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Many banks and financial institutions have invested heavily in Robotic Process Automation (RPA) to streamline the workflow around account opening, onboarding and customer service. Leading automation software solutions such as Pega, Appian or IBM, as well as core systems such as Salesforce, provide functionality designed to eliminate manual work and speed up response times.
However, these solutions often have significant differences when it comes to providing a fast and seamless customer experience. Here are three ways banks are harnessing the power of open APIs and cloud-native platforms to get more out of their existing RPA and core systems and connecting the dots to remove friction along the customer journey.
1. Rethink Forms and Process Automation
Many banking processes today still start with a form. And even if you’ve moved those forms online, chances are you still have some sort of “swivel chair” work going on, where a financial advisor or loan officer takes data to start an automated workflow. Re-entering from one place to another system. This human element creates data quality and integrity issues, and incomplete forms or manual processes usually mean delays that affect revenue and customer satisfaction.
Instead, think of that first touchpoint as a digital domino—where you use the information you collect to initiate workflows, bring stakeholders on board and ultimately determine the next step in the customer’s path.
It means re-imagining form-based data collection as a two-way, guided, digital interview, personalized with data you already have in your core systems. Using any new or confirmed data, you can trigger straightforward processes like approvals and handle exceptions. And by connecting these smart forms and workflows, you can collaborate in real time with multiple stakeholders in the process and accelerate any business process.
2. Deliver compliant, personalized customer communications on demand
Customer communications are at the heart of banking customer engagement, from loan agreements and account opening documentation, to notices and statements, to ad hoc customer service correspondence. For many banks, here’s the challenge: The tools they use to create these are managed by IT and exist in a silo, producing documents in batches to go out in the mail. It’s not only slow, it’s inefficient. Instead, look at how you can integrate document creation capabilities inside the systems your business already uses.
SmartCom for Pega, for example, works directly within Pega’s Customer Decision Hub and Customer Service applications, allowing users to create documents and other communication types within a single interface. This includes communication with interactive capabilities – meaning customer service agents and business users can efficiently personalize every interaction with a customer to deliver an optimal customer experience – regardless of channel – ensuring compliance Correct disclosure and language have been applied.
For organizations looking to modernize and move their tech stack to the cloud, consider an enterprise-grade customer communications platform inside your chosen system (such as Pega, Salesforce or CGI Credit Studio) instead of thinking about communications There is an opportunity to think about embedding Or as a completely separate step in the document creation business process.
3. Connect agreements to e-sign and automatically archive
Does your straight-through process really stop when someone needs to upload a document or contract to your e-signature platform? Are the agreements then automatically stored in Box, SharePoint or your chosen content archive, or does it require a human element as well?
Some e-signature platforms like DocuSign or OneSpan offer a lighter workflow, but for banks that want to build an efficient end-to-end process that leverages best-of-breed technologies, the best approach may be is to focus on integrating that tool into the enterprise. -class platforms that tie into data collection and communication management.
Smart Communications offers prebuilt, proven connectors with leading e-signature and content management solutions, as well as multiple core banking and other systems, which can mean real cost savings and rapid deployment. Learn how to communicate smart Enables banks and lenders to reduce costs and improve customer experienceand check out our partner integrationDesigned to help you get the most out of your technology investments.
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