"Almost half of banking and investment CIOs (49%) and insurance CIOs (44%) indicated that they will increase their automation investments in 2021."
Lines between humans and technology are blurring. The introduction of fintech has disrupted financial services with its superior accessibility and innovation. Traditional banking services are scrambling to adjust and retain their hold, with "gig" economy, cryptocurrency, and blockchain further testing the mettle of the industry.
From the customers' side, there is a rapid shift towards digital banking. Omnichannel support, chatbots, and tailored experiences are what the modern customer demands, and while banks have launched digital banking services, they are yet to achieve end-to-end digital transformation. Especially in the back and middle office.
With the current pandemic, the need for digital banking services has accelerated further and diversified into areas like online deposits, processing, lending, and more. But this escalation in demand comes with both operational and regulatory challenges.
Only digital transformation can address these challenges and introduce the most-sought after elements – efficiency, agility, and resilience, to banking operations. Going completely digital will also enable banks to get rid of old-school paper trails and manual labor. A McKinsey study, when automating the account switching process in a European bank, discovered that over 70% of applications were paper-based. Out of these, 30-40% contained errors. This kind of inaccuracies affect profits, operational performance and trigger customer dissatisfaction, emphasizing the need for digital switch-over in banking.
Having said that, it is indisputable that banks desperately need assistance in their digital transformation for them to realize their entire operational capacity and workforce capability.
And tools like Process Orchestration can end up being just the right fit in current times.
Banking operations that benefit from improved efficiency through Process Orchestration
Here's a list of use cases in banking, most suitable for digital transformation:
- KYC: Before onboarding a customer, their information needs to be verified under a Customer Identification Program (CIP) and Customer Due Diligence (CDD). Manually verifying information from the required documents is time-consuming and error-prone due to momentary lapses, increasing fraud risk. Automating this process mitigates risk, reduces internal processing time, ensures compliance, creates an audit trail, and produces a secure ecosystem.
- Employee and Customer onboarding: Proper onboarding of customers is essential to establish trust and create an opportune moment for cross-selling. But very often, different departments in banks have their own onboarding processes, creating confusion among customers. The ever-changing regulations, multiple touchpoints, and extensive paperwork add to their perplexity. Digital onboarding can standardize this process with centralized documentation for a hassle-free onboarding experience.
- Task scheduling of employees for the customer service department: Bank managers frequently find themselves at a loss when it comes to organizing rotational shifts, especially during peak hours, where they find themselves overwhelmed by waiting customer queues. However, proper coordination of this process, with a dedicated workforce management tool, reforms work allocation, diminishes customer wait times, and boosts customer engagement.
- SLA adherence in contact center for customer queries, complaints, etc.: Banks face challenges in keeping track of customer queries, complaints, etc., and end up missing deadlines, thus losing the customer's trust. This is because of the use of cumbersome emails to manage service requests and for internal communication. Emails are repeatedly forgotten, misplaced, or even accidentally deleted. An agile ticket and case management solution can quickly transform this process by actively monitoring requests and through SLA prioritization.
- Invoice Processing for multiple vendor invoices: Banks generate a substantial number of invoices for both customers and suppliers, which distracts finance teams from other core priorities. Invoices continue to be manually processed, sacrificing time and money while increasing errors and processing times. However, implementing an invoice management solution helps reduce errors, processing times, and money, on top of improving visibility.
- Integration of new-age technologies with legacy systems: Core banking processes still depend on legacy systems. But the pandemic has made organizations realize the importance of resilience in operations. Except, compatibility remains the biggest threat. Organizations need cutting-edge technologies that can be integrated on top of their existing legacy systems i.e. a technology-agnostic platform, to fix this predicament.
- Intelligent Automation in Banking: In banking, all the repetitive and rule-based tasks are left to automation. But despite their efficiency, bot technologies lack human judgment and are vulnerable to exceptions. Also, organizations have trouble deciding on the right technology for automating the right process. Other drawbacks include suboptimal work hand-offs, poor exception handling, multi-vendor incompatibility, lack of scalability, etc. – all of which contribute to the failure of intelligent automation.
