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Hospitality and Tourism, the Next Frontier for “Video” Experiences

Hospitality and tourism, like other retail establishments, have been deeply impacted by the ongoing pandemic, with thousands and more losing their primary livelihood.

Recently, I took a flight (after a long hiatus). And stayed at a hotel. Different establishments and airports offered different experiences. One had a thermal scanning followed by holding up the boarding pass for verification. The other had me take off the mask momentarily for identity verification. A hotel staff asked me to email them my ID while I was standing at the check-in counter.

Bottomline—identity checks are important. And frustrating.

Hospitality and tourism, like other retail establishments, have been deeply impacted by the ongoing pandemic, with thousands and more losing their primary livelihood. These sectors have been adversely affected due to their high-touch, high capital-expenditure and inventory-driven model. And the falling footfalls.

Across most companies, 2020 is the year, most employees did not avail their full quota of leaves. Reasonwhere will we go? Even so, it would be cavalier to say that people have lost their desire to be out and about.

In fact, they are exploring novel ways to do whatever can be done safely—ordering food (instead of dining out), video-conferencing (instead of physical meetings), online learning (instead of physical classrooms), digital banking (instead of branch banking), and so on. Offices have implemented rotas and safety measures to bring staff back to the workplace, in a staggered manner. There are surveys that discuss how people want to come back to the workplace, for instance.

All this makes us wonder if it is time that customer-onboarding and check-in processes evolved in these industries. Just as banks use Video based KYC identification (Video KYC) and video interactions for personal discussion (PD), perhaps customer-interaction heavy industries, like retail, hospitality, travel and food services, should adopt these too.

For instance, it would be easy to set up auto-check-in kiosks at airports that link identity and ticket information together to issue boarding passes—with provisions for agent assistance (over video) if required. The security apparatus can maintain a safe distance while keeping us safe.

Similarly, it could be quite easy for restaurant guests to interact with the chef or the server/waiter from a distance over an assisted video conversation (to complement the QR-based ordering menus that have popped up recently).

Hotels could also decentralize the check-in process through auto-identity verification (with booking reference number) and video-based assistance consoles for support during a stay.

Conducting such a video-driven digital transformation would impact the ecosystem along four key pillars:

  • Personal experiences: It will allow us to return to a sense of normalcy faster. Videos help humanize a digital interaction that often seems impersonal.
  • Cost-effectiveness: The centralized (video-driven) support model creates efficiencies that reduces the operational cost for these establishments, against the popular belief that modernization is expensive.
  • Safety measures: It helps people stay safe in the current time and context, with or without the vaccines.
  • Organizational efficiency: The organization of customer data will eventually lead to reduced data entry errors, better personalization, better business practices, and better customer strategies.

Video embedded experiences are a great reminder of what works for us as humanity. Deeply personal and empathetic experiences that can be human, while being designed in a digital first manner—with all the efficiencies of data-driven execution, and the warmth of “service with a smile” —are something that we all look forward to.

As one of the fastest evolving industries, hospitality and tourism should also ride the digital transformation wave, and start adopting “Video”—Video-based onboarding, Video KYCPersonal Discussion, Concierge Support, Assessment—as the normative model of customer engagement in a socially distanced world.

These industries thrive on creating amazing customer experiences, and video is one of the most potent tools available during the pandemic to reach out and create a-ha moments.

This is a website blog post. Read the original article here at: https://hospitality.economictimes.indiatimes.com/news/speaking-heads/hospitality-and-tourism-the-next-frontier-for-video-experiences/80005507

(Amit Das is the Founder and CEO of Think360.ai, the parent company that launched Kwik.ID)

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Stay Connected With Video

We’d begin to tell you about how the tech-driven world has taken on the traditional one, but you already know it. Now, in a socially distant world, not only have businesses taken to tech, but they are making the switch from audio to video to add the in-person feel. From digital loan disbursal to onboarding customers with the best Video KYC tools and updated Video KYC techniques within minutes, everything now happens over video, which clearly means that video channels and video conferencing tools are soon going to be the new norm in organisations. To aid seamless conversations between you and your customers, plugging in an optimal video infrastructure is the need of the hour, because here’s all that a good video conferencing tool has to offer.

