Digital transformation, or the adoption of business intelligence solutions like cloud and automation tools, has completely changed the way we go about our business as we know it. Banks, among the world’s most powerful enterprises, are not any different.
Whether local banks or international conglomerates, business intelligence ensures that you have full control over your processes, that those processes are streamlined, and that decision-making regarding each process is data-driven and accurate.
How? Let’s take a look.
Banks have always been known for paperwork, for menial tasks such as filling forms and submitting them.
But no more. Tools like Robotic Process Automation (RPA) can eliminate paperwork, automating tasks like generating forms as well as filling them. Of course, working smart goes much beyond eliminating paperwork.
Going digital means you can track every process from one place, ordinarily called a dashboard. What’s more, as you track disparate processes, you generate mountains of data, which when analyzed offer you deep insights into your enterprise that cut across a range of processes.
These insights can enable you to understand your customers in greater depth, for example. This is called customer analytics. Or the insights could also power sales analytics, the practice of understanding your sales funnel in more detail.
In fact, business intelligence tools are also capable of visualizing data. Which means that not only are the mountains of valuable data available in one place, just a click away. But through data visualization, it is also easily understood.
Naturally, as paperwork goes down, efficiency goes up. The increase in efficiency has two sources —
- Employees, with access to a digital assistant, get more work done
- Customers can be onboarded and use your app instead of visiting the bank
In short, when things go digital, everything becomes much quicker and more productive. Which makes time for more business to be done.
But high productivity and time-efficiency are just one side of efficiency going up.
The other side? Costs go down. Way down.
Acquiring, servicing, or retaining customers is way faster, cheaper, and convenient on digital platforms like an app or website, than it is in person, where they might have to wait in queues. (Don’t forget to maintain social distancing.)
And besides getting more done, the time you save can be used to focus more on the bigger picture, identifying what is next for you in the future, what are your values and goals, what is your business proposition for the next generation of customers (who, by the way, prefer pretty much every service online).
That’s a lot to think about.
And that’s just the beginning.
As enterprise intelligence tools get more advanced, their scope of ‘intelligence’ also widens. In other words, they become capable of automating more complex tasks than collecting and sorting data.
One thing that is bound to be on the top of the list is personalized products: offering your customers products or services that are tailored to their needs and goals, which are reflected in their unique data.
This data is generated as they interact with your website or app, engage with your content online, participate in customer surveys, and through other ways customers get in touch with you.
Offering your customers just what they need, based on your understanding of their behavior is how you make the most of customer and sales analytics.
That’s how you drive revenue. But why stop there?
Personalization can also be extended to experiences.
Imagine navigating an app or website where finding what you need is just a tap away. An offer or advertisement best suited for you? Here it is!
And what about customer service? In the future, sophisticated RPAs that can process language naturally can be employed as chatbots to solve customer problems without worrying about human resources. Plus, they work 24×7!
Customers are always right. But personalized experiences also make sure that they are front and center.
That’s how you drive customer satisfaction. That’s how you transform banks using business intelligence solutions.