Power-up your assisted service with fast and accurate data prefill for higher approval rates and back office efficiency

14-12-2016

With digital transformation initiatives taking center stage across industries, financial institutions, retailers, and services providers are shifting gears to modernize how they are engaging with customers in person. Many forward thinking businesses are taking the necessary steps to meet consumers where they are and to serve them in a way that not only answers their needs for speed and convenience but helps the business be more effective in the back office.

Understanding these shifting preferences is key for attracting and retaining more and more valuable customers. For example, in today’s increasingly digital world, consumers still find high value in the security and level of enhanced service that the physical store or branch offers, with Accenture’s recent research highlighting that customers combining digital and physical channels tend to have more products and be more profitable over the customer life cycle.

Offering a great in-person customer experience is gaining reputation as the most efficient way for businesses to make the most of any interaction with consumers.

The use of mobile capture for automated data pre-fill cuts application completion time by 25%

A highly cost-effective and engaging way to bring the best of online and offline worlds together is arming your staff with tablets. 

Leveraging mobile capture technology to improve the human interaction results in a better experience for those customers that choose to walk in. For example, using the tablet’s camera to capture an image of the customer’s identity document to automatically complete the application form provides great value for both the enterprise, the employee, and the customer. 

Mitek’s Mobile Fill turns a tablet’s  camera into a high quality scanner.  The employee simply takes photo of the identity document and the data is extracted and  the required data is put directly into the application form’s fields.

The data integrity from scanned document helps open more new accounts faster.  In fact, Mitek’s Mobile Fill is proven to automatically populate up to 70% of the application form in less than a second. This process reduces the time it takes for an employee to help a customer complete an application by 25%.

Mobile OCR for on-site devices

Additionally, the improved data integrity dramatically decreases the error instances, reducing the number of applications declined and boosting approval rates. In fact US Bank approved 50% more Minnesota Twins CC applications as result of the data integrity.

According to an article in the Columbus Dispatch, Alliance Data’s customers  are seeing clients who were onboarded using mobile capture and automated data pre-fill through tablet assisted service spent 40 percent more in their first transaction than those who signed up for cards at the checkout counter.

To this point, Javelin Strategy & Research estimates that effective onboarding and activation that emphasizes customer engagement can help financial institutions boost profitability by $212 per customer.

Mitek’s Mobile Fill for assisted service is being used by bank branch staff, insurance agents, in-store branded credit cards' issuers, telecoms and others to help their employees improve the customer's onboarding experience, boosting their productivity and noticeably increasing the efficiency of back office process with superior data integrity.