Introduction
Digital transformation has long been in the news for its positive impact on customers and organizations. It gives the organization credibility and dependability by ensuring that all functions are working toward the same goal of improving the customer experience.
Banks are also pursuing a variety of goals with their digital strategy, including new revenue opportunities, efficiency and productivity improvements, cost reduction, business resilience, and business model innovations.
Based on studies, digitally mature companies can reap the following benefits: +9% more revenue, +26% more profitability, and +12% overall higher market value.
A digital transformation journey isn't a one-step process from start to finish. Instead, it's a journey that often begins by checking for regular process leaks, working on departmental communication gaps, and harmonizing the enterprise workflow through typical digital applications.
First, let us understand how digital transformation works in banks.
Digital Transformation in Banks
Technology as a change agent helps banks re-imagine the entire process, people, and business models. Banks get to envision their vision and future goals while considering the pace with which services are delivered.
Banks' ability to streamline their operations, and continuously adjust and adapt to changes in customer preference and marketplace dynamics increases when they are IT-agile. There are many ways this agility can manifest in a business strategy, opening up new opportunities for growth and innovation.
Banks will be able to
- Deliver the services to customers via multiple channels. to access their banking needs on the go. This multi-channel digital approach makes communication more effective, making it easy to connect customers with the bank at all times. Self-service via digital channels enhances customer experience empowering customers and boosting engagement in business processes such as customer on-boarding, loan application, approval, etc.
- Able to streamline tedious and repetitive manual transactions, thereby satisfying the needs of its existing clients and attracting the interest of new customers
Document Automation
In banks, customer communications primarily happen through documents. Also, they are critical to maintaining legal compliance. Thus, one of the critical factors to the success of the digital transformation is the handling of documents and the information within them. Without accurate information and properly managed documents, any digital system is doomed to fail.
Banking documents use many different formats, ranging from fillable PDFs to flattened PDFs, and Word documents. Important data of the organization often resides in the core banking system, business applications, CRM, and other systems.
Document automation solutions help populate this data into document templates for creating documents in bulk or on-demand. They also allow banks to create document workflows for routing the documents for e-Sign, archival, etc.
Banks can take advantage of existing infrastructure and legacy systems by layering the document automation microservice on top of them. This makes them robust and flexible to address various pain points and business scenarios. This single microservice automates the generation of the entire organization’s business documents such as letters, statements, contracts, etc. It generates almost all major document formats including PDF, Word, Excel, TXT, PPTX, Images, etc, for omni-channel document distribution.
How Document Automation leads Digital Transformation
The primary goal of digital transformation is to streamline the banking infrastructure with the use of technology in order to reduce time-consuming processes and meet the evolving market needs and customer expectations.
Document Automation benefits both the customers and the banking personnel and management. Implementing it in back-end processes enables bank personnel and management to prioritize more important tasks such as decision-making in processes such as approvals, monitoring of transactions, and generation of important documents and reports. This improvement reduces stressful unnecessary workload, ensures that deliverables are submitted on time, and motivates the team to perform better.
By automating front-end processes such as customer on-boarding, loan approval, billing/purchasing transactions, and generation of bank statements, the banking industry gives the customers control over their financial transactions, therefore, minimizing delays, reducing errors, and improving the overall customer experience.
With the increased ease and accessibility initiated by document automation, banking processes will no longer be tedious and time-consuming for clients and potential customers. Customer on-boarding will be hassle-free and put the customers in control of their information. Through secured pre-filled digital forms, clients can issue requests such as loan applications without tedious data entry. Clients will also be able to easily preview their transaction logs and download transaction reports and statements of accounts, enabling them to easily monitor their financial status. And finally, the same document transparency will also allow the clients and the bank to easily detect fraudulent and unauthorized transactions.
Final Thoughts
There are countless possibilities to navigate the digital transformation at a bank. Identifying the core functions and aligning your visions and goals to the digital transformation makes it a smooth experience for your teams and customers.
Document Automation is the perfect start to Digital Transformation. Platforms such as EDocGen offer a low-risk investment with immediate returns to the business such as improving customer experience, streamlining business processes, enhancing employee satisfaction, and opening up new opportunities for continuous business growth and profitability.