Recently, major behavioral shifts like social distancing and minimal physical contact have pushed the financial services industry into digital overdrive to enhance virtual channels and ensure uninterrupted service. As a result, redefined operating models with the capability to deliver contactless experiences across all areas of banking are emerging as the need of the hour. In certain industries like wealth management, the adoption of Remote Online Notarization (RON) as part of customer experience transformation is becoming paramount.
Some of the key factors in finding a formula for RON integration would be:
FIs must embrace digital engagement models for all banking activities across all line of businesses
Identifying the right use cases
Addressing digital debt issues
Integrating RON into an ecosystem
Digital document management like RON and in-person electronic notarization (IPEN) is seen as a crucial problem to solve by financial institutions in achieving superior customer experience.