA and the Electronic Communications and Transactions Act.

The pace of digital transformation and changes in consumer behaviour have accelerated trends favouring the uptake of ID verification across online marketplaces and the financial services sector far more than any other time in history, and in many instances these trends have resulted in business operations which have been subject to the regulatory pressures of compliance requirements while deploying and building new systems rapidly and at scale.

Maintaining a clean user-interface and eliminating cumbersome verification and sign-up processes requires delft planning and talent, maintaining a sense of trust and security is critical while instilling a great account opening experience. It is where these two elements meet that one encounters the power of user satisfaction. Make these processes too tedious or cumbersome, and consumers will lose interest quickly, and there will be a resultant low rate of adoption. In avoiding complexity, if you make these elements too weak, you will run likewise the gauntlet of falling short on compliance matters. 

The end user experience must be seamless, or you run the risk of alienating your customers, who are the ones you essentially do need to impress.

The account opening process, from start to finish will make or break any future relationship between your customer and your brand. And that was the lesson many businesses came to learn this year.

Where there is a crisis there is also an opportunity, and while there is no certainty of what other future threats may await us in the medium or long-term, never has there been a more pressing case for businesses to prepare for the digital long-haul and not get left behind. Fortune favours the prepared.

#intergreatme #remotekyc #kyc #digitaltransformation #onboarding #knowyourcustomer #regtech