3 tech tools to aid digital transformation in banking

Disconnected systems, siloed information, and manual processes are prevalent in many banks and credit unions. They are the symptoms of outdated technologies that result in reduced efficiency, poor communication, and inaccurate or incomplete information when supporting customer service or management decisions.

A true banking digital transformation is more than just modernizing online applications. Tying technology investments to internal business practices that focus on customer services can provide a clearer picture of operations for everyone involved. This clarity can increase the effectiveness of bank operations to drive growth and profitability. But advancements only offer limited benefits without an enterprisewide, interconnected approach.

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Adding operationwide platforms can strengthen technology investments

Silos limit the effectiveness of digital investments without a centerpiece that captures the sales and servicing activities. Before banks begin plugging technology tools into their business processes, they should implement a platform solution that spans the organization and connects disparate departments.

Core banking, loan origination, and digital banking systems aren’t designed to support the management of sales pipelines or provide nontransactional customer services. Instead, financial services organizations need something more to connect departments, reduce manual intervention, and allow for data accumulation and reporting.

A central platform can improve internal communication and customer service speed. It can also enable monitoring for customer fulfillment activities, workloads, and work activities. Three key technology investments can make this improvement possible: enterprise customer relationship management (CRM), robotic process automation (RPA), and automated workflows.

1. Interconnected CRM to bolster service

Interconnected customer relationship management to bolster service - Connect departments with a central platform

A single system that captures customer actions and the accompanying employee support is critical for visibility into customer experience and building effective operations. Core banking systems might have built-in, bare-bones CRM capabilities, but they usually don’t allow banks to manage services across the organization.

An enterprise CRM that threads customer information through departments – such as digital activity, retail visits, call center logs, and client servicing in lending – can provide a more complete picture of what customers are doing. Along with collective information, a service case management or ticketing system can capture and report customer requests, incidents, or reportable events so that the organization can track and manage customer servicing and sales activities and identify the cause of workloads and their effect across the business.

2. RPA to enable employees

Robotic process automation to enable employees - reduce error and burnout

RPA takes labor-intensive, repetitive tasks out of the hands of humans. Pulling, checking, and sorting forms, messages, or data that live across the organization can be tedious and burdensome. RPA software tools, known as bots, can be deployed to operate simple, clearly defined tasks to reduce the risk of human error and burnout.

RPA is relatively easy to set up and deploy, and it allows employees to focus on higher-value work. It allows employees to spend time on responsibilities that require judgment, unique answers, or a personal touch while bots handle large volumes of laborious work quickly and uniformly.

3. Integrated workflow automation to streamline processes

Integrated workflow automation to streamline processes - Accurately asses your processes

Automating workflows can move banks away from human-centered processes that require employees to collect, route, and escalate documents. Introducing processes that automatically route forms, provide information, and deliver notifications according to specific rules can create more efficiency. When there’s a job to be done for opening a new account or servicing an existing one, employees no longer have to search for required documents, and they don’t have to decide where to send the documents next.

Automating workflows also yields a clearer picture of queues, activity, and throughput by measuring activity. This window into operations can help banks accurately assess and redesign their processes. Time lags between steps and backlogs in the process become visible in real time through dashboard technologies for management.

Technology investments offer stronger returns when they work together

Technology investments can deliver benefits, but they’re only pieces of an enterprise digital transformation that can help financial services organizations realize their full potential. Executives should seek buy-in across the whole enterprise so wealth, retail, commercial, and operations can work together.

Crowe can help support a holistic digital transformation in banking

The digital transformation in banking process begins with an organizationwide review, but understanding your organization’s potential is only the first step.

Crowe specialists have deep expertise for every corner of your financial services organization, and our consulting teams have first-hand experience with technology, regulatory compliance, risk management, and business functions.

We’re skilled in the organizational deployment of technology, and we can help you improve processes, put systems in place to measure success, and help you realize your organization’s full potential. Our teams will walk alongside you and help you draft a road map, coordinate improvements, and keep developments on track.

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Crowe can support your bank’s digital transformation to improve efficiency and better position the organization for profitability.