Trend Watch: Digital & automated B2B power of attorney processes
Per Martín - Business Development Director at Roaring - discusses the trend where more companies and authorities are seeking digital and automated solutions.
"Imagine trying to order some new corporate mobile phones. You are cleared and approved to do so at your company, but need a signed corporate power of attorney, since you don't have any signatory rights. All of a sudden you (and/or someone else) are spending a lot of time getting analog signatures in order, making sure everything is authorized properly, sending forms by post and awaiting confirmation from the recipient. Analog power of attorney processes requires a lot of time consuming manual labour, even more so in organizations who are flooded with these kinds of issues, likely most common in banking, finance, insurance and within different types of authorities.
During the past couple of months - possibly accelerated by the pandemic - a significant increase in demand has been seen for digital and automated power of attorney processes. The situation with Covid-19 has led to a general focus to projects in digital transformation for businesses out there, with surveys showing B2B companies have accelerated their efforts in digital development as much as 5 years ahead of schedule during the pandemic. In addition, new companies have emerged, others gone into bankruptcy and some going through major organizational changes. This has led to control and verification of customer data skyrocketing to the top of priority lists, for companies who want to secure their business and partnerships.
So what opportunities are out there, available today?"
"Example of flow for a digital and automated power of attorney process"
"The flowchart above is a common customer case, where our customers are building digital and automated power of attorney processes, into their customer journeys. Meaning they save time and money from manual labour, while ensuring compliance and healthy KYC. In other words, more secure business at a lower cost. By collecting and verifying data from our API's, integrated into your system, you can easily create something similar for you and your clients.
From what we've seen, the biggest difference for companies implementing digitization and automation into their customer journeys, there are huge upsides. The biggest ones? Better customer experience, less churn and increase conversion rates! Give us a shout and we'd be happy to tell you more, and show you what you could create in your own customer flows!"
