The dream of achieving rapid, large-scale process automation is becoming a reality for some banks. Competitors cannot afford to miss the opportunity to transform their own back-office processes.
Banks have enhanced many of their customer-facing, front-end operations with digital solutions. Online banking, for example, offers consumers enormous convenience, and the rise of mobile payments is slowly eliminating the need for cash. But too many processes at banks still rely on people and paper. Often, back offices have thousands of people processing customer requests.
This high degree of manual processing is costly and slow, and it can lead to inconsistent results and a high error rate. IT offers solutions that can rescue these back-office procedures from needless expense and errors.
There is a significant opportunity exists to increase the levels of automation in back offices. By reworking their IT architecture, banks can have much smaller operational units run value-adding tasks, including complex processes, such as deal origination, and activities that require human intervention, such as financial reviews.
IT-enabling operations encompasses both automating processes (preventing customers from using paper, digitizing work flows, and automating or supporting decision making) and using IT solutions to manage residual operations that must be carried out manually (for example, using software for resource planning). By taking full advantage of this approach, banks can often generate an improvement of more than 50 percent in productivity and customer service!!!
Thanks to Fintep, some banks are already taking steps toward harnessing the considerable potential of this opportunity. For example, one of our existing customers, a large universal bank categorized its 900-plus end-to-end processes into three ideal states: fully automated, partially automated, and “lean” manual. This bank determined that 85 percent of its operations could—theoretically—be at least partially automated. At the time of this analysis, fewer than 50 percent of these processes were automated at all.
This scenario sounds promising and Fintep is happy to help you to achieve this task!!!