The process of applying and receiving approval for a certain service or status has been a long winded one in times gone by. If you wanted to get a loan, you’d have to meet with the relevant bodies in person and provide a wealth of information in order to prove your reliability. Planning in person appointments was a tricky task, scheduling conflicts often dragged out the long drawn out process even further, as you waited for documents to come back and for approval to be given. However, as with many processes and procedures, technology has had a hand in simplifying things and speeding them up. This is the case with applications and approvals – this can be done online with the help of intelligent software to make the lives of business and consumers a whole lot easier. As a consumer, you are able to apply for useful things with a simpler and easier process. As a business, you are able to offer simple application and approval procedures which will encourage more clients and make your own life easier.
How Covid 19 Changed the Game of Business
The last two years have brought great changes for the business industry and none as much as the Covid 19 global pandemic. There was no business, industry or even individual who was not impacted in some way by the pandemic, either directly or indirectly. Not all the effects were bad. In fact, there were some positive changes for business culture that came as a result of the pandemic and subsequent restrictions. Geographically separated colleagues and teams were able to collaborate more effectively as people had to think more creatively about ways to work together. Technology played a big role in this, as virtual meetings rose in frequency all the while reducing the time and expense that comes from in person meetings. More than ever before, leaders were present and approachable as the playing fields were levelled by circumstances beyond anyone’s control. The time of the pandemic brought about a revolution in regard to the balance of work and life. The events people saw made them revaluate their priorities and think about what was truly important to them. Workplace expectations became more realistic, and employees felt more empowered to speak up about their workload. Hence, despite the challenges businesses faced during the pandemic, it’s hard to deny there were benefits too.
Technology was used in business as never before. Appointments, from doctors check ups to physiotherapy sessions, became virtual and every industry had to make changes to accommodate for their customers during a time of restrictions and lockdowns. It forced many to start thinking outside the box. As the saying goes, necessity is the mother of invention. Businesses had to make adjustments and propel themselves into the 21st century and use the virtual tools at hand if they wanted to survive. One technology that boomed in use was that of online approval technology.
The Industries Utilising Online Approval Technology
There are many industries that make use of online approval technology. Some have been doing so for years, while others adopted the practise when covid 19 restrictions forced their hand. What examples of online approval technology can we see across industries today? From online approvals for life insurance to virtual identification in creating a bank account, let’s look at the industries using this technology right now.
Life Insurance – when traditionally applying for life insurance, the process could take 1 or 2 weeks. This involved a great deal of back and forth, toing and froing, getting information and having conversations with the client. Online applications and approvals change the game all together. This kind of system reduces this long drawn-out time frame done to a single short session, even as brief as around 15 minutes. The client is helpfully guided through the application without requiring any input from a sales agent. This means that salespeople can focus their time and energy on attracting people to their website and then letting the technology take care of the rest.
Banking – if you wanted to set up a new bank account a few years ago, you’d need to find a bank local to you, make an appointment with a member of staff, take in a stack of relevant documents, and have a lengthy meeting to establish your credibility and set up the account you need. Now, online banking is taking the world by storm. There are now online banks that have no physical locations at all, such as Starling and Monzo, the quality of which far exceeded high street banks in regards to services they offer. When applying for an account with these companies, you simply download an app, fill in some details, provide a photograph of your ID and record a short video of yourself to confirm your identity. The whole process takes just a couple of minutes and confirmation and certification of your account doesn’t take much longer. As more high street banks close, this is becoming a fast and convenient way for people to manage their money and application process using online application software.
What It Can Do for Your Business
With a technology that’s taking such a hold on many businesses, what could it do for yours? Essentially, online approval platforms offer the maximum convenience with an amazing time saving value. Take your business online with a self-service, easy to use system that requires a smaller budget without skimping on safety and security. Any business of any size can benefit from this technology as it has the ability to expand and grow with the business as the success grows too. It creates a channel for your business to develop passive income, a source of sales that requires minimal intervention and support. When you see the ease at which this kind of platform can be installed and used, you’ll wonder why how you ever managed without it in the past! Use the technology at hand to take your approval process into the modern age.
