Going Contactless in the Light of COVIDby Fintech News Singapore September 8, 2020
The current pandemic situation across the world is known to many by the back of their hands. There is no doubt that major cities at this stage, some at lockdown and while others are slowly reopening up their economies, are launching digital initiatives and driving contactless transactions.
According to Forbes, the usage of traffic across mobile and fixed networks has seen a sharp increase from 30% to 50%. This data shows that people will have to leverage on telecommunications to adapt to the new normal of living, working, and shopping online.
In FORCS’ business, the number of searches for smart forms, e-Forms, and e-Signatures surged since the onset of the coronavirus outbreak. More companies are switching to online channels, using electronic forms to communicate with their customers, getting approval, and continuing business transactions. FORCS’ customers in the banking and insurance space are now maximizing the solutions to its maximum advantage, which allows them to continue serving their customers efficiently without having to meet them face-to-face.
Recent research by Accenture pointed out COVID-19 would permanently change the future of consumer behavior. The retail and food and beverage industries are hit the most, forcing owners to revamp their business models to stay in business. Contactless food deliveries and online shopping have become the new norm for many. Across industries, companies are adapting to incorporating cloud systems and digital solutions quickly to respond to changing consumer behavior. Banks are introducing new ways to maintain and strengthen their relationships with their customers by combining the human touch with digital solutions and servicing customers from a socially secure distance.
Government across all nations plays the most crucial role in supporting businesses and their people. Many of them have come up with financial assistance packages to respond to the economic impact. They are calling companies to build up their digital infrastructure to transform digitally fully.
A search on Google Trends shows an upward trend of people searching for digital transformation and contactless solutions. As data and trends reflect the ongoing shift in consumer behavior, businesses that are still relying on brick-and-mortar concepts and paper processes are stressed in adopting digital solutions to survive during this period of economic uncertainty.
Even before this pandemic, the development of a form filling technology using voice was underway in FORCS’ product roadmap. This new feature uses Artificial Intelligent technology to extract relevant data from a natural conversation to fill out electronic forms. Made available across devices such as tablets, smartphones, and desktop, FORCS aims to take contactless form filling to the next level for both businesses and people.
Besides growing within FORCS’ organization, they are also committed to making the world a more beautiful place by improving people’s lives. Yearly, FORCS donates 1% of their profit to charity and initiate campaigns such as tree planting and delivering briquettes to the poor and homeless during winter. Following the coronavirus outbreak, Mikyung Park, CEO of FORCS, also the Chairman of the Korea Women’s Venture Association (KOVMA), participated in the Flower Relay Campaign (an initiative by KOVMA) to support flower farmers and small business owners who are experiencing a difficult time.
Companies FORCS worked with have seen an increase in their business potential after the adoption of the Smart e-Form. At large, FORCS see many opportunities for companies worldwide to accelerate digital transformation, bringing even greater convenience to how people live, work, and shop; now, the contactless way and without losing the human touch.
Established in 1995, we have helped over 4,000 customers across industries in transforming digitally successfully with our proprietary paperless technology. For over 20 years, we have been driving the adoption of paperless technology in Korea, winning the “Market Leader” title. Banks, insurance companies, government agencies, hospitals, engineering firms, etc. experience productivity growth and significant cost reduction after the adoption of our solutions.
Today, our operations span across Asia and Europe, with offices in Korea (HQ), Belgium, Japan, and Singapore, and currently working with over 50 business partners. Public listed on KOSDAQ in 2015, we aim to bring paperless transformation to even more organizations and people worldwide.