By Martin Hanton & Zdeněk Kabatek
Banks face challenges when trying to automate processes. Complex processes at banks often require subjective judgment calls that can only be made by people.
Unmanaged human intervention interrupts automated processes and causes long delays in completing automated tasks. Not only are these delays expensive, but they also negatively affect the customer experience.
With the right technology, humans and digital workers can interact to save banks money and enhance customer experience.
Behind the Scenes of Process Interruptions
Interruptions to automated banking processes can be triggered by:
- Unexpected errors
- Incomplete or incorrect data
- Items which require complex judgment
Process interruptions make banking transactions take longer and cost more.
Processes are further delayed by outdated and poorly integrated systems. After a front-office agent registers a request, a large amount of work needs to take place in the back office. This work is accomplished using legacy IT systems that are not connected together.
These outdated systems make the process very time-consuming and expensive. In turn, this creates a bad customer experience by triggering long waiting periods.
The Perfect Blend of Human and Digital
Human and digital workers can interact to solve the problem of process interruptions. An example of when this interaction can be helpful is during credit card and loan application processing. Background checks and application processing for credit cards and loans can be complex.
Discrepancies may occur between the data provided by customers and the records in bank systems. A loan applicant may have moved or gotten married recently. Information required due to recent regulation may be missing. Red flags need to be evaluated according to bank, state, and national policies. Payments need approvals, and certain types of transactions require a four-eye check.
Adding the right solution to your bank’s robotic process automation (RPA) can help humans and robots collaborate on decision-making. Decisions can be made more quickly and smoothly by allowing human users to interact with digital workers in real time.
Improving Customer Experience
Not only do interrupted or manual processes create long waiting periods, but they also prevent cross selling or relationship building from taking place. Customer-facing agents may not have enough time to recommend the correct products while interacting with customers.
Instead, agents may be fully occupied by manually entering information into various systems. When agents are focusing on manual processes, they don’t have enough time to lead informal conversations that would build trust.
Banks need a solution that can help speed up transactions and give customer-facing agents guidance in cross-selling efforts. The ideal solution would provide assistance for customer-facing agents by guiding agents through the client application process via a simple user interface.
The user interface should deliver full validation at each step, eliminating compliance issues. Robots can pre-fill forms with customer data. The solution would offer background know-your-customer and credit checks with pop-up alerts. Proactive alerts would promote cross selling by letting customers know that they are pre-approved for certain offers.
Marrying the Human and the Digital in Banking
With the right tools, humans and digital workers can function in harmony. Banks can seamlessly switch from human to digital processing and vice versa. This seamless process saves time and ensures that customers are getting the personalized service they need. To see these tools in action, please check out this webinar demonstrating how NEOOPS is using TrustPortal to integrate human and digital interactions.
Neoops designs robotic solutions, implements Blue Prism RPA software and builds internal robotic capability for our clients.