5 Ways Banking Process Automation Can Improve Customer Experience

In recent years, banks that have adopted automation technologies for their core operational processes have been rewarded with greater business efficiency, productivity, and regulatory compliance. But automation can do more for a bank than help its staff through granular-level calculations, in-depth financial reporting, or the digitization of various other operational tasks that are rote in nature. Banks should strive to incorporate more digital and automation technologies, such as those offered by BankPoint, into their customer experience, or CX, as these solutions can give them an edge in their retail banking services.

What can your bank do to revamp its CX with banking process automation? To answer that question, here’s a list of the improvements you can look forward to when you onboard a digital banking solution with exhaustive automation capabilities.

Straight-Through Transaction Processing

The first big advantage that can be garnered from extensive banking process automation is fast, efficient, and straight-through transaction processing for your customers. If automation technologies are carefully planned into your process flow for your transactions, it will be easy for you to identify any existing redundancies or opportunities to reduce the number of steps per banking process. In turn, it will become easier for your retail banking customers to complete both simple and complex transactions, and it will decrease the amount of time they spend waiting.

The enablement of straight-through processing for your retail banking customers is worth its weight in gold. If these customers can associate your bank with quick, straightforward, and reliable banking experiences, there’s a bigger chance that they will continue to transact with you.

Instant Customer Enrollment

Another aspect of CX that banking process automation can revitalize is customer enrollment into new savings or current accounts. Modern customers tend to not like being foisted with multiple forms to fill in, and they’re just as averse to having to go through multiple touchpoints just to open a new account. One surefire way for your bank to attract new account holders is through utilizing automation for customer enrollment.

There are several ways that you can use automated technologies to tweak your enrollment process. For example, you can allow one-time registration for multiple retail banking services so that customers don’t have to go through the exact same enrollment process again to add on new services. Another example is allowing auto-filling of online enrollment forms. Regardless, being able to enact instant customer enrollment via process automation will give new customers a great impression of your bank—and fewer reasons to leave your banking ecosystem for that of a competitor.

Frictionless KYC

One CX challenge that banks will have to address upon incorporating more automation technologies into their customer enrollment is the issue of know your customer (KYC) compliance. While banks should guarantee quick and seamless enrollment for their customers, they must also be able to implement KYC procedures that keep them compliant with anti-money laundering (AML) regulations.

Automation technologies can help your bank achieve a balanced approach to both enrollment and KYC. On the KYC side, you can use automation to simplify validation processes like ID photo verification and authentication. Ideally, your bank’s KYC processes should reduce the risk of fraudulent transactions from suspicious characters while keeping your legitimate customers at ease.

Tailored Customer Insight

You may already know that automation technologies make it possible to generate instant business intelligence when they’re paired with real-time data analytics and reporting features. But a dedicated digital banking solution won’t limit your analytics capabilities to your internal business data. You can use the same solution’s automation capabilities to generate complete, up-to-the-minute, and fully individualized customer insight. Better yet, it’s possible for your bank to share this insight with each customer to make their own individual banking experience more responsive to their needs.

Automated customer insight reports can give both you and your retail banking customers some in-depth information about which banking products and banking services would suit them best. Once you secure that customer insight, it won’t be difficult for your bank to tailor each customer’s CX into the experience that they really want for themselves.

Round-the-Clock Customer Service

Lastly, it’s possible to rely on process automation to streamline customer service and make your bank’s customer helpdesk available on a 24/7 basis. While your customers are best served by human staff when they need assistance for complex problems, they may be able to rely on chatbots to answer common questions or help them troubleshoot common retail banking concerns.

The same tools from a digital banking solution can also dispatch automated customer advice when it’s necessary. Even if human staff aren’t involved in every case, your retail customers will feel like your bank has round-the-clock solutions for their problems—and this knowledge can increase their trust in your banking system.

Final Words

Knowing what you can achieve for your CX with banking process automation, it’s time to consider new automation solutions for your company. Turn CX into a visible strength for your bank and use automation technologies to become even more competitive in the area of retail banking.

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.