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    Identity Verification Firm Ondato Introduces Virtual Branch Service

    Ondato,​​ a KYC and AML firm that offers video-based ID verification systems to banking institutions as part of its techy, has introduced a virtual branch service that supports physical, digital and hybrid banking platforms with providing clients with virtual face-to-face appointments.

    The solution has the security tools required for safe and remote service delivery, including ID verification, digital signatures, and live video discussions, among several other features.

    At a time when branch network closures across Europe are significantly limiting personal interactions, virtual branch remote consultations provide opportunities to help address customer requirements.

    In addition to being able to perform tasks from the convenience of any location, such as opening bank accounts or submitting loan applications, virtual branch services also make it possible to unblock banned payment cards by reconfirming the user’s identity.

    The service makes it easier to make sure that clients are who they say they are and paves the way to offering services remotely that would have needed in-person attendance.

    An international survey of 4,700 banking clients by Temenos revealed that the top priority for banks is to make it more convenient to speak to a human representative.

    And, despite the popularity of virtual banking apps and the impact of Covid on customers’ willingness to visit physical branch locations, according to a survey by The Citizens Bank, 73% of US banking clients are still seeking in-person interactions when getting financial advice.

    Ondato’s solution has been designed to ensure even workload distribution across physical bank networks by allocating workers to quieter branch locations. Physical banks may recruit and retain employees in quieter areas to offer additional customer services remotely, without having to relocate staff to other locations.

    The digital bank branch may serve as a cost-effective physical branch substitute for all-digital banks or as a hybrid approach with video booths in physical branches.

    Liudas Kanapienis, CEO and co-founder of Ondato, said:

    “Shareholders are demanding that all banks — physical and digital — become more profitable. Both have invested heavily, either in networks, platforms or a combination, and must justify that spending with higher revenue per customer. Ondato’s virtual branch creates new opportunities to talk to customers and find out what they need. It reduces or even removes the cost of operating a branch network, increases the productivity of branch staff, and fits in well with the brand values of digital-native banks.”

    Internationally, physical branch networks have been in decline since the Covid outbreak because of surging costs and increasing tech alternatives.

    Ondato’s virtual branch solution enables banks to bring together remote services with human contact ensuring the high level of security and validity of the provided data.

    The service may be offered as stand-alone or integrated with Ondato’s KYC and AML solutions, including identity verification, business onboarding, a customer data platform (CDP), and due-diligence.

    Identity Verification Firm Ondato Introduces Virtual Branch Service Republished from Source https://www.crowdfundinsider.com/2022/09/195569-identity-verification-firm-ondato-introduces-virtual-branch-service/ via https://www.crowdfundinsider.com/feed/

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