Thursday, September 17, 2020

What Took Place When You Were Submitting an Online Form, Even When You Couldn't See It?

Ever wonder what happens when you submit an online application or fill out a form over the internet and hit the send button? These days, almost every inquiry, registration and submission can be processed digitally. eCommerce sites, service platforms and mobile apps incorporate online submissions in one way or another whether as a part of digital customer onboarding, customer support or troubleshooting. From a developer's standpoint, there are various methods, tactics and approaches when building form submission funnels, but there are certain key elements to consider.


Source: Pexels


Essentially, the purpose of online forms is to collect specific data about a website visitor such as for processing as part of a service subscription or for a college application among other things. 

In most cases, you'll probably find a relatively simple contact form containing fields for the kinds of details to be filled in (such as name, email address and phone number). Once you click submit, the next thing that happens is invisible to you as the applicant. Although you may not see it, there is an infrastructure in place to ensure that your data gets to where it's supposed to.


Data is Stored in a Submissions Storage

These days, many websites use an external service or system that helps to store all the data that's extracted from submitted forms. Form submissions might often contain the private information of website visitors or rather, potential clients, so the utmost priority for these service providers is ensuring that data is safely transferred and stored for later use by the respective site. Private data should not end up being published on the front end of sites for others to see and, for the most part, all authentic sources abide by this rule. Most sites will state this in some shape or form in their terms and conditions - so it would be a good idea to read through their sections. Numerous established form submission services help sites to securely store data. Security is likely to be a prominent value proposition for all of them.

Data collection systems are extremely crucial for many businesses online and are central to the customer onboarding process in most cases. Data collection systems help teams collect a standard set of information and allow companies to keep control and consistency as they collect data from their sites. These systems also help to organize the constant stream of data that pours in. This is why so many sites incorporate data collection systems, which are directly connected to the forms that visitors fill. Security and privacy are big parts of these systems, and many of the available third party data collection providers out there strive to accommodate businesses and consumers alike.

Monday, August 10, 2020

What is Digital Signing and How Does it Benefit Businesses?

The rise of the digital signature has revolutionized finance, and real estate sectors, as well as commercial and industrial enterprises. This is likely to be happening even more now that contactless transactions, social distancing and digital adoption are all traits of the new norm amid COVID-19. 

Digital signatures are ways to verify your identity on an electronic file (like a sales contract). They work with encryption technology, so you're the only person that can use any electronic file to access your unique encryption. Using tech for digital signatures can be part of system modernization and a larger, overall digital strategy. Some have adopted the technology while others remain skeptical. Either way, digital signatures have measurable benefits, like most technological advances, as well as associated costs and risks.



Electronic signatures (e-signatures) and digital signatures are not the same

e-signatures are notoriously susceptible to fraud because they are essentially just electronic symbols, processes or sounds attached to documents to represent a form of assent or agreement. A digital image of a handwritten signature can easily be captured on a smartphone or tablet before being pasted back into a document. Without any encrypted authentication process to reinforce security, e-signatures aren't able to determine the identity of a human operator who last used the signature.

On the other hand, digital signatures are reinforced with higher levels of security and advanced technology to assure optimal safety for documents. They are often built on Public Key Infrastructure (PKI), which is used to generate unique "digital fingerprints" through mathematical algorithms. These digital fingerprints are then safely embedded in the documents, and signers will have to perform 2-Factor Authentication measures to confirm legitimate identities.

What's more, the digital IDs of each legitimate signer can only be issued by an accredited CA (authorised bodies empowered by the government to issue digital IDs for evaluated individuals). In essence, each signer is legally permitted to use these generated signatures. 

Prioritizing authenticity

Digital signing is generally made up of a simple process. Users simply upload their documents and take simple steps to set up the necessary signatures. An automated process prompts the signatories via a mobile app or email, which leads to the creation of a highly secure and convenient digital signature on the respective document.

Monday, July 27, 2020

e-KYC Concept Enhances Secured Financial Services for Customers

This article first appeared in The Malaysian Reserve, authored by Nur Hanani Azman.

