Nearly half of banking executives in a new survey say they need to streamline and accelerate the customer onboarding process. Many, however, are not investing in automation technologies they need to accomplish this, according to Digital Strategies in Financial Services, a report from process intelligence technology provider ABBYY.
Less than half of those polled say they use artificial intelligence (AI), only two-thirds use robotic process automation (RPA), and only 10 percent leverage process intelligence technology. Executives who have made investments in these technologies need more insight into how effective they are. More than one-third reported they don’t have the visibility needed to make informed, intelligent decisions about automation investment ROI.
There are multiple challenges around customer onboarding that banks encounter frequently. Many involve processes and tasks that could be automated to gain efficiency. Forty percent of executives polled in the ABBYY survey said ID validation and verification was their biggest onboarding challenge, which AI and RPA technology can help with.
“Financial institutions’ processes are growing in complexity and contain many manual tasks despite having a sleek interface in front of customers. They have handoffs with bottlenecks, error and omissions, and repeated data entry. These flaws can be detrimental to both customer experiences and the bottom line,” said Bruce Orcutt, Senior Vice President, Head of Product Marketing at ABBYY. “Having tools that offer process intelligence combined with no-code content transformation platforms will help financial institutions learn how their processes are executed and detect where and how to significantly improve them, as well as analyze transaction data in near real-time. This level of digital intelligence will empower them to improve customer service, identify processes ideal for RPA or robotic desktop automation, increase efficiency and eliminate wasteful rework, and more.”
According to the report, 43 percent of respondents claim they can onboard a customer in a few days. Nearly a third say it takes them more than a week, including some bank that can take months.