From Hours to Minutes: A seven minute loan story
Consumers want immediate, on-demand access to their financial institutions, but digital channels can’t provide that type of speed and convenience without an efficient digital back office. Today, financial institutions must operate more like smart, digital factories and move beyond mobile channels to adapt to new customer expectations.
The digital revolution has completely refashioned the way we approach our daily lives. Examples abound across industries of how companies have evolved their strategies to anticipate, meet and exceed changing consumer expectations.
Consider how Starwood hotels’ front desk associates used WhatsApp to communicate with guests before or during their stay, or how Amazon opened the doors to a checkout-free grocery store. These types of service, functionality, experience and fulfillment provided by other industries such as travel and retail set a high bar of expectation, which banks must now meet. The desire for immediacy and personalized service is driving more proactive digital strategies in the financial services industry, with the ultimate goal of improving the customer experience.
As banks and credit unions evaluate how to make strides toward achieving this overarching goal, there are several avenues worth exploring, starting with treating financial institutions more like a digital factory. Process quality improvements that are traditionally associated with manufacturing can dramatically advance the service areas of a bank by helping the organization become more efficient while also improving quality, reducing costs and risk, and increasing customer satisfaction.
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