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Retail Banking Automation: Why it’s Vital to Your Bank’s Future Success

From reducing risk and boosting productivity to elevating customer and employee experiences, automation can bring significant benefits to multiple areas of retail banking. Time-consuming manual tasks can be automated, disparate systems can be connected and data can be made more accessible, transforming operations and setting you up for success in an increasingly competitive market. 

Read on to hear about specific use cases and success stories from across the industry. 

 

Superior customer onboarding

If your onboarding process is slow, complicated and lacks digital options, a significant number of your customers are likely to abandon it. Retail banking automation can solve this problem by removing inefficiencies and friction points that customers find frustrating. 

For instance, by replacing the need for paper-based handovers between your teams, it can reduce delays and mistakes. The end result is a more streamlined onboarding experience that will help you win and retain more customers.

Success story:

Citizens Bank reduced the amount of time it takes to onboard customers by 85%. By introducing automation into their commercial lending process and orchestrating systems and data to optimize from end-to-end they were able to create a 360 view of customer information and deliver an accurate and consistent onboarding experience.


Improve loans and credit processing

Given the repetitive, rule-based nature of loan and credit card applications, it’s a prime candidate for automation. Instead of weeks, banks can issue credit cards to customers in minutes — all by automating lengthy procedures like background checks and approvals processes. 

Not only does this lead to better customer service, it liberates your employees from repetitive tasks that take them away from more valuable, revenue-generating work. 

Success story:

Since AEON Credit Service (Asia) implemented  automation and integrated their credit approval process with several key systems, they’ve been able to approve credit release decisions in 30 minutes (it previously took over two weeks). In addition, they have improved the speed and accuracy with which they capture new customer information, reducing the total amount of time it takes to just five minutes.


Speed up payment inquiries and transfers

To win and retain loyal customers, it’s essential to make sure the services they use frequently are quick and simple to use. Retail banking automation can play a vital role here. For instance, it can help your customers automate processes like payments, account transfers, and monthly budgeting management to help them hit regular savings goals.

Success story: 

In addition to the above, automation can help accelerate more complex financial transfers. For instance, we helped a global hedge fund administrator automate all of their paper-based financial transfers’ processes, freeing up their team from a labour-intensive task.

 

Eliminate compliance complexities 

Banks are under constant pressure to adapt to fast-changing industry regulations. If that’s something you’re trying to do manually, you’ll know that resources can get stretched and mistakes inevitably creep in. 

Building automation into your processes alleviates the pressure on your own teams. It also allows you to continually implement updates based on the latest regulatory changes, lowering your risk of inadvertent non-compliance practices.

Success story:

After automating their data-based tasks, Bancolombia has improved the quality of its compliance processes and reduced operational risk by 28%.

 

Transform fraud prevention 

As banks digitize more of their services, cybersecurity measures need reinforcing to combat rising risks. Automation can support this process in a host of ways, such as verifying your customers' identities, sifting through millions of transactions, and flagging anomalies for human attention — all in near-real time. It can also enforce audit trails that allow you to prove compliance across all your channels.

 

The future of retail banking automation 

The benefits of automation extend into every aspect of retail banking. Not only can it help transform your customer service, it’s able to handle complex back-office processes that improve everything from compliance and security to your customer and employee experience. 

To find out how it could transform your own business, take a look at our Essential Guide to Modernizing Banking Operations ebook.

bizagi banking ebook mockup.jpg  

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