In The Age Of Branchless And Paperless Banking
There is no doubt by now that enterprise mobility is here to stay. As the global demography continues to shift toward a younger age group, the existing infrastructure across industries demands to be digitally transformed with an increased focus on mobility. As a report states that 70% of the global population is expected to own a smartphone, and 50% of the employers will require their employees to bring their own device to work by 2020.The millennials and the modern culture is profoundly driven by visual experiences. Taking a cue from this trend, here’s a thing or two that the banking industry can utilize to woo the millennials and deliver as per their expectations.
What’s Not Working for The Banks
In spite of digital transformation initiatives, Bank’s keep missing the bull’s eye, where a largely digital driven millennial age group is concerned. Despite high digital functionality preference, online account opening is swamped with a plethora of challenges. Here’s a quick snapshot of the current scenario, mandating banks to be cautious and stricter:
- Abandonment rates of online applications are high and continue to increase
- Prospective customers switch to competitive brands at the first sign of inconvenience
- Web and Mobile forms continue to be the emulation of paper forms
- Visit to branch continues to remain a significant element from a Bank’s perspective, and a deterrent for customers’
Online Account Opening – The Need of the Hour
With banks responding to the revolution in digital functionality, online account opening is not an alternative to branch banking, it’s a priority and more importantly, a necessity. Here’s debunking some of the prevailing myths associated with online account opening:
· Digital Account Opening is a prerogative of larger banks – Owing to no apparent correlation between the size of the bank and the number of online applications received, banks operating on a micro scale are also required to create great online account opening experience for customers.
· Web interface is a must to offer great customer experience – Initially, the web interface was a starting point for banks to move from branch banking to online mode of operations. To align efforts with the high demands of prospects, today, it must go way further from web to mobile interface.
· Mobile first = Mobile App – A mobile app is just an engagement strategy. To make mobile the foremost preference, flexibility to the finest degree must be provided.
· Digitization of paperwork is equivalent to digital account opening – No. Digital does not mean translating paper-based processes into a “digitized” process. On the contrary, paperwork defies digital. Account opening needs to be truly digital, leveraging process technology with mobility and imaging.
Taking Banking to Customer’s Doorstep
A true and real digital experience is paperless and branchless. Enterprise mobility technology powered with strong imaging capability can help banks move towards branchless banking. Here’s how:
Enhancement in Field Force Productivity: Making a good first impression is incredibly important. As field sales agents are a bank’s first point of contact with the customer, they make or break the deal through their conduct. Right from capturing information first-time-right to instant processing of information- mobile imaging technology has completely revolutionized the way banks take their services to the customers. With improved accuracy and efficiency, imaging and collaborating apps can be used across all stages of sales lifecycle such as prospecting, customer need analysis, customer on-boarding, sales insights, customer servicing & retention, monitoring and reporting, opening new channels of banking, and managing delinquencies.
Minding the security gap: feeding customer information manually is fraught with security issues and dangerously expose sensitive data. Privacy preservation is a priority for both the customer and the bank and end-to-end imaging safeguards data & documents at each stage and improves the time to closing.
Wider reach to customers: Customers want an easy-to-use service model. Making the process on-time and on-the-go attracts more customers while reducing the cost.
As technology integrates deeper into day-to-day lives of the end users’, they won’t hesitate in opting for other service providers, at the slight inconvenience. Thus, without the need to have multiple physical branches, taking bank to the customer’s doorstep is indispensable for financial institutions.