Matchi Trend Report - Digital Account Origination
Digital account origination (DAO) refers generally to being able to opening account without a customer being physically present at a branch. This is usually enabled by technology that allows remote verification, both by physical likeness (by video or photographs) and digitally verifying identity documents.
The key elements are the physical authentication, uploading of images and video, submission of documents and online processing of information.
Despite the emergence of crucial new technology on remote physical identification, a substantial part of the digital account process remains the scanning technologies and secure online document storage.
1. Scanning technologies
- This technology allows the photographing of images, typically using a mobile phone and uploading onto a secure website.
- An additional feature is the extraction of data from images and populating information into online forms.
- Some technologies are also able to enhance original images to extract information, especially where the original images have poor clarity.
2. Storage solutions
- The storage of documents has morphed beyond simple digital storage – it now requires enhanced security, accessibility and permission.
- Some storage takes place on the cloud while some decouple security features from the source of stored documents for additional security.
If you are a current Financial Institute contact Terence Singh for a list of relevant scanning and storage innovations currently on the Matchi platform.
If you are a Solution Provider with a relevant scanning or storage solution that isn't yet on the platform, contact Freda Gray for more information on how to join.