  • Free Product Demo: Let’s face it, no matter how much you interact over video with a potential customer, at the end of the day it is your product that’s doing the talking. Fortunately, with video conferencing you can showcase your product too. With the media sharing option, you can choose to share a product demo video right there, right then, with the customer. Or better still, show the functionality of the product, LIVE, so you could even resolve whatever doubts your customer may have about the product.
  • Service call: Selling your product isn’t all you need to do. As a trustworthy brand, you’re expected to provide after-sales services to your customers. With a video service call, you can follow up with customers and ask them for product feedback that helps your brand improve. In case a customer is facing an issue with the product they may also request a service call and the agent can resolve the problem in real-time over video.
  • Context aware content delivery: Helping your customer is great, but showing that you understand their interests and cater to their needs is even better. Using real-time data and analytics you can gather information about your potential customer, right from their previous interaction with your company, their interests, to their location. These insights help you understand and deal better with your customers.
  • CRM Integration: Your CRM isn’t only essential for communicating with customers, but it should also create alignment and streamline communication within your company. Everything from your calendar and emails to your social media platforms and data collection tools can be integrated to ensure that your organisation does quick business with a seamless process.
  • Intelligent routing: Customer service calls are queued based on the product, customer priority, language, location and more to provide an optimal user experience. For instance, if you study the location and spot someone in a weaker network area, you can answer their call sooner before they lose connectivity completely. This feature also shares a wait time with the customer, so that waiting endlessly doesn’t hamper their productivity.
  • Screen sharing: When you’re working as a team you maybe full of ideas that you want to share but can’t verbally explain. The great thing about video conferencing is its screen sharing feature and interactive whiteboard options that not only allow you to share your idea, but let team members brainstorm together as well, while allowing for quick decision making. This feature makes collaborations easy in the socially distant digital age.
  • Chat option: In the event that there is a technical glitch or a language barrier between the agent and potential customer, the chat feature makes it easier for them to interact quickly while being face-to-face as well. Many customers may shy away from asking questions directly but maybe more comfortable using the chat option.
  • In-person interaction: The entire point of a video conferencing tool is to feel like you’re dealing in the offline world even when online, and video aids in doing just that. Regardless of distance, you can enjoy a seamless, productive meeting or collaboration, as you did in your own office space.

Bottom line is, if you’re looking at pushing the envelope for your business and speeding it up, video is a tool that’s here to stay and you should definitely consider investing in it when the time is right.

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RegTech’s Rise Could Be A Watershed Moment In The Way Financial Services Engage With Customers

Banks and Financial institutions operate in a highly regulated environment; these regulations are continuously amended to safeguard the financial systems and various stakeholders, most important of them being the customer. As technology continues to evolve extensively, regulators are often playing catch-up. The balance between a Regulator’s needs and the technology excellence that keeps pushing the industry forward – is the Regulatory Technology (RegTech) space. Product complexity, diversity, evolving compliance landscape, and the need to maintain a competitive edge – demand seamless technological solutions.

Most regulators are wary of the increase in fraudulent activities including money laundering, identity theft, data breaches, cyber hacks etc., that accompany the adoption of digital channels. A personal intervention (meeting the customer in person, visiting their home or office, getting hand-signed documents, etc.) are seen as risk mitigation strategies, expensive as they are. A single customer visit adds Rs. 150-500 to the overall customer acquisition cost, and, sometimes, several days in process turnaround times (TATs). RegTech solutions (involving complex integrations, APIs, computer vision, NLP, OCR, Big Data Analytics, Artificial Intelligence and Machine Learning) are focused on solving these challenges, without increasing the cost of regulatory compliance or the associated business risks. Interestingly, RegTech has not received as much investor attention over the last few years, as one would expect in a country like ours. This seems set to change. RegTech is well on its way to becoming the next big thing in the financial space, expected to yield an impressive sector wide CAGR and record revenue this year. 

COVID19 and its consequences have brought specific RegTech opportunities to centre stage – digital onboarding in the wake of social distancing, data privacy, personal data protection, customer interest, identity risk management, online dispute resolution, and much more.

