In the next few years, we will see a significant change in how banks do business, and how the consumers expect the banks to service them. With the exponential digital growth and today's digital consumer, we are seeing a brand new set of expectations, that the banks need to be able to cater to and deliver on. RPA can help with that. There are at least five steps to take the proactive role in the Fintech industry.
1. Agility – be prepared!
Based on case studies, with the right partner and solution, we see huge potential savings through automating basic tasks and processes. It also frees up employees and just imagine what those freed arms could offer your bank in new and additional value. Its about making sure that the employees don’t waste time on repetitive tasks, but are engaged in true cognitive based development, to stay competitive.
2. New disruptive companies
The market is changing fast – like other industries, the Financial Sector needs to act. Like the many other disrupters we have seen throughout our lifetime, the calculator, the mobile phone and so on, technology waits for no one. We are seeing new businesses startup within the financial sector, that offers easy everyday banking solutions, personalized investment solutions and new means of purchasing and transferring money. The industry is already being disrupted, and it will not stop. We are seeing a lot of outside companies enter the market, that are non traditional players – and not only do they enter, they are taking market shares.
3. Simplify – data is knowledge
Don’t see the disrupters as something bad. This is your chance to change and evolve your financial business into something better. By taking advantage of the technology available today, you can create a high performing business, where your employees are liberated from simple, repetitive tasks. Through RPA and process automation, you can simplify products, processes and pricing and free up your employees. With automation comes new insight into current and additional data – use this! Move your employees from repetition to focusing on bringing true development to your business adding new, exemplary value to your customers. This makes for a much stronger and better company, ready to seize future opportunities and that will be your key to success!
Todays customer is digital. We want easy and fast solutions, we expect personalized service whenever it is convenient for us, and especially the younger generations are much less loyal to a specific bank or service. The market has become liquid and even the things we used to view as set in stone have changed – or at least shed its static shell.
5. Thinking ahead
Just the other day, the first house in Denmark was bought with Bitcoins. Not only that, the transaction company Coinify stated that Bitcoin is a better choice for a transparent purchase solution. This is a direct challenge to the traditional banks, and leaves the market wide open. Only 20% of companies feel prepared for future demands.
To understand how to reach and interact with your digital customers and innovate your business, join our conference on Digital Customer Integration in Banking. The event takes place at 18th April at Copenhagen.