Traditionally, business leaders sum up costs and benefits and assess net returns to calculate ROI. However, in this digital era greatest value may reside beyond the traditional ROI. With the consistent evolution of digital technologies and digital customer expectations, your model for calculating ROI needs a baptism!
You must gauge the digital implications of your Online Account Opening technology. You need to analyse where it stands as a technology in terms of offering holistic digital transformation – one that spans beyond the apparent cost savings.
In dynamic times like these, your online account opening technology should not simply facilitate automation, rather it should help you optimize the process. The right technology should optimize administrative and operational costs with reduced dependence on front desk personnel.
The right technology does not merely optimise operations, it optimizes insights into customer preferences with sophisticated data analytics and targeted analysis of customer behaviour. It optimizes risk management with embedded, automated controls for comprehensive risk profiling. And most importantly, it optimizes customer experience with contextual and timely communications.
Even reducing costs by a small margin can have a significant bottom line impact. With operations at optimal efficiency, the freed up capital can be converted into competitive pricing and enhanced service offerings.
And, although it is important for your bank to act, it is more important for it to act strategically! In this digital era, a laundry list of the costs obviated is not a true representation of ROI. A comprehensive ROI involves the obvious and the implicit. Your ROI should forecast not just the present, but also the future relevance of your technology!
To learn more, read Going Beyond Traditional ROI in Online Account Opening