Chat2Sign: the quickest way for banks to sell more loans and mortgages, 24/7

In today’s new era of banking, digital is no longer a luxury. Nor is it the sign of excellent management with one eye firmly on the future. Instead, it is now the normal: the minimum expected of organizations trusted with their customers’ life savings.

Social changes and the advance of technology are already responsible for shifts in all aspects of our existence. Consumerization has only accelerated those developments. It has fed our expectation to conduct our business and reach organizations at our convenience — not simply when their opening hours permit.

This presents major challenges for banks. But the secure and intuitive messenger system found in KOBIL’s mIDentity.one platform looks set to solve these difficulties. It builds on society’s years-long familiarity with other messenger solutions by making banking more accessible — and instantaneous — for all users.

Most excitingly, it also includes mChat and mSign. This new signing technology combines trusted digital identities and end-to-end encryption to provide the same legal status as wet-ink signatures.

What are the advantages of mSign?

mSign is quick, intuitive and cost-effective. It is also a significant improver of overall customer experience, making it easier than ever for banks to issue loans, mortgages and credits.

Consider, for example, the standard procedure for issuing a loan offer and your customer confirming their agreement.

Traditionally, you will first issue a physical letter. This has to be processed by a member of your staff, packaged up, and then deposited in the day’s outgoing mail. A day or two later, it arrives at the customer’s house. They must then open it, read it, sign it, copy their ID card, find an envelope and money for a stamp, head to the post office, buy a stamp, and finally post their acceptance. Back at your bank two days later, a staff member sorts the mail, scans it and takes it to the right person in the right department, who then adds it to their pile of documents to process. Exhausting, isn’t it?

With mSign, all of this is instantly eliminated. And whether the customer is applying for a €500 loan or a €250,000 mortgage, the principles are consistent throughout.

· Quick: If you need a loan, mortgage or credit, digital messaging is the quickest way to get it. Banks that offer digital messaging and mSign facilities are putting their customer first. They ensure loan applications are processed at speed, giving the customer the money exactly when they need it. With the traditional method, the physical processing time means money often arrives weeks after it is needed.

· No people necessary: With mSign, ongoing staffing expenditure can be reduced and services can be operated 24/7. The development of artificial intelligence and chatbots is opening new possibilities in customer service.

· Profit driver: mSign means it’s easier than ever to quickly assess, agree and process loan applications. This instantly reduces customer friction, driving increased profits and new revenue streams as customers adapt to this new art of digital banking.

What is needed for mSign to work?

If you’re interested in the possibilities of mSign, you’ll need to do more than simply add a messenger function to your app.

First, the app needs to be fully shielded to ensure the integrity, authenticity and confidentiality of all communication. Trusted digital identities need to underpin every user and device. And PKI-based trusted signatures, along with a range of background measures, must be in place to ensure complete regulatory compliance.

Thankfully, these are the core security principles that power KOBIL’s mIDentity.one Super App — and they can be rolled out quickly and cost-effectively to any organization looking to maximize its future profitability and customer experience.

To find out more about mIDentity.one, the KOBIL Super App and how mSign could transform your services, visit www.kobil.com.

Originally published at https://www.linkedin.com.