Leveraging Video as the Future of Customer Engagement

Banks and RBI regulated financial institutions started first with Video based customer identification processes, (Video-KYC) to transform customer onboarding processes hindered by the lockdown. VCIP Digital KYC solutions allow customers to undergo a virtual on-boarding journey, without the need of any physical interaction. It also retains the personal empathy of actually speaking to an agent/ service representative over a video call so that a customer can be handheld through the onboarding process.

Extending the learning from this phase, other regulators such as IRDAI, PFRDA, SEBI etc. have also augmented their guidelines to use Video based KYC identification for customer onboarding. Many of these guidelines very clearly ease the challenges faced by the industry, while at the same time standing true to the regulator responsibilities towards protecting end-customer interest.

With Video kyc taking over the traditional methods of KYC and Video KYC India flourishing with premium Video KYC for Banks, insurance companies, Regtechs and other institutions, there is no stopping!

There is a growing school of thought around how video can be the next big thing in customer servicing, assisted/ humanized digital commerce/ and many other industry use-cases.

Filtering Customers for a Healthier Credit Environment via Account Information Service Providers

Regtech can also support Account Information Service Provision, which allows customers to give permission to banks to release account information to the AISP. This information can be analyzed as part of credit scoring, part of the bank’s decision-making process for lending, or for better product offers.

This can be done in real-time and offers a more sophisticated view of the customer’s financial position than a traditional credit check, allowing the bank to make more prudent decisions. This in turn leads to better disbursements of loans and rejection of fraudulent borrowers.

Enabling better compliance with regulatory reporting: Saves costs for banks

An important growth area for RegTech is regulatory reporting. This addresses the problems caused by multiple data sources, systems, and errors arising from manual review. A RegTech solution can compile standard comprehensive reports from multiple data points. This saves banks a considerable amount of time and effort, freeing up the workforce to concentrate on more skilled and value-added tasks. Moreover, standardized reporting is also convenient for the regulators themselves to analyze. 

Regtech not only has immense benefits for customers and regulators, it has the potential to help firms save resources at a time of increased uncertainty. Experts estimate digitising paper reporting could save billions in administrative costs. From a compliance perspective, RegTech solutions also offer Indian businesses the flexibility to and scalability needed to adjust to new global standards like BASEL 3, GDPR, critical as clients become increasingly global.

Although, the pandemic is forcing businesses towards RegTech solutions, it will likely turn into a blessing in disguise in the long-term, as the impacts of systematization, better reporting, and more flexible KYC make themselves known. RegTech is here and it is the future of the Indian finance sector.

The financial sector is all set for their digital journey ahead, being armed with cutting-edge best Video KYC tools. To gain more insight, check out – http://www.businessworld.in/article/RegTech-s-rise-could-be-a-watershed-moment-in-the-way-financial-services-engage-with-customers/29-10-2020-337105/

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Choosing the Right Video KYC Vendor

With work from home becoming the new normal, businesses too have adapted to digital platforms, and everything that once happened in-person, now happens online. From reaching out to your customers, onboarding them and providing them with the best customer service. But how does one choose a Video KYC (V-KYC) tool to onboard customers instantly?

Traditionally, video-based customer identification process (V-CIP) took days, but with the best Video KYC tools, it can be done in less than 3 minutes!

Here’s what to look out for when choosing a V-KYC platform.

Security and Fraud Prevention

For financial institutions and banks, nothing matters more than protecting their data and ensuring that no fraudulent activities occur in the onboarding process. Any step in the process is a major concern—from storing video data, customer details, adhering to regulations, et al., to making sure there is no data tampering or leakage. With a V-KYC tool like Kwik.ID, which offers end-to-end encryption and AI-assisted Liveliness, Facematch and OCR, businesses are promised complete data security and customer authenticity. The Liveliness tool also captures the customer in real-time, thereby eliminating the risk of any bot breaching the platform’s security.

Demo V-KYC

How often have you been told to buy it only after you try it? When you invest in a V-KYC tool that is important for your business, you deserve nothing but the best. Make sure you are given a guided demo of the preferred V-KYC tool. Right from the ease of operation to the user dashboard, security measures, multilingual interface, low bandwidth mode, your V-KYC vendor should have everything ticked off the list that your business needs for a smooth onboarding experience. Pick the right one only when you are completely satisfied with the KYC demo. You can also register for Kwik.ID’s demo here.

