Retail banking customers are accustomed to completing account activities anytime, anywhere, from checking balances to opening a new account.
Data-driven mobile channel technology and the conversion of paper to digital documents in both consumer-facing and back-office processes is driving this digital transformation.
However, many account opening, servicing, and collections processes are not workflow-enabled using digital documents. Because of this, customers cannot completely fulfill a process digitally.
This lag in modernisation can result in decreased customer satisfaction and loyalty, and reduces the financial institution’s overall customer profitability. For consumer loans in particular, 87 per cent of complaints submitted to the Consumer Financial Protection Bureau are about servicing-related activities.
Process improvements realised through enterprise content management (ECM) and business process management (BPM) investment address common pitfalls financial institutions continue to experience in fully digitizing customer-facing processes.
In this white paper from CEB TowerGroup, learn how digitisation and automation provide direct and indirect benefits to the customer experience through improved digital processes.
It also provides direct cost-cutting benefits to the bank through:
Discover more about how ECM, BPM and workflow can digitally transform how your financial institution does business. Download Using workflow and document management to improve cost management and compliance now.