Speed and Efficiency are Key in Consumer Banking
In today's fast-paced world, customers expect instantaneous gratification, particularly when it comes to their financial requirements. Customers expect their banking needs to be fulfilled in a timely and efficient manner - just like buying from Amazon, watching Netflix and listening to Spotify. Whether it's opening a new account, applying for a loan, or simply checking their account balance, customers want to complete their tasks swiftly and without hassle. With competition intensifying in the banking industry, banks that can offer fast and efficient service have a clear advantage over their competitors.
However, for highly regulated industries like banking, meeting these expectations can be daunting. Banks are obligated to comply with an array of increasingly stringent regulations that can impede the customer interaction process leading to poor customer experience. This, in turn, can lead to customer frustration and lost business opportunities. To stay ahead, banks can gain a competitive edge by leveraging technology and digital tools that help to facilitate fast and efficient customer interactions in a compliant manner.
How a Platform That Specializes in Digitizing Customer Interactions Can Help
One way to improve speed and efficiency in banking is to digitize customer interactions, which can be challenging, particularly for banks that have complex legacy systems. However, with the right platform, banks can digitize their customer interactions without disrupting their existing processes. A platform that specializes in digitizing customer interactions throughout the customer lifecycle can help banks to achieve this.
Such platforms allow banks to digitize their entire customer journey from acquisition, to onboarding and servicing. They offer a range of features and capabilities that make banking faster and more efficient, including document collection, eSignatures, KYC processes and real-time collaboration.
For example, with mobile-first eSignatures, customers can fill and sign documents on any device, eliminating the need for physical paperwork. If documents need to be provided by the customer, they can be submitted and validated with a snap of a phone camera secure and timely manner. Remote KYC processes such as photo ID verification can reduce friction greatly and avoid inconvenient trips to a bank branch. Real-time collaboration allows customers to communicate with their bank quickly and easily, without having to wait on hold or send an email.
Platforms like this are designed to integrate with existing systems, making it easy for banks to adopt without disrupting their current processes to enable banks to speed up their customer interactions, improve their efficiency, and provide a better overall customer experience.
The need for speed in heavily regulated industries like banking is essential. By focusing on fast and efficient customer interactions, banks can provide customers with a better experience, improve customer loyalty and retention, and open up new business opportunities. By leveraging digital solutions, banks can streamline their processes and improve their efficiency. Platforms that specialize in digitizing customer interactions can help banks to achieve this, making it easier for them to adopt and improve their customer interactions.