Customer Acquisition in Financial Institutions

Strategic Capability

Managers in banking and financial institutions today understand that customers expect a seamless and easy experience. To accomplish this, the organization needs to be capable of:

  • Letting the customer do as much as possible on their own
  • Communicating with the customer in any way the customer chooses
  • Responding to the customer as fast as possible
  • Minimizing customer frustration

Delivering that experience means having systems and processes performing a wide range of activities, including:

  • Allowing the customer to make updates on-line
  • Communicating across any channel, whether over the phone, web chat, email, or SMS
  • Responding to inquiries such as a Qualified Written Requests
  • Processing applications for new financial products
  • Gathering and preparing documents during a loss mitigation process
  • Guiding and following up with customers during a loan application

The list goes on, and at every customer touchpoint there are different technology systems, teams, and processes that need to be coordinated and monitored for compliance.

How RPA Fits In

For each of the activities, robotic process automation (“RPA”) is deployed to decrease turn-around time, bridge technology gaps, reduce errors, and help meet your service levels to the customer. All along the process map, RPA is plugged in to:

  • Gather and package documents
  • Collect data across multiple systems and vendors
  • Make routine updates to systems
  • Bridge technology platforms that do not “talk” to each other
  • Sending customers updates to application progress and follow-up

For each of the actions that RPA performs, everything is logged and tracked for compliance.

Take-Away Thoughts

As you think through your organization’s customer experience capabilities, track response times, error rates, and any other customer SLAs that you have set for yourself. OneLeap recommends including these in your ROI measure for technology, including RPA. Along the development process, ask how effective the bot will be at meeting those SLAs. RPA is a tremendously flexible tool and can be pointed at countless use cases. However, if your goals are centered around customer impact, your bots should be too.

If you are building out and improving your customer experience abilities, contact us at rpa@oneleapconsulting.com.

Let's Get Started.

Contact Us

Read More

2/12/2021

Digital Transformation in the Insurance Industry

Evolving regulations, low premium growth, and increased competition are just some of the insurance industry’s major challenges. To overcome them, insurers must achieve operational excellence by streamlining back office and customer facing processes to achieve efficiencies.
Read More
2/8/2021

Operational Leverage in Financial Institutions

With increases in compliance measures and growth ambitions, adding headcount is often the response to mounting number of tasks that need to be carried out in a financial institution. Adding new customers and expanding existing relationships naturally means more activity, but even at a steady volume, changes in regulations could mean more work for the same amount of revenue. In this environment, managers seek out solutions for operational leverage. How do we do more with less?
Read More
2/1/2021

Improving Patient Experience

Health systems can improve patient experience by reducing busywork for providers, administrators, and patients, thus making patient encounters more seamless and successful.
Read More
1/24/2021

Customer Acquisition in Financial Institutions

Building out the strategic capability of delivering an excellent customer experience requires the coordination and fine-tuning of many processes, teams, and technology. RPA can help.
Read More
1/15/2021

Healthcare Revenue Cycle Performance

When automation is applied appropriately, health systems can realize fewer errors and reduced costs — both of which will lead to higher quality, more cost-effective care.
Read More
1/5/2021

Customer Experience in Financial Institutions

New customers expect to never step inside a branch, delivering on that expectation requires technology that can bridge several different systems.
Read More
8/9/2020

RPA and the Ability to Pivot

When the Paycheck Protection Program (“PPP”) was announced there were few details but there was one certainty – nearly every single business that qualified would be in line to sign up. As the launch date approached banks scrambled to get processes in place, small business CFOs got their paperwork in order, and the Small Business Administration (“SBA”) exclaimed their application and management system ‘E-TRAN’ was ready to roll. Then, E-TRAN crashed.
Read More
7/24/2020

Too Busy for RPA?

Concerns such as “not having the bandwidth” to initiate RPA are akin to firefighters saying they don’t have time to stop their bucket brigade to switch to a fire hose or a lumberjack saying he doesn’t…
Read More