Improve Banking Processes using Workflow Management
The banking and financial services industry provides multidimensional services, with several processes running at the front and back end. Several banking functions like account opening, accounts payable, closure process, credit card processing, and loan processing, can be effectively automated for a seamless customer experience.
Banking process automation enables improved productivity, superior customer engagement, and cost savings.
Introduction to Banking Processes
The first step to understanding the role of automation in the banking industry is to know the types of bank accounts and the services offered by banks. Banks are there to help you manage your finances. In an effort to help manage an individual or a business account, banks offer a number of services. Banking services at a glance:
Individual Banking Services:
Banks offer current/savings account opening, debit and credit card processing, insurance, and wealth management services for individuals.
Business/Retail Banking Services:
For business or retail accounts, banks offer business loan services, checking/savings accounts, debit and credit card processing, merchant services, and treasury services.
Digital Banking or Omni-channel Banking Services:
The disruption of technology in the banking and finance sector requires banks to offer digital or Omni-channel banking services to their customers. Typical digital banking services include
- Online, mobile, and tablet banking
- Mobile check deposits
- Text alerts, and notifications
- Online bill pay-services
Lending is another important banking service. Banks offer personal, business, home, auto and boat, and home equity loans. The loan processing and approval process eat up the productive hours of the banking personnel.
Banks are upgrading their services to suit the evolving needs of the millennial consumer.
In addition to the knowledge of bank services, we need to understand the typical activities that happen in a bank. Once we know the operational activities that happen in a bank, identifying the ones that require and benefit from workflow automation will be easier and more effective.
Operational activities in the banking industry are:
- Account opening and acceptance of deposits
- Lending of funds
- Clearing of cheques, demand drafts
- Remittance of Funds
- Operation of lockers and safe deposits
- Online bill payment
- Digital banking
- Credit and debit card management
- Wealth management
- Investment banking
- Overseas banking services