Photo by Nafis Abman from Pexels


Electronic Know-Your-Customer (e-KYC) concept is the new buzzword for banks, financial services and insurance industry that looks into giving more secured financial services for customers.

Thanks to the e-KYC policy and guidelines by Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC), more players are actively taking part in this sector in Malaysia.

“There are many areas that will involve e-KYC or online identification (ID) verification in banking, financial services and insurance (BFSI), from account opening to financing facility application, investment account activation and e-banking/mobile banking activation,” said Innov8tif Solutions Sdn Bhd COO Law Tien Soon.

Founded in 2011, Innov8tif is an artificial intelligence (AI) company helping businesses to widen sales funnel, speed-up processes without paper and prevent frauds.

Law said with the rising cases of SMS one-time password (OTP) frauds, it is evident that SMS OTP isn’t necessarily the best second-factor authentication method.

Facial biometrics which is a part of e-KYC registration is the most secure method to protect customer’s identity and assets.

Law highlighted that from their experience of serving eight telecommunication companies (telcos) in Malaysia, telco is the first industry to have benefitted from digital ID verification — 24/7 realtime customer onboarding made possible.

Thursday, July 23, 2020

What are the Differences between Digital Banking and Virtual Banking?

Digital disruption has impacted the world’s financial landscape, as well as other facets of society. Digital automation may become even more common in the years to come. 

In the midst of a ferocious pandemic, economic and health-related pressures have stirred innovation towards the reinforcement of banking processes for both individuals and businesses. 

Fintech can be found at the center of this trend, and major financial institutions are beginning to make way for smaller, more uniquely positioned, and more agile fintech solution providers. 

Partnerships, pivots and added offerings have unraveled concepts that push convenience, speed and digital integration to the forefront. Among these concepts are digital banking and virtual banking. They may seem similar, however, these two concepts have major differences. 


Virtual banks are fully online



The key difference to remember between digital and virtual banks is that virtual banks are made up of financial services and processes that exist solely online. By its definition, virtual banks don't rely on branch offices or any other forms of physical presence to resume operations. For the most part, interested applicants need to download a mobile banking app if they want to open a bank account under a virtual banking service. You'll need to submit your details and complete various security checks through an online platform before being assigned a fully virtual account. These online platforms are usually verified and offer protective measures to keep customer safety a top priority.

It isn't difficult to see that virtual banking stemmed from a booming demand of convenience and rapid speed, amid rising digital infrastructures as consumers grow more dependent on online transactions and ecommerce. The concept itself is relatively new - compared to some other financial innovations - eradicating the need for many burdens carried by traditional banks. There are no physical outlets, so expenses like rent, maintenance and workforce for individual branches are non-existent. Every process, inquiry, transaction and application is conducted via an online system, which translates to freedom and efficiency.


Digital banking may comprise physical aspects


Also known commonly as internet banking or online banking, digital banking is more of a blanket term that describes the added digital components to conventional banking processes. In this regard, digital banking has been around for quite some time now, with earlier forms involving logging into bank websites to check active accounts or complete transactions. The term itself can be seen as a predecessor which led to the eventual rise of virtual banking in its current form. For the most part, digital banking might require users to first head over to conventional bank branches and register physically. 



Some paperwork may be involved, and customers might have to complete their registration over the counter before they can access their online accounts. Of course, things have changed quite dramatically these days, and many traditional banks offer the option of creating online accounts from the comfort of your home. However, it's still necessary to create an active account with that bank - and that still requires you to head over to physical branches.

In mid-Jul 2020, CIMB Malaysia introduced an online-to-branch account opening process for individual banking customers, who can now submit their application to open a current or savings account online. Subsequently, they proceed to a dedicated e-account opening priority queue available in all the bank's branches to complete the application via Know-Your-Customer due diligence. 

Nowadays, digital banking is used more as a term to describe any banking activities which are conducted and completed through digital devices. Consumers are constantly using their phones to access saving apps or pay for products by scanning codes, while companies are used to paying salaries and expenses through banking apps online. By definition, these are all examples of digital banking.

Tuesday, July 14, 2020

How Might COVID-19 Affect Industry 4.0 Moving Forward?

