The survey found that even though customer onboarding is one of the most challenging aspects for banks, it’s only noted as their third most important priority. The survey also shows that 48% of executives say they want to accelerate onboarding and 33% want to improve it, yet it ranks low on their list – showing a strong disconnect between the data and executives’ beliefs about onboarding challenges.
say “improving customer
say “streamlining onboarding and
account opening processes”
Additionally, executive management is not investing in the right innovative technology that can help with these challenges, which is ultimately causing this disconnect: less than half of respondents say they use artificial intelligence (AI), only two-thirds use robotic process automation (RPA), and only 10% use process intelligence technology. And while 50% say their automation investments are paying off, more than one-third don’t have the visibility needed to make informed, intelligent decisions about automation investment ROI.
When asked what aspects of customer onboarding challenge their people, processes, and systems, 40% of respondents said that their biggest headache were challenges related to ID validation and verification, and 38% named lack of visibility. Furthermore, 40% admitted that they struggle with the same aspect and 25% said they need to improve their capabilities for this. Financial institutions must make smarter investment decisions when it comes to the latest technologies in order to address this challenge.
For example, banks can find a better way of completing ID validation and verification through AI and proof of identify technology. Proof of identity can quickly extract data from ID documents (driver’s licenses, passports, state/county IDs, etc.), proof of or supporting documents (utility bill, birth certificate, etc.), verify the document, and verify the person applying matches the ID through biometrics – easily validating that someone is who they say they are. It uses components including advanced mobile capture technology, classification, MRZ (Machine Readable Zone) reading, data extraction, and form prefill for ID reading, along with ensuring the ID is authentic and unaltered in the verification process, and ensuring the applicant is the owner of the ID through facial recognition, liveness detection, and comparison to the ID headshot.
Furthermore, financial institutions’ day-to-day operational processes may become unnecessarily complex, adding time and cost to routine tasks and impeding the delivery of responsive customer service. Intelligent customer onboarding automation using process intelligence can help enhance compliance, speed up processing, and improve customer satisfaction.
Financial institutions’ processes are growing in complexity and contain many manual tasks despite having a sleek interface in front of customers. They have handoffs with bottlenecks, error and omissions, and repeated data entry. These flaws can be detrimental to both customer experiences and the bottom line.
Having tools that offer process intelligence combined with no-code content transformation platforms will help financial institutions learn how their processes are executed and detect where and how to significantly improve them, as well as analyze transaction data in near real-time. This level of digital intelligence will empower them to improve customer service, identify processes ideal for RPA or robotic desktop automation, increase efficiency and eliminate wasteful rework, and more.
Bruce Orcutt, Senior Vice President, Head of Product Marketing at ABBYY
ABBYY empowers organizations to gain a complete understanding of their business processes and the content that fuels them with its Digital Intelligence platform. ABBYY technologies are used by more than 5,000 companies, including many of the Fortune 500, and are recognized for their leadership in Intelligent Document Processing (IDP) and Process Discovery & Mining for driving significant impact where it matters most: customer experience, effectiveness, profitability, and competitive advantage. ABBYY is a global company with offices in 14 countries. For more information, visit www.abbyy.com/company/about-us and follow us on LinkedIn, Twitter, and Facebook.
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