Drop-off Rate

At Kwik.ID we understand how frustrating call drops can be, which is why we are strong advocates of low bandwidth compatibility. With a speed of 176 kbps, we noticed over 85% success rate with fewer call drops and more customer satisfaction with quick onboarding. When your customers are spread across the country, they could be in remote areas without enough access to high-speed internet. In such cases, you need to ensure that your V-KYC/ Video KYC vendors offer a low bandwidth mode, so that no matter where your agent or customer are located, business does not cease due to poor network.

RBI Compliance

For businesses, especially Video KYC for Banks and financial institutions, adhering to the policies and norms is an integral element. Ensure that the V-KYC tool you choose is 100% RBI compliant, ISO certified, and driven by an RE official and an auditor who are trained and authorized to work on a V-KYC platform. Kwik.ID’s V-KYC tool also offers easy deployment on RE’s cloud domain as well as its data centres.

Cost Reduction

Remember the time, effort and money spent sending field agents across areas to complete the customer verification process? Or the wait time customers spent in a queue to get documents verified?

Choosing a time-efficient V-KYC vendor will eliminate all of that. From onboarding 5 customers in an hour, you can onboard up to 20 in an hour! Not only does a good Video based KYC identification tool save time and complete the verification process in < 3 minutes, it also helps reduce travel and documentation cost by  ~80%.

V-KYC Accuracy

After making sure that your V-KYC tool matches all your requirements, you certainly need to assess its ROI via a dashboard that monitors and manages all your data and details stored. Check that your dashboard offers key metrics like drop-off rate, completion rate, call wait time and more, so you can track agent efficiency and check on how to improve your onboarding service. Other accuracy checks involve AI-assisted tools like Facematch and Liveliness, which verify customer authenticity and allow no room for error.

Choosing the right V-KYC platform is just as important as training your agents and employees to get it right. If you are investing in a tool that eases your business process, you will prefer to invest in the best. With V-KYC vendors like Kwik.ID, you are promised all of the above and swift onboarding in just 2 minutes.

Choose wisely!

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Customer Care 2.0

Business technology today is not what we are used to anymore. Social networking and online interactions have seeped into our professional lives and are clearly here to stay. Despite building all kinds of online connect though, we still yearn for that human interaction (evident in the last few months of the pandemic). This is where the online-offline balance comes into play—businesses need to focus on driving customer care and engagement with the same energy as they do with implementing technology into the system.

Video KYC, Video KYC for Banks and Video based KYC identification are also available at low bandwiths. They are really catering for the customers easing their worries more than ever.

The resulting customer support tools when designed for the future, enable swift business in just a few minutes, improve brand reputation, increase agent productivity, and help build stronger relations with customers. It is imperative for businesses now, to think beyond basic chatbots. They need to cater to current and potential customers with programs that simplify the customer journey, guide them through the process, and keep them engaged with real people at the end of the video platform. They need to focus on the future of customer care. This will involve:

Understanding that human interaction has never been more essential

Imagine your customer running into a technical problem or not comprehending a certain instruction and then being caught in the endless vortex of chatting with a bot, receiving auto-responses, but no human assistance. Needless to say, they’d get annoyed and drop off instantly, unlikely to return. The need for human assistance has been aggravated by COVID-19, especially in sectors like insurance and banking that encourage online business.

Through our own experience we noticed that when Video KYC was introduced in the banking and insurance sectors, along with the increased demand for the tool, there was also an increased demand for virtual assistance by real agents. Customers might begin by engaging with a chatbot, but eventually they will want some kind of a video interaction or an offline phone call with the agents. At the end of the day, chatbots cannot process empathy and react accordingly. That’s something unique to human beings.

Providing a more personalized and interactive voice response

The last thing customers want is to hear an annoying tune or the phone ringing incessantly during the wait time. Customer service providers (like us and many others) should incorporate an IVR system that keeps the caller engaged while the agent is away. This IVR system would introduce the caller to the various services the company offers or all the necessary details that they can demand from the tool they are using. Allowing callers to interact in their local language and adding a personalized touch with additional options and a welcome message are just some of the features this virtual assistant would offer.

