July 2021

Banking platform streamlining business processes

Banking industry has undergone a number of drastic changes in the last few years. The rapid transformation of both banking technology and customers’ requirements caused a number of challenges. Business processes have to adapt to the changing environment – but do the banks have what it takes to do that?

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Corporate customers vs modern banking

Corporate customers expect their banks to provide them with a higher level of services than ever before. Currently, new technologies show them a brand-new scope of possibilities. Hence, they wish to have access to their banking data, they want to use advanced financial tools and they consider option management a very basic feature. To add to that, corporate customers prefer his bank to choose individual approach over a wide range of services for the masses. All those requirements are in contradiction with each other, causing the financial institutions a whole new variety of problems.

Modern banks have to take into consideration all of customers’ inquiries. However, they have to also bear in mind that they require both automation and customization. For many, this combination has proven to be a challenging one. According to the report “The Digital Transformation Of Corporate Banking”1 by Arnav Gupta, published by Forrester, there are several obstacles stopping the financial institutions from embracing the change. Those include:

  • Product customization and complexity
  • A lack of credible challengers
  • Strong barriers to switching caused customers to accept subpar experiences

Submitting an application is one of the initial and, therefore, crucial stages of any significant banking transaction. Customer experience related to this action is a critical differentiator for any type of banking. Its enormous influence has been noticed by many leaders in the industry – according to Forrester Research, more than half of CX pros are involved in CJM efforts.

This process, however, proved to be very challenging for many of them. What are the problems they are facing – and what can be done to solve them once and for all? 

Many faces of one problem

Applying for loans, trade products and other basic services is a complex problem consisting of many small challenges. For banks, those include:

  • Lack of tools capable of processing many different applications. Banking institutions usually have very diverse offers and they need systems that can support them in many channels. Unfortunately, many of them are still looking for the right solutions.
  • Design process lasts too long. Some institutions do not even have resources necessary to begin such a process without external support.
  • Dropping profits. Every obstacle that appears on customer’s way towards a successful application causes him to reconsider his actions and, in some cases, abandon the entire process. This is reflected in the financial results of the company and its offer.
  • Paper documentation and agreements. Traditional documentation is difficult to store, problematic to sign and hard to process on one’s own. What is more, they are also very expensive considering the amount of work needed to support such agreements. Paperless processes allow banks to simplify their processes and adapt them to the digital channels.
  • Lack of opportunity to introduce the offer to the new customers. Bank branches have significant troubles attracting passerbys. Thanks to online advertisement and advanced techniques connected with digital banking, one can easily reach the right target audiences.

The complexity of application processes results in a need to create an inclusive, comprehensive customer journey rooted in the online channels. But how to do that without constant advisor support?


Automated processes made to measure

According to Forrester, bank servicing corporate customers shall bear in mind the following top priorities over the next 12 months:

  • Improve the use of data insights in business decision-making with ability to innovate
  • Increase influence and brand reach in the market and
  • Improve the experience of corporate customers.

Based on the information and the expectation of corporate customers, the journey towards perfect Customer Experience starts with extensive automation of all the processes related to application submission. This allows to limit human work effort by re-entering the date between many systems and even reduce operational risks. Factors included in the revolution may differ depending on the bank. In the most typical cases, those include:

  • Multiple channels
  • Integration with external systems
  • Flexible creator
  • BPM managed

Furthermore, regardless of the number of factors included in the adaptation, any bank can introduce automation in a few simple steps. In the first step, service provider addresses the most important difficulties seen in the processes. Then, cutting edge technologies are implemented to form a base for further complex processes. In the end, business processes become fully or partially automated, depending on their specific features and requirements. With perfectly designed banking platform that streamlines business processes, bank staff is able to focus on client’s support and deliver the new business every day.


One automation, many benefits

The three simple steps we have mentioned above allows us to introduce complex automated processes capable of supporting bank’s entire infrastructure. It is also the key to a creation of end-to-end processes across all the possible channels and all the business areas. What is more, they also include state-of-the-art security solutions, as well standardized Open API, giving clients and bank’s staff access to each channel and building fully omnichannel solution.

Furthermore, platform with automated features is an excellent base for further innovation that may be interesting for the bank in the future.
Thus, the automation is an opportunity that simply cannot be omitted.
 

Resources:

  1. Forrester, Arnav’s Gupta report: “The Digital Transformation Of Corporate Banking”, https://www.forrester.com/report/The+Digital+Transformation+Of+Corporate+Banking/-/E-RES162258?objectid=RES162258

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Agnieszka Piróg

Business & Product Development Manager +48 506 967 166

    Ailleron

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