Many financial institutions are using advanced technologies in the front office while their back offices lag far behind. The introduction of smart processing technology can balance this dynamic and offer various applications such as improving sales force effectiveness, developing new products, improving risk mitigation, and enhancing corporate functions. One of the most important applications of smart processing technology is digitizing the customer journey—a process that will win hearts, minds, and profits.
Few financial services institutions have fully embraced digitization. While most have some degree of online and mobile banking presence, functionality is often scattershot and limited to the front end. In fact, our research shows that only about one bank in five offers consistent digitization for any given process.To materially improve the quality of the customer experience, banks need to do four things: adopt customer-centric design practices, redesign processes from end to end, apply digitization and process robotics to make those journeys efficient and responsive, and transcend organizational silos to internalize customer centricity throughout the business. Some banks that have taken these steps have increased their revenues by 25% and their productivity by 20% to 40%.