On the surface, the banking industry as a whole has experienced significant progress on its digital transformation journey. In large part, this is driven by growing customer expectations for online and mobile banking. As Forrester highlights: “the acceleration of contactless and mobile payments, and a mushrooming of QR-code, order-at-table apps” are just some of the seismic shifts we have seen in the industry. All digital. All driven by demand.
This is great for consumers. But where does this leave banks who must not only keep up with customer expectations but overcome increased competition? At Nintex we like to bang on the “digital transformation is a journey not a destination” drum. And this is particularly relevant here. Yes, many banking organizations should be rightly proud of their digital successes; however, there is a continued need for more progress. Digital automation in banking is as much of an imperative as ever.
Racing ahead, falling behind, lost in the mist?
Banks are increasing their arsenal of digital assets year on year. Is that a success in and of itself? Yes. But if we dig deeper, we quickly see an industry in need of further digital growth.
The Financial Brand publication suggests that banks are struggling to keep up with customer expectations for digital experiences. Many banks are losing confidence in their ability to stay with the flux. Research shows that levels of self-defined “digital transformation maturity” have fallen in 2022 compared to 2021. As banks pump investment into their digital infrastructure, it would be expected that maturity would increase. But unfortunately, no.
It’s not because banks are investing less or going backwards. It’s because the customer demand for mobile-first digital experiences continues to run away, way out ahead. No one can keep up.
Added pressure comes from increased competition within the sector. There’s a surge of new digitally native businesses entering the market. Whether an incumbent or a challenger, there’s pressure to innovate at all levels to stay relevant in such a fast-paced ever-changing landscape.
So, to summarize: there’s a real need to innovate, primarily in customer experience. Banks must meet, if not exceed, their customers’ increasingly high demands for seamless digital experiences. And crucially, they must do it better than their competitors. Digital automation in banking is the answer.
Three tips for digital automation in banking
So, what must banks do? Here are three tips:
- Keep pushing forward.
It’s crucial to continue investing in rapid digital growth. Work on your digital transformation strategy. Get it right. Look for quick wins. Bring in the right technology. Look for low/no code solutions. This will empower line of business employees to drive digital change in their own areas of focus. Not only does this increase the number of employees within your organization who can make substantial digital changes, but it means process change is directed where it will have the greatest impact for end-users.
- Build around data and artificial intelligence.
How an organization uses data is perhaps the greatest business differentiator today. Developing innovative solutions to transform customer data into personalized customer experiences is key. Artificial intelligence has a critical role to play too. There are many ways organizations can leverage data and implement AI. But what’s key is that whatever AI solutions you deploy, there is a plan. And that your AI, data, and other systems are integrated and connected. And don’t forget your people and processes. AI is there to work side by side with human actors, to make their lives easier, and to improve the quality, consistency, and accuracy of data work.
- Automate everywhere.
Whether it’s automating customer experiences through personalization and self-service or looking to automate back-office processes—you need to be open-minded about what, where, when, and how to automate. If your organization’s main goal is to deliver better customer experiences, then don’t forget that innovating in employee experience can help. Streamlining everyday processes boosts productivity and improves employee satisfaction—which will funnel directly into greater customer experiences, improved competitive edge, and ultimately the bottom line.
Build the bank of the future with Nintex
The Nintex Platform offers the complete range of process automation solutions—from document generation and workflow automation to robotic process automation. Everything you need to create seamless innovative experiences for your customers and employees. At Nintex, we’re dedicated to providing our banking and financial services customers with the best process automation on the market.
To learn more about digital automation in banking and how Nintex can help you drive organization-wide digital transformation, get in contact with the Nintex team today.