Since the advent of mobile devices and the giant leap cellular technology took in the past decade, the world around us has changed at a rapid pace. With mobile manufacturers adding more juice to the device viz. RAM, Processing Power, Camera, etc. and with the evolution of mobile operating system, we are in a unique paradigm where all aspects of society – Public, Government, and Corporate, are in some or the other way impacted by mobility.
Banking that was previously thought to be a snail pace industry in India, has changed rapidly with the flurry of private players in the Banking sector, and there is intense competition to stay ahead. Aggressive product promotion in banking sector was unusual, but that has changed and now we see banking products being sold like commodities.
Wikipedia defines Innovation as –
Innovation is the application of better solutions that meet new requirements, in-articulated needs, or existing market needs.
The mobile revolution is here to stay with everything is going mobile. With this futuristic approach, Newgen has hit the bull’s eye with its innovative mobile capture solution, ZapIn, which is all set to drive innovation in banking processes like Account Opening, Loan Applications, Credit card Applications to name a few.
Let us define a Credit Card application process in simple steps, considering a bank representative standing outside your office with the bunch of forms has approached you for a new Credit Card.
- Step 1. Information capture – Customer is asked to fill a form with all details (Address, ID Proof, Salary Statements etc.)
- Step 2. Copies of mandatory documents – Bank Representative collects the copies of mandatory documents for further processing
- Step 3. Application Submission – Bank Representative submits these documents and application to the bank for application processing
- Step 4. Application Processing – The bank officers then digitise the information provided on the paper form and initiate the application
- Step 5. Confirmation – Bank officers process the application and confirm with the customer that the request has been received and will be processed
- Step 6. Closure – Bank processes the application and despatches the card to the customer
ZapIn makes the first 6 steps hassle-free for the customer and the Bank Representative and truly exploits the advantage technology has put in our hands.
Below is a sample and simple description of the application process when a credit card application is done via ZapIn.
- Customer Engagement – Bank Representative meets the customer with a 3G enabled tablet, explains the different cards and their features. Customer selects one of the cards
- Information Capture – Information is directly captured on a user friendly pre-defined form on the tablet itself. Basic validations and usage of masters can reduce changes of errors and junk data entry
- Document Capture – Camera on the tablet is used to take pictures of documents like ID Proof and Address proof. There is a signature panel on the tablet where the customer signs after reading the terms and conditions. The same signature is / can be used for printing on any document or card
- Application Submission
- A draft version of the application form is sent to the customer via email for verification. The customer has an option to change any incorrect information.
- Once the customer confirms that the application is correct, bank representative will submit the application to Bank’s central system along with the document captured
- Application Processing
- As soon as the Application is submitted, a workitem is created in the BPM application and is routed to the respective user.
- Biggest advantage being that the system does not wait for the bank representative to report back to the bank with the documents and the application is initiated immediately
- All documents can be stored in a centralised DMS (Document Management System) for future reference
- Confirmation – As soon as the application is submitted, a signed copy of the application form is emailed to the customer as a PDF document for future reference
This is just a high level outline of how ZapIn can eases the account opening process.
I shall try and write elaborate on the functionalities of ZapIn and its benefits in detail in my next blog.