Online Contractualization: How to Offer Seamless?

As noted by market research firm Marks in its study Improving Customer Processes for Increasing Sales and Customer Satisfaction:
Customer processes are those for which optimization needs are greatest
In order to offer the best digital experience possible, simplifying the customer journey is a priority for many companies and public organizations. This requirement is also valid when the online subscription of a product or service is subject to the verification of the identity of the customer (KYC or “know your customer”) and the signing of a new contract. The sending of the contract to sign and supporting documents often lead to a break in the channel in a course started online …

Dematerialization of contractual relations in the financial sector

In terms of customer experience, 68% of banks and insurance companies include in the top 5 of their digital actions by 2020 the dematerialization of certain customer documents and 48% the electronic signature of binding documents. They are assisted in this by the Ordinance of 4 October 2017 on the dematerialization of contractual relations in the financial sector which, explains the Prudential Supervisory Authority and Resolution (ACPR) “establishes equality between the paper format and digital media […], the electronic support can now be chosen by default, unless the customer expressly objects .

Opening of an account, subscription of insurance products, transfer of assets … This dematerialization of the contractual relations“Relies heavily on the trusted services defined by the eIDAS European regulation “ , as the electronic signature adds the ACPR. With the corollary, “an important factor of economy and efficiency for the organizations of the sector, as well as a saving of time and fluidity for the consumers”.

Electronic signature of binding documents

“The move to paperless underwriting is a priority project, notes the Observatory of the evolution of the insurance trades . Subscription of the dematerialized contract, with electronic signature, scan of documents in the clientele to obtain the completeness of the file the first time, deposit of the pieces in digital spaces dedicated to the customer are on the program » . This evolution in terms of fluidity and automation of the underwriting process, “is accompanied by the gradual erasure of the traditional management tasks related to commercial activity” .

Yet, according to the digital rating agency D- Rating Only 20% of home and auto insurance contracts are now subscribed online, while 61% of French banks already include electronic signatures for the opening of a current account (4). In both cases, a contract is signed by the client and KYC procedures are required to combat fraud, money laundering and the financing of terrorism (LCB-FT).

KYC, fight against fraud and money laundering (LCB-FT)

During an online contract, the obligations in terms of customer knowledge (KYC) are made possible thanks to an automatic control, online and on the fly, of the parts provided by the customer (proof of identity, home address , income, Bank details…). Artificial intelligence and the use of external reference documents will make it possible to verify the validity, the conformity, the authenticity and the coherence between the various documents submitted.

Added to this are secure client authentication (by sending a one-time password when signing the contract) and a certified electronic signature (as defined by the eIDAS European Regulation). Not to mention a configuration of the course in accordance with the needs and requirements of the issuer of the contract (constitution of the file, authentication, signature, consent, e-mails reminders, Client portal …)

Beyond the financial sector alone

Online contracting can not be restricted to the financial sector alone. Car rental, subscription to water, gas, electricity or telephone providers, employment contracts in certain regulated sectors are among the use cases for which the customer (individual or professional) also expects a “ digital experience ” seamless.

Providing responsiveness, performance, competitiveness and traceability, online contracting modernizes the customer journey in the digital age, offering a 100% digital journey, while allowing public and private organizations to fulfill their regulatory obligations in terms of knowledge of the Internet. customer base (KYC).

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