Tuesday, 15 January 2013

Banking Self-Service Platforms

Over the preceding years, e-commerce has grown immense popularity. Many of the businesses now operate online giving an opportunity to individuals to shop online for their convenience. Shopping online would definitely mean paying for the goods or services online as well.

Similarly, e-banking has grown prominence over the traditional banking platform, due to the number of advantages accompanied with the e-banking platform, mainly, convenience and time savings.
With electronic banking, you will be able to access information of your accounts anytime and from anywhere. Moreover, since you won’t have to travel to bank outlets for conducting banking activities, a lot of time will be saved which can be used for other important activities.

Self service portals are one of the various electronic banking tools that are aimed for the convenience of the bankers. The financial institutions or banks provide a secure URL to their clients with a log-in. for convenience and ease of the user; he or she will be provided with a step-by-step useful guide. This way all the necessary information, which is compulsory, will be submitted by the user.

Once all the necessary information is entered by the user, the compliance team will review the information and perform the necessary compliance checks and then finalize the processing of the customer portal. This way ample amount of time is saved from the processing of data while also improving the overall data’s quality.

There are a number of advantages associated with self-service banking, particularly self-service portals, for the financial institutions or banks. The main benefits are for the compliance team as they will be able to save a lot of time in a number of ways. Firstly, the team will not have to deliver the forms to the clients and then wait for them to complete and return them, as the forms will have to be filled and submitted online. Moreover, the time required for the compliance process will also be greatly reduced.

Lastly, by adding mandatory fields to the online forms and questionnaires, banking or financial institutions will be sure that all the data that is required is submitted by the client and hence verified during the compliance processing.

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