Dear Mr. John,
I did everything right, I really did. I walked around many streets with my briefcase in my hand packed full of account opening forms — the soles of my shoes are proof, as flat as wafers. Finally, I met a potential customer and he was friendly enough to give me audience. So, I talked to him about our bank, enumerating the many benefits he could enjoy from banking with us. In no time at all, his attention was thoroughly piqued. He wanted in. It was an ‘eureka’ moment, but I composed myself still. I quickly opened my suitcase, brought out the four-page account opening form and handed it to him. And then I saw it, the first sign of disillusionment on his face. His mouth which was once curved upwards in a smile became straight. But I still had hope seeing he wasn’t frowning yet. I gave him my pen with caution trying not to mistakenly offend him. And he began…
He started with the ‘name’ field and after writing to the end of the box he paused, the first sign of a frown already forming on his face. He looked up at me with frustrated eyes and said, “the box is not enough.” I swallowed a large lump first before telling him to write underneath the box. And he continued, for another hour, looking up at me with angrier eyes every time he had to fill a new field. He soon turned the page over and that was when he exploded.
“Please take your form,” he half-screamed, shoving it in my hand. “I don’t think I need your bank anymore.” I knew that was untrue of course, he had been super excited about the idea of having a bank, even more so, to be a customer of our bank with the unique services we provide. But then, he was clearly frustrated.
“Why sir?” I asked already sweating from disappointment. He looked at me, and I could tell his reluctance to answer.
“I’m tired of writing. And even if I fill all these boxes, I still don’t have a passport photograph here or the other documents required, and I don’t even see how you are going to get my fingerprints.”
I answered quickly, finally excited to have a solution.“Oh no problem. You can come to our branch later on with your passport and other documents and we can scan your fingerprint and finally get you your account number.”
That was the wrong answer. The look he gave me almost sent me walking away without questions. Still, I couldn’t leave that man without being banked. I just couldn’t. I knew the benefits our bank offered, and I knew his business needed us more than we needed him. There was also the exciting prospect of him bringing other prospects to us. So, I stalled for a while and went back to his store prepared to read him our entire bank proposal if I had to.
“Sir, I’m sure we can work something out,” I said immediately I entered.
“Oh, I just got a bank account,” was his easy reply. I was shocked. I mean, I had just left him less than 30 minutes ago. Of course, I had questions — like when did he go to the bank? How was he so fast at filling all the forms? Didn’t he have to wait to get his account number?
He continued, “The man with the tablet got me banked in no time.” As he explained, his phone vibrated and with a smile on his face, he showed me a credit alert from his son.
“But how,” I asked, confused.
He shrugged. “Look for the man in a blue suit and ask him.”
I ran out of the store into the open street again, looking around until I saw the man in the blue suit. He was surrounded by a crowd of eager people. In the few minutes I stood watching, he got 10 people banked by capturing and validating their data on the go. Everything that would have been done in a bank was done on his phone. He carried no suitcase, no paper forms, just a mobile phone and what looked like a scanner. So how did he do it? This was financial inclusion happening right in front of me. The World Bank would be proud of this banker, and his bank. I was going to ask him how, but I had to wait because more people had started coming to him for one service or the other.
When the crowd was porous enough, I finally walked up to him with awe on my face and asked a big “HOW?”
“My bank went digital with BIOREGISTRA,” was his simple answer, with a huge smile on his face that showed his job was easy. “I basically have all my forms here,” he said, raising his phone in the air.
Sir, as I conclude my letter, I am now of the realization that, it is not enough to go digital, it makes more sense to direct our digitization towards the right channels. We can start right now. We don’t have to commit immediately if you have your doubts. There’s a free trial on the cards.
The banking sector is growing rapidly, and matching its speed is the fierce competition for customer acquisition. Every bank wants the customers to themselves, both the ‘unbanked’ and the ‘banked’. Because of this, bankers and executives are making references to varying forms of new technologies, jumping aboard any promise of the ‘new best thing’ to bait customers. It becomes a question of ‘What do customers want?’ And a race to be the first to give it to them.
Today’s consumers want faster banking experience, from bank account opening to rapid customer service 24/7, anywhere. To customers, it’s not about the ‘new best thing’ banks can offer, it’s about how the banking experience fits perfectly into their everyday lives. For example— that store owner wants to open a tier 3 account and generate his account number in no time while standing in front of his store attending to customers; That student wants to validate her BVN and run off to class without having to fill numerous paper forms with unnecessary fields; That mechanic wants to request for a new ATM card without having to waste time he should be spending on fixing a client’s car to stand on queues at the bank; That farmer wants to know that he can open any choice of account seamlessly even with the poor network in his hometown. In other words, customers want ease and flexibility at the touch of a button.
Now, the race is on, the starting gun has been shot, and every bank wants to win. But to do that, on the immediate, they would have to solve their own problems. Problems like;
Stressful and time-consuming processes of customer acquisition using paper forms that would pile up, get lost, or may never be referred to again resulting in wastage.
The cost of printing different bank forms to suit the ever-changing needs of customers.
Tedious process of manually entering customer data into backend system, plus the high chances of untraceable human errors.
Inability to monitor deployed marketing field agents to ensure they are not making false job completion claims.
Inability to validate customer data on the spot to ensure accuracy before information is processed.
The impossibility of mapping responses by location, severely limiting the amount of insights.
How BioRegistra fits into all these
Some bankers think customers want new technology, but what they really want are the benefits that digital technology can provide. Digitization basically is about looking for ways to reduce friction or solve pain points of both the customers and the bank. Hence, digitization is about finding a solution that ensures everyone wins. And that’s where BioRegistra comes in. With this all in one KYC platform, banks get an end to end digitization solution that can enable them give customers that unique experience they want and they (banks) can get the numbers they need. More elaborately, with BioRegistra banks can;
Acquire customers on the go by capturing all kinds of data needed for opening tier 1, 2, or 3 accounts without customers necessarily stepping into the bank. So even if the bank agent meets a customer without supporting documents like IDs, passports, reference forms, etc, there is no need to sweat as the platform allows for documents to be scanned in-app and details added to the required fields.
BioRegistra digitizes all forms used by banks from account opening forms to card renewal applications, POS terminal applications, cheque book request forms, and more, and provides a single point of access for marketing executives and other stakeholders. What’s more, because the webforms are easily configurable to fit any business need, agents anywhere can meet the banking needs of any customer with the touch of a button.
BioRegistra configures captured data from one point and publishes across all channels allowing information to be stored once and for all. Hence, customers only need to provide their details to the bank once to create a profile for future transactions and when seeking new services, information are pre-filled automatically.
Captured data are integrated into the workflow in real time so processes like account number generation or BVN validation can be done at shocking speed. What’s more banks are saved the cost of human errors during re-entry and customers are saved from the long process of correcting costly errors they did not make in the first place.
With BioRegistra, banks can even the playing field to make sure the race is no longer for the swift but for the willing. This all in one KYC solution was made with the belief that everyone can be banked, even those folks in remote areas where network connection is unstable . Agents can be deployed to those areas equipped with their devices, and empowered with a platform that can be configured as the need arises. Collated data would sit comfortably on the device, to be synced automatically once network connection is detected.
The geolocation feature of BioRegistra enable bank marketers see the different locations where each form was filled, as well as monitor the capturing process of deployed agents.
With BIOREGISTRA, your bank is assured a win. Get started now for FREE.