The year 2020 have changed people’s lifestyle and behavior towards technology, we have looked into technology more serious than the past. We learnt to be more open in providing personal data willingly to help stop the spread of Covid-19 with technology and process that enable better contact tracing to track people’s whereby to prevent the spread of the virus. Businesses at any scales implements registration process, which is never been looked at. Government is forced to look into data authentication in the process of registration to ensure safety in the country. Today, in some Asia country, location check-in and body temperature scan with token or application that contains pre-registered and authenticated personal data – Digital transformation have been urge even faster than ever.
Digital adoption has been a global trend since the year 2018. Businesses are going into digital transaction and big data for better planning and as a strategy to improve accessibility, speed, traceability and cost efficiency. With the pandemic in the year 2020, more and more businesses are going into digital transformation to create a safer business environment and to create more value to customers. In line with digital adoptions, company cultures change in a way that promotes greater innovation, creativity, and attention to developing significant customer experiences.
Although digital transformation will vary widely based on organization's specific challenges and demands, there are a few constants and common themes among existing case studies and published frameworks that all business and technology leaders should consider as they embark on digital transformation.
For instance, these digital transformation elements are often cited:
• Customer experience
• Operational agility
• Culture and leadership
• Workforce enablement
Digital technology integration even regulators recognized the need for businesses to embrace digital transformation. In view of this progression, Central Bank of Malaysia had in June 2020 unveiled its eKYC (electronic Know Your Customer) guidelines ahead of its virtual banking framework.
This new policy is in effect immediately for all financial institutions including banks, insurers, remittance companies, money changers and more.
The policy document aims to accelerate and streamline practices of industry players in their adoption of e-KYC technology, the online process of identifying and verifying individual customers.
e-KYC enables the digital on-boarding of customers to occur anytime and anywhere. With the implementation of e-KYC, a majority of customers no longer need to visit the physical premises of a financial service provider to open an account. In addition to increased customer convenience, the digital on-boarding of customers enabled by e-KYC also lowers cost for both users and providers. One crucial component of the financial data space is the ability of players to onboard their customers through digital means, quickly, efficiently and safely.
As such, our prediction for 2021 is for businesses to:
• Offer conclusive mobile solution to support the gap for identity verification and authentication – document scanner and biometric reader in one device that can be done remotely and or offshore from head quarter or branch; On-the-go mobility solution
• Develop application that provides quick data capturing utilizing mobile devices; user friendly and comprehensive mobile application that enables User to perform data management; with the data captured on hand it would provide business entity with more insights and understanding with the Customer and or transaction within the business.