Just a few months ago, the future seemed bright for many industries across the board. Plenty of technological innovation impacted a surge in solutions that revolved around helping businesses from a variety of sectors. Founders, CEOs and other individuals were all positioned to reach the next level. 

Then suddenly, a potent pandemic crippled entire economies and disabled strategies, bringing about a halt to many future plans. How has COVID-19 affected Industry 4.0? Have advancements in areas like Artificial Intelligence and Big Data been squandered? Has the crisis sent Industry 4.0 back to the drawing board?

Quite the contrary


When it comes to delving into the mechanics for the future of manufacturing, production and operational logistics, Industry 4.0 is very much a central focus right now. Artificial intelligence, advanced automation, the Internet of Things and data analytics are all components that could play very integral roles as they begin to reinvent and restructure how businesses and industries offer their products and services. These technologies could also impact a business’ overall digital strategy.

The pandemic has brought social distancing procedures, contactless forms of transactions and payments, an urgent emphasis on building digital infrastructures and an urgent emphasis on operational efficiency to light. These key factors all require the implementation of advanced technology in order to accelerate enterprise-wide growth in a calculated and careful fashion.
Businesses are more cautious than before moving forward, and Industry 4.0 could help meet their demands.

Necessity over doubt


As Industry 4.0 technologies became more mainstream, many manufacturers and enterprises around the world were wary of adopting the concept of Industry 4.0 due to the alleged costs and complexity related to the entire process.

Sunday, July 12, 2020

MCO sees higher e-KYC adoption

This article first appeared in The Edge Markets Malaysia, authored by Vanessa Gomes.

woman using smartphone
Photo by bongkarn thanyakij from Pexels

During the recent nationwide lockdown, the majority of business activities involving physical in-person presence were on hiatus. To keep people at home during the Movement Control Order (MCO), the government announced incentives related to free mobile data, but telecommunication dealers and agents were closed.

Fortunately for telcos who already had the electronic know-your-customer (e-KYC) channel in place, they were able to serve the market digitally. Innov8tif Solutions Sdn Bhd chief operating officer Law Tien Soon tells Enterprise that among the five telco brands they provide e-KYC for, he witnessed an average of 279% growth in monthly prepaid SIM card activation from the e-KYC channel, in April (when compared to SIM card activation pre-MCO in February).

“April was a whole month of lockdown and in February, the shops were still open. When we compared the two months, we found there was an average of 2.5 times of growth in electronic registration. This shows that the e-KYC infrastructure was very good ensuring continued business sales,” he says.

Monday, July 6, 2020

5 Things You Should Know About Biometric Technology

Whether you know it or not, biometric technology is a part of daily life in many parts of the world. If you use facial recognition verification on your phone or to gain access to a secured space, or place your finger on a mobile device to unlock the interface, you are experiencing biometric tech at work. In essence, it utilizes the uniqueness of your body's features as a means of authentication. 


Biometric security through technology is a great and innovative idea that's impacting many of our security systems and safety measures, especially now that social distancing and the new norm are all very real concepts in our lives. 
Here are a few things you should know about biometric tech that could come in handy if you intend to use it in your business or implement it in any shape or form.

It provides enhanced security

You may be familiar with basic forms of digital security like passwords and verification messages sent directly to your phone or email. However, these measures are sometimes not enough to protect your assets from malicious activities, especially since cyber-criminals are growing more advanced and intelligent by the day.
This is why biometric technology is considered a form of enhanced security, when combined with other authentication methods to form a very strong user authentication process. It relies on physiological identifiers or human traits to access control systems or unrestricted spaces (digital or physical). The fingerprint lock is a common biometric tech feature and is used for items ranging from phones to physical safe locks. They are more convenient and more secure than traditional deadbolts. On top of this, fingerprint locks can usually detect whether a door has closed and can automatically be locked after a few seconds, which means that you won't have to worry about leaving something unlocked by accident.
Most of the e-KYC (electronic know-your-customer) frameworks witnessed in the online ID verification process are also relying on facial verification to prevent unauthorized representation of identity or identity fraud.