Automate Data Collection to Achieve Operational Excellence in Financial Services

In the past two years, the pandemic has taught companies many hard lessons. Unfortunately, most were not prepared for the onslaught of remote workers, upheaval in the supply chain, and the massive labor shortage – highlighting operational resilience as a key issue for financial services companies. Even pre-pandemic, given the rising amount of data collection in siloes, organizations needed solutions for aggregating smart data to allow business leaders to make better decisions

The emphasis on operational resilience in the financial services sector stems from the emergence of the new digital customer. They want it all-digital, all of the time, and at the best price. Legacy financial institutions need to automate processes, from accounts payable to resource planning and data collection, to remain competitive or risk being replaced by fintech startups.?

Poor customer onboarding is costing financial institutions 5.7 billion Euros each year. This new era of automation will satisfy customers who no longer are waiting over 2 hours to open accounts online. This is also true in the insurance industry where customers are expecting a policy opening in minutes with a claim resolution in hours, not days. To make automation at this level a reality, data collection must come first.

Managing data collection

To make the transition, legacy firms need to get better at data collection to improve their customer service. Housed within siloed databases, business applications, and analytics from call service centers, there is a gold mine of customer and operational data waiting to be mined. Process discovery is AI-powered technology that can work automatically behind the scenes. It has the ability to observe, learn, and recommend the best way to complete a process, piecing together a comprehensive picture of manual business processes.?

Before financial services companies can jump into using tools like AI-based chatbots, attended and unattended automation, BPM, digital signatures, low code/no code software, digital forms and other technologies, the first step is to get an accurate assessment of which processes are best delegated to a bot, and how bots can make processes more efficient, which in turn creates a better customer experience.

Solving the data collection problem

Simply manually wrangling massive amounts of data in disparate locations is an impossible task for any human. Financial organizations need to identify which tool is best to automatically optimize these processes to achieve operational excellence. Customers are increasingly interested in finding mobile, all-in-one solutions that are easy to use and consolidate many tasks from a single vendor.? In the background, a massive amount of process re-engineering and adoption of new cloud-based core technologies are churning away. But to the customer, the growing number of automation applications and services will be transparent.

The pandemic really gave the banking and finance sector insight into how automating data collection can improve operational resilience. Our customers, including five of the top global banks, have already streamlined their operations by using Process Discovery and Appsight to better collect data about their processes, efficiency, and how their employees are interacting with customers. Based upon their successes, the growth of enterprise automation in the cloud will yield improvements in first-call resolution (FCR), reduce average handle time (AHT) and FCR to immediately result in better customer experiences, increase adoption and scalability, and enable further digital transformation.

To learn more about Nintex-Kryon’s automation solutions, please visit our website.