Ensuring skill-based routing for agents

With modern technology enabled Video KYC for Banks and other customer service tools, calls coming through needn’t just go to any agent available but can be transferred to the one best suited for assistance. This feature, known as skill-based routing, categorizes agents based on their demographics like language, locations, area of expertise and more. After the IVR has interacted with the customer, the line is routed to the agent most qualified to resolve the issue. Needless to say, this elevates customer satisfaction.

Offering CRM integration

When your online service tool is integrated with a CRM software, agents have a 360-degree-view of all caller details, so that no matter who answers, customizing the experience for the caller gets easier once the details are right on the screen. Besides personal client information and call logs, agents also have access to previous tickets, cases, chat transcripts and other data, which offer a comprehensive view to make client interactions more efficient and effective.

Offering new services like instant onboarding, video KYC and others certainly require new technology that’ll help businesses improve completion rate, conversion rate, overall customer satisfaction and agent productivity.

As we progress into the ‘new normal’ business, we need to ensure that these tools and technologies are implemented in our customer care software to achieve speedy business and maximum ROI.

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Insights into the Future of Digital Business

The pandemic has irreversibly changed the way we work. “Phygital” seems to be the current scenario and digital the future. Many businesses, however, had already shifted from offline to online processes long before the pandemic while the last six months have witnessed only online transactions and dealings.

Organisations have also revised their business priorities as they strive to find new solutions to accelerate the business pace and find long-term success. Traditional face-to-face methods have been replaced by tools like online wallets, e-commerce business, Video KYC for banks and insurance firms, AI-led instructions and more.

Organisations will soon start building their digital platforms while utilising advanced analytics with greater intensity. For example, DBS Bank understood the need to do more for its customers and adopted a RED mantra: Respectful, Easy to deal with, and Dependable. This involved tech-driven processes because they strongly believe that making banking joyful should involve making the ‘banking’ part, invisible.

Here’s how the country is paving the path for digital business growth.

Digitising Sales and Customer Processes

Businesses have begun to consider digital tools and processes, especially for selling a product and meeting customer process requirements. Companies are adopting and implementing a host of applications, digital payment methods, self-service platforms, digital documentation, onboarding and electronic signatures to ensure that internal operations, income and revenue continue to flow. Even the smallest of businesses have taken to digital to keep the customer inflow intact, by adopting the latest AI technology and tools like face recognition and biometric signatures, and they don’t seem to be going back to their traditional ways anytime soon.

The finance industry, including banks, NBFCs, fintech, insurance and many others now choose online processes to make business easier for customers, including opening an account through video KYC. Customers no longer need to visit the branch to complete all the formalities and fill out extensive forms. Video KYC speeds up the process ensuring they are onboarded in just two minutes!

Digital Marketing to Customers

The way companies market their products is also evolving rapidly. Given that industry gatherings have shut down, B2B companies like Slack and Zendesk have adopted new ways to engage customers via their digital video advertising strategy and generated new business leads. Digital content, especially ads directed via social media platforms need to be data-driven, personalised and displayed to the right customers for a continued boost of sales and marketing. This can also help improve efficiency and ROI.

Empowering Employees with the Right Tools

To ensure that employees reach their maximum potential in these times, it is imperative for companies to adopt technology that makes operations and processes easier and more efficient. Employees need to be educated about the latest technologies and trained on how to deal with new clientele, digitally, for maximum customer satisfaction.

For example, Kwik.ID, our Video KYC tool is enabled with customer queueing facility to reduce customer repetition. The analytics dashboard helps agents manage their time more efficiently. Finally, the Neuro Linguistic Programming software ensures agents understand and guide customers better, and (instantly) resolve their issues.

Using the Cloud for storage of enterprise applications, planning and management, workforce management, billing and many others, not only provides easier employee access to technology but also helps manage cybersecurity better as everything is housed together. It is also important for organisations to have all the documentation and customer data in one place—no matter where the agent or employee is, data can always be accessed remotely and work needn’t stop. At Think Analytics, we recommend working on-the-go, which our video KYC tool enables, by storing all the data in one place.

In the coming months, online tools like digital banking, e-wallets and video KYC can significantly benefit investors, insurance companies and agents, banked and unbanked sectors, non-banking entities and many others. While these tools boost business, they also help battle slow-moving business owing to the COVID crisis while ensuring that work continues seamlessly from anywhere across the globe.