Enhancing Customer Experience via Intelligent Automation in Banking
Discover how intelligent automation in banking revolutionizes customer experience with personalized interactions and efficient service delivery. How can intelligent automation improve customer experience in banking? Read on for more.
Slow banking experiences are all too common. The long wait times, convoluted processes, and cumbersome verification steps have left many customers frustrated and dissatisfied.
Just imagine waiting in line at the bank, or spending too long on a banking platform, only to spend hours filling out form after form, providing numerous documents, all for a simple transaction. It’s enough to make anyone question if there’s a better way to handle their financial needs.
Thankfully, the future of banking is here, and it comes in the form of intelligent automation. Intelligent automation, simply put, is the use of advanced technologies, including robotic process automation (RPA), artificial intelligence (AI), machine learning (ML), and natural language processing (NLP), to automate processes, reduce costs, and enhance efficiency.
Intelligent automation combines the strengths of humans and machines to perform repetitive, manual, and rule-based tasks while also providing insights and decision-making capabilities.
This cutting-edge technology is on the verge of transforming how banks engage with their customers, and by prioritizing the customer experience, banks can elevate their relationships with customers.
The focus that banks place on customer satisfaction has proven to yield tangible results. A McKinsey survey of US retail banking customers found that at the banks with the highest degree of reported customer satisfaction, deposits grew 84 percent faster than at the banks with the lowest satisfaction ratings.
So, by leveraging the power of advanced technologies such as artificial intelligence, robotic process automation, and machine learning, banks can revolutionize their operations, eliminate tedious manual tasks, and provide faster and more personalized services to their customers.
Let’s dive into the specifics.
Areas of Customer Experience in Banking
A customer’s experience in banking encompasses various facets, each playing a significant role in shaping their perception of a financial institution. Here are a few.
Personalized Interactions and Communication
Personalized communication in banking involves tailoring interactions and communication channels to meet each customer’s unique needs and preferences. Consider, for example, customized product recommendations, targeted promotions, and seamless multi-channel communications (including in-person, phone, email, and digital platforms).
Quality of service
Customers expect high-quality service that meets their needs. A few indicators of this could be – prompt responsiveness, proactive service, efficient transaction processing, effective feedback, and quick complaint resolution.
Seamless digital experiences
It’s easy to see that a seamless digital experience has become a cornerstone of customer experience in every industry, including banking. With the rapid advancement of technology and the increasing reliance on digital platforms, customers expect banking services that are convenient, intuitive, and accessible across various digital channels.
User-friendly interfaces, intuitive mobile banking apps, convenient online account access, effortless digital payments and transfers, integration of helpful tools, and robust security measures characterize seamless digital experiences in banking.
Addressing customer queries
Interacting with a bank that prioritizes responsive customer support, whether through dedicated helplines, live chat features, or email correspondence, always makes customers feel valued.
Timely and efficient issue resolution
Customers value banks that promptly address and resolve issues. By streamlining processes and leveraging automation, banks can minimize resolution time. Whether it’s a transaction discrepancy, account issue, or technical glitch, banks should prioritize swift and efficient resolution for a seamless customer experience.
Proactive and personal financial management
By focusing on these critical areas of customer experience and leveraging the power of intelligent automation, banks can elevate their services, foster customer loyalty, and gain a competitive edge in the ever-evolving banking landscape.
Reimagining Customer Experience with Intelligent Automation
Across sectors, leaders delivering positive experiences across verticals are not simply making their customer journeys easy to access but also personalizing core journeys to match an individual’s present context, the direction of movement, and aspiration. Intelligent automation makes creating a superior experience that generates significant value easier!
From automating customer-facing tasks like account opening and loan applications to automating internal processes like compliance and risk management, the use cases of intelligent automation in banking are numerous. Here are a few more.
Customer onboarding
Intelligent automation can automate the account opening process, reducing the time and effort required to onboard customers. This process could include automating data collection, document verification, and KYC (Know Your Customer) checks.
Account management
IA can help banks manage customer accounts by automating routine tasks such as balance checks, account updates, and account closure requests.
KYC verification
Intelligent automation can streamline the KYC verification process by automating data collection, document verification, and risk assessments.
Fraud detection and prevention
IA can detect and prevent fraud by creating a baseline safe zone for specific application data and flagging patterns outside that safe zone. Based on predetermined thresholds, applications can be flagged and alerts generated.
Automated document collection and analysis through video verification
Intelligent automation can automate document collection and analysis by using video verification, which enables customers to submit documents remotely and have them automatically verified.
IDP (Intelligent Document Processing) to extract data from ID & financial docs
Banks can use intelligent automation to extract data from ID and financial documents, reducing the need for manual data entry. From a customer’s point of view, manual data extraction from ID and financial documents can be prone to errors, leading to delays and customer frustration.
Intelligent automation in IDP significantly improves data accuracy by leveraging advanced technologies such as optical character recognition and natural language processing. This ensures that customer information is extracted correctly and consistently, reducing the likelihood of errors in customer records.
Loan origination and disbursement
Intelligent automation can streamline the loan origination process by automating data collection, credit risk assessment, and document verification tasks. Disbursement of loans can also be automated, reducing processing time and costs to enhance customer experience.
Robust reporting and offer analysis
IA can also build credit risk models and identify an applicant’s band of low credit risk. Based on this, if the applicant qualifies for a higher loan, organizations can carry out upselling. This also enables banks to provide robust reporting and analysis.
As the banking industry becomes increasingly competitive, embracing intelligent automation has become imperative for banks to gain a competitive edge. If you’re not already convinced, there are numerous other compelling reasons banks should adopt intelligent automation besides enhancing customer experience.
Other reasons to explore intelligent automation for banks and banking platforms
Embracing intelligent automation gives banks a competitive edge by improving operational efficiency, reducing costs, leveraging data-driven insights, and ensuring compliance.
By harnessing the powers of intelligent automation, banks can position themselves as innovative and customer-centric institutions, gaining an advantage in today’s dynamic banking landscape.
Utilize intelligent automation to your advantage, and witness your bank’s potential skyrocket as you revolutionize operations, exceed customer expectations, and seize a competitive edge in the digital era.
