Efficient Banking and Financial Services Operations Driven by Automation

Posted by Aegis | 23 Feb 2016
Customer-Obsession-Drives-Enterprises

Banking and Financial Services Institutions have to ensure on-time delivery to their customers with high precision and security vigilance. By introducing advanced technology and computerization of operations, these institutions are able to design, innovate, transform and run financial operating models – to eliminate instability, control costs, and manage risks efficiently. Automating banking services is a capsulated process of excellence encompassing business analytics and advanced IT solutions, which further enables the financial services to deliver real time with better efficiency.

Following are some key indicators that will enable financial and banking institutions to be proficient and enhance customer experience at large.

Automation:

Automating the channels benefits both the service providers and the customers, which we are well aware of. For instance, the visual IVR provides a customer with an online-digitalized menu, enabling them to look at the visuals, select a product, and make the purchase real-time without leaving their tablet or smart phone screens.

In addition, integrating the automation technology also opens up scope for improvisations for IVR as companies still struggle to overcome the internal inefficacies of the manual back office. Inefficacies root from the absolute fact that back-office employees have to dedicate a huge amount of time to lengthy processes that need precision. With automation, manual efforts can be reduced and accuracy can be maintained. It also enables companies to systematically prioritize and allocate customer service demands from any channel.

Back Office Optimization:

The Back Office has a significant impact on the efficiency of services which in turn ensures great customer experience, thus contributing to the success of any business. Customer experience is deemed to be of the highest quality when client expectations are excelled consistently through the service provided by the back-office operations. Deploying an omni-channel environment will enable supervisors to monitor the staff, ensure efficiency, reduce the response time, and warrant compliance.

Electronic Document Management:

Electronic Document Management increases device management efficiency by reducing the paper work, time, and cost involved. By adopting digitization, processes involved in loan applications and mortgage approvals can be streamlined. Digitization also ensures that bank representatives can send prompt reports and update product information real time. Through this, documents can be indexed as well as consolidated easily and made available on time to the concerned departments.

Be it for individuals or organizations, electronic document management needs to be customized accurately. When deployed right, it prevents data corruption, fraud and manipulation, enables secured information sharing and gives out real-time fraud alerts. The process of sending, editing, downloading, and adding documents becomes simple yet secured with electronic document management.

Mobile Devices:

The increasing use of mobile devices by customers and the growing trend of BYOD (Bring Your Own Device) are influencing customer data support on various levels. For starters, companies can provide a massive range of unique services through these devices. Secondly, devices with geo-tagging features can provide information about branches/kiosks/ATMs in the vicinity. Additionally, the same bank branches or kiosks can easily locate customers to extend personal support. Moreover, mobile devices and other communication tools report technical and network issues to the support team directly, thus expediting the process of troubleshooting. Many banking services and financial institutions have easily adapted to these new technologies—a trend that various internet banking apps stand proof to.

By integrating new applications and systems with the existing infrastructure we can create an omni-channel experience across all points of contact. This enables institutions to cater to customer needs through their preferred platforms such as mobile, applications, social media, etc., and adds high value to customer experience. Introducing the ‘Self-Service’ model delivers seamless, end-to-end customer experience. With advanced automation, improved back office optimization and hi-tech mobile devices, the realm of financial and banking services has transformed into being more efficient and in tune with customer expectations. Real time data gathered through these enablers further assist in forecasting trends based on consumer behaviors.

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