The world around us has changed. Financial Services were already embracing automation technology faster than any other vertical market. Moving forward in what is being called the “New Normal”, it will be more important than ever to have as much of your business automated as possible. Statistics show that 88% of job loss over the last three recessions occurred in “routine” automatable occupations. History indicates that automation will be adopted at an increasingly rapid rate over the next 12-18 months. Those financial institutions that don’t embrace automation will be less competitive and less attractive to the consumer.
Intelligent Process Automation provides companies with greater efficiency and cost savings, but increased customer acquisition and customer retention are even more important than that. Today’s customers want an immediate response and want to be able to complete everything remotely. They would rather not travel to a branch or need to interact with anyone. Banks that embrace automation will have the greatest success with acquiring and retaining customers when every task in the process is fully automated and accomplished remotely.
You can start with Process Discovery to learn how your current process flows and where the bottlenecks reside. Once the process is defined, you can begin the journey of automating tasks and adding intelligent processing.
Some of the use cases in financial services that we have seen successfully implemented and have a profound impact on the bottom line are New Account Opening, Loan Origination and Servicing, Trade Services, and Wealth Management. In each of these use cases, the entire process was automated. For example, in New Account Opening, the prospective new customer begins the process on their phone by capturing a picture of their driver’s license. The system extracts data from the license and immediately begins communication with the prospect and requests additional information. Behind the scenes, the system is researching this prospect by going out to different websites like the IRS, FBI, and social media as part of the Know Your Customer process. Once the prospect is cleared, the bank officer reviewing the information approves the prospect for an account. The system will then generate the customer agreement for their electronic signature. This entire process used Mobile Capture, Optical Character Recognition (OCR), eSignature, and forms generation, each managed by the underlying Process Orchestration layer.
Intelligent Process Automation, when effectively implemented, provides significant benefits. Customer acquisition and customer retention are a direct result of an improved customer experience. Some of the other benefits include:
- Increasing process efficiency
- Optimizing back-office operations
- Reducing costs
- Reducing risk
- Optimizing workforce productivity
- More effective monitoring and fraud detection
- Product and service innovation
When you understand all of these benefits and consider the times that we live in, Intelligent Process Automation is a technology that every organization should be considering.