Online transactions, from onboarding clients and employees to streaming the latest blockbusters, have become essential. Before COVID-19 shut down cities and restricted travel, digitally transforming operations were seen as a convenience or something for the future, when there was time. Now, they are necessary the world over across all facets of commercial and social life.
Online Transactions Increasing Even Before COVID-19
Even before this global health crisis, ecommerce was leading the way to increased interactions online. Buying books and groceries on the web opened up to internet banking and investing, as well as online gaming, entertainment, healthcare services, and socializing. As more people got connected, they expected businesses around them, from coffee shops to employers, to interact with them online.
This meant that companies across every sector had to consider adopting some level of electronic interface to communicate and transact with customers, employees, and partners. But with less face-to-face interactions, companies needed to electronically assess and verify the parties they wanted to deal with, such as with TRUSTDOCK’s eKYC solutions. Those who embraced digital transformation, such as remote working, online food and grocery orders, and even tele-medicine services, have not just survived, but thrived with the massive new demand for their services.
Conducting Business Remotely is Here to Stay
Normal business operations are no longer the same since COVID-19. Tech giants are leading the way to making remote working a norm, along with other traditional brick-and-mortar businesses, such as law firms. And after months in lockdown, consumers will expect convenient online ordering, video conferencing, and entertainment to continue. This has become the new normal.
Supporting these adaptations, especially those involving financial transactions, is the Financial Action Task Force (FATF). The FATF, an intergovernmental organization promoting policies that combats money laundering, encourages “responsible digital customer onboarding and delivery of digital financial services in light of social distancing measures”. By moving commercial relationships and transactions online, economies can be sustained and be ready to grow. Nevertheless, these companies still need to ensure that their customers’ data is safe, that they will get paid for their products or services, and that they are not unknowingly supporting fraud or other crime.
TRUSTDOCK Offers Trusted eKYC and Remote Onboarding Solutions
In addition to “responsible”, digital identity verification and authentication must be smooth and user friendly for customers. TRUSTDOCK offers customizable solutions for companies in every sector that need to verify potential clients quickly, reliably, and affordably so that they operate their businesses smoothly. We have a proven track record from online retailing to financial services – find out how TRUSTDOCK can help your company efficiently onboard customers online so you can take advantage of this new normal for ongoing business growth.