Customer Experience 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.

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