An agile process orchestration platform is an apt solution to address the above-mentioned problems.
About Enate's Process Orchestration
Enate's Process Orchestration platform blends BPM, Work Management, and Lite Workflow to run lean, well-managed processes against an optimally utilized team of humans or bots. Enate's no-code SaaS technology can be deployed in a few weeks. It can reduce processing times by 80 percent and cut back on end-to-end cycle times by 70 percent, thus enabling maximum resource utilization, boosting productivity, and fine-tuning process management.
It also features cutting-edge case management, ticket management, email management, and workforce management.
How Enate's Robotic Process Orchestration handles the aforementioned processes in Banking
- KYC: Enate simplifies this process by unifying data from diverse sources into an encrypted data repository. It assists employees with extracting, capturing, validating, verifying, and screening data, along with helping them assess risks. It offers complete visibility and transparency to the work ecosystem, decreasing TATs and minimizing effort without forfeiting adherence to AML and KYC standards.
- Employee and Customer Onboarding: Process orchestration streamlines and homogenizes the onboarding process. It is adept at redressing data and information silos in operations to ascertain the smooth flow of data between departments. And it establishes transparency in operations, keeping customers and employees informed about the progress of an activity.
- Task Scheduling: Seamless work handoffs, pre-prioritized worklists, minimal context switching, workload balancing are some of the benefits surrounding Enate's utilization. Managers can see what each team, each person is working on in real-time and for how long from the dashboard. Similarly, Enate's four types of reports – Operational, Productivity & Utilization, Automation Potential, and Custom reports give insights on the key metrics.
- SLA Adherence: Enate's ticket and case management lowers an organization's reliance on email. It automatically collects service requests from emails, allocates them to the individuals or teams most suited to complete the activity, equips them with the necessary information, and gets the job done. SLA prioritization and deadline tracking are carried out by Enate, with metrics available to oversee the process as well.
- Invoice Processing for multiple vendor invoices: Enate automates invoice processing through the end-to-end service cycle. It directly gathers invoice requests from inbound channels such as FTPs, emails, mobile, upstream systems, etc., breaks up the process into activities to assign to individuals, assists them with data entry, and assures compliance with high industry standards. It supercharges the process and imparts visibility throughout the process cycle.
- Integration of new-age technologies with legacy systems: Process orchestration is a technology-agnostic platform that can be integrated on top of existing legacy systems. It can be set up in a few months and requires little to no coding knowledge. Enate can be introduced into your work cycle without making extensive changes to your core processes. It merely upgrades your processes to increase efficiency and enhance workforce productivity.
- Intelligent Automation in Banking: Enate centralizes human-bot governance, renders multi-vendor bot compatibility, and improves exception handling. It automatically suggests activities for automation along with the technology type, the savings potential and presents you with a personalized automation roadmap.
Wondering if Enate's Process Orchestration platform is the right fit for you?
If you are looking for furthering operational efficiencies in banking, Enate is the perfect solution. We offer a leading-edge platform that can be optimized to suit your business needs, adding value to your banking operations.
Download Enate's whitepaper: Improving Operational Efficiency in Banking through Process Orchestration to know more!
Enate is a UK-based enterprise software company. Its Process Orchestration technology combines lightweight Workflow, BPM & work management into a no-code quick SaaS offering. The technology delivers end-to-end process automation by connecting human workers & digital bots (RPA, OCR, AI/ML, etc.) into one hybrid workforce and managing operations across them.
The platform enables organizations to save 20 to 30% operating costs by scaling automation & streamlining operations to improve efficiency. Enate manages nearly 10 million transactions annually, across users in more than 60 countries.
The platform's customers include global brands like Mizuho Bank, Capgemini, EY, Utmost (erstwhile Generali Link), and many more.