Legacy systems of traditional banks are unpacking tensions for the top management.
While customers and competition are flying to the digital age and beyond, they are stuck back in the analog age. But the story is changing. Terrified of the fate that befell Blockbuster(Netflix), Nokia (Android), Taxi Services (Uber), Yahoo (Google), they are on the lookout for a way to remove the sting from the attacks of digital financial disruptors.
Why robotic process automation?
Automated terminals instantly spew out cash and update pass books. On-demand apps give you the real time financial situation in a few taps and swipes.
This has been possible only because of process automation brought in by technology, ushering in the digital era.
Digital banking, with the help of robotic process automation (RPA) will take out redundant processes and reduce the cost of overheads. It will also bring back the power of finance back to the customers.
Banks, with the help of digital, can keep in sync with dynamic customer demands and dedicate resources to the right engagement strategies. Thus, giving disruptors a tough fight.
By streamlining processes with dragging and dropping
Talk about digital transformation and legacy banks usually shy away from over hard coding and enormous investments. CRM in banking allays those fears. Bringing in digital tools in banking through financial CRM helps to automate business decisions that go beyond customer management. Without the headache of coding or expensive investments. Visual process designers can help in designing workflows by simply dragging and dropping pre-defined tasks.
By automating processes and operations, either through voluntary or compulsion, banks can best disruptors in terms of productivity and efficiency. Some examples are listed below.
1. Opting out of paper statements.
2. digitizing business process flows.
3. automating decisions with robotic process automation.
To automate is to elevate experience. Automation can help banking behemoths to offer seamless banking that is highly personalized. Thus turning physical branches into digital experience centers that cash out profits. The main attraction of disruptors was easy and quick execution, thus delighting customers. Through automation, banks can bring convenience, along with transparency and accountability.
Learn how the Asia’s largest auto-finance company achieved “loans in 30 seconds” by automating its onboarding the digital way with CRMNEXT.
By gaining competitive advantage
Success in banking today is about frequency, reach and trust. Implementing a CRM for banks takes care of all three. They can now deliver custom offers frequently and broaden reach through targeted marketing campaigns. Automating servicing with strict SLA adherence takes care of compliance, thus increasing trust.
Banking CRM, with the help of robotic process automation, can transform banks from analog monoliths to delivering highly personalized physical and digital experiences. They can now emulate disruptors and focus on selling and servicing the right financial products.