The modern banking industry is evolving rapidly, which is good. It’s good because the top executives bring fresh ideas and innovative solutions to keep financial institutions relevant to the way younger generations manage their finances. Many might feel these thought leaders just “catch a lucky break” somehow. But after doing a little more investigating, we found that there are some tools they’re using to make their own luck this year. Here’s what you need to know.
The top banking executives are focusing on ONE thing right now:
Innovating and improving the client experience across all channels. Easy, right?
You’re likely saying, “I do that too, but why don’t I get the same results?”
The biggest problem most financial institutions face in attempting this is often the challenge of balancing innovation with compliance and regulation.
Financial institutions operate in a heavily regulated industry, with a complex web of laws, regulations, and guidelines that govern everything from client privacy to risk management. This means that any new innovation or technology needs to not only meet the needs of clients but also comply with these regulations.
They also often have legacy systems and processes that can be difficult to integrate with new technologies, making creating a seamless and unified client experience challenging. This can also slow down the pace of innovation and make it harder to keep up with newer, more agile competitors.
Not to mention the fact that financial institutions constantly have to prioritize security and data protection to ensure that client information is safe from cyber threats. As technology advances, so do cyber-attack methods, which can pose a significant risk to the financial institution’s reputation and client trust.
All these challenges can make it difficult for financial institutions to innovate and improve the banking experience, but with the right strategies and partnerships in place, they can overcome these obstacles and create better, more innovative solutions for their clients.
That’s where embedded fintech and workflow automation comes in.
Embedded Fintech is Your Friend
Roughly 90% of global fintech companies rely on AI and machine learning to enable and improve their services. Then, these fintech companies provide ready-made solutions so that financial institutions to improve their service capabilities faster. And it’s all made possible through API connectivity.
Can’t see how this helps? Alright, picture this: your clients stroll into your local branch, and they’re met with a state-of-the-art digital experience that’s seamlessly integrated into your existing infrastructure. They can check their balances, transfer funds, and even apply for loans, all within the same system. It’s like magic, but with way less rabbits.
And that’s just the beginning. With embedded fintech, your clients can access these same services from the comfort of their own homes, too. No more waiting in line or dealing with outdated systems. They can do everything from their smartphones or laptops, and it’ll be just as easy as ordering a pizza (well, almost). But we’re talking about things like:
- Enhanced CX through seamless integration of banking services into all of your existing systems and processes
- Personalized client offerings through the collection and analysis of data
- Increased operational efficiency through automation of manual processes and reduced reliance on legacy systems
- Improved security through advanced fraud detection and prevention measures
- Expanded client reach through digital banking services accessible from anywhere
- Faster time-to-market for new products and services through agile development and testing methodologies
- Cost reduction through the elimination of redundant systems and streamlining of processes
- Increased revenue opportunities through new revenue streams, such as partnerships and white-label solutions
- Improved compliance through integrated regulatory and compliance controls
But here’s the real kicker: all of this convenience and ease of use translates into happy clients. And happy clients mean increased loyalty, better engagement, and, ultimately, more business for you. Plus, with all the data that embedded fintech can collect and analyze, you can further personalize your offerings and tailor your services to your client’s unique needs.
Automation is Your Best New Hire
No, we’re not suggesting that you replace your FTEs with machines, but we are saying that integrated machines can automate workflows within the branch and augment your staff’s effectiveness and efficiency.
For instance, instead of spending hours on end sorting through paperwork or manually processing transactions, your employees have the power of automation at their fingertips. They can easily automate routine tasks like data entry and transaction processing, leaving them with more time to focus on higher-value activities like providing personalized service to your clients. Some great benefits include:
- Enabling employees to access real-time data and insights, leading to more informed decision-making and improved problem-solving abilities
- Enhancing collaboration and communication among employees, leading to faster and more efficient service delivery
- Boosting employee morale and job satisfaction by reducing frustration and increasing efficiency, ultimately leading to improved service and a more positive client experience
Plus, with the help of automation, your employees can avoid pesky errors and ensure a higher level of accuracy in their work. No more typos or data entry mishaps – everything is taken care of automatically and with ninja-like precision.
And the best part? Automation doesn’t need vacation days or sick time. It’s always on, always working, and always ready to help your employees crush it. So, if you want to boost efficiency, save time, and empower your employees to be their best selves, automation is the way to go.
Trust me, your employees (and your bottom line) will thank you.
If you’re a banking executive looking to modernize your services and level up your client experience, you don’t have to rely on luck. You can take matters into your own hands by leveraging connectivity and workflow automation across all your client’s banking channels.