A number of pain points in the credit process were antagonizing customers in addition, they were making the work of the bank less efficient, thus increasing costs. (For a more detailed example of a reinvented journey, see the sidebar “Digitizing the Credit Journey.”)Ī leading Northern European bank chose to begin the digitization process with its credit journey for corporate customers. As a result, the bank reduced its turnaround time by more than 60%, greatly decreased manual rework, substantially improved customer satisfaction, and cut operating costs by 30% in some product areas. It reduced the number of documents required by the process and created a common online workspace that enabled direct and efficient interactions-whether customers were uploading materials, using facial or voice authentication, or tracking the bank’s internal process steps. It introduced a fully digital onboarding process, including revamped customer interfaces, digital capturing of customer requests and signatures, and an automated quality check for uploaded documents. One leading European bank chose to begin its transformation by rethinking the journey to becoming a corporate banking customer. And they need to support these new journeys by optimizing their business processes from end to end, integrating digital tools throughout. They need to reinvent their most important customer journeys to resolve their clients’ key pain points and overcome internal challenges. To catch up, they need to do much more than simply create a new user interface or introduce a new digital tool in isolation. Yet corporate banks have been slow to introduce new digital technologies. And they never want to complete the same form or send the same documentation twice. For example, they want a single login page for all active services seamless transfers of data between the website, their mobile device, and their relationship manager (RM) and the ability to view their balances and conduct transactions online. Recent BCG interviews with bankers and corporate customers reveal that-along with cheap, reliable financing, of course-what corporate banking customers want most are simple, straightforward transactions and the option of self-service. Despite the obstacles and risks, some of the more innovative corporate banks have already begun to make great strides in this direction, creating digitally enhanced customer journeys and putting today’s technologies to their best use. They can do so by fundamentally reinventing their customer journeys through a balance of digitization and personal service, supplementing in-person interactions with convenient online tools that allow relationship managers to focus on the essentials. Nonetheless, corporate banks can differentiate themselves from the competition and generate real value. And the cost of failure can be enormous: compliance breaches can lead to fines and reputational damage, important customers can defect to the competition, and even one defaulting client can result in substantial loan losses. Processes for verifying client identity and preventing money laundering are highly complex, as are credit analysis and credit risk management. The product universe is large and often tailored to the individual customer. In fact, many still operate as they always have-gathering documents with cumbersome, manual processes and relying on meetings, calls, and emails alone to interact with customers. While some banks have responded with an attractive online presence or new technologies, such as voice or facial recognition, most are well behind their retail counterparts in introducing digital tools. Today’s corporate banking clients want the efficiency and convenience they experience every day on retail websites such as Amazon and eBay. Technology, Media, and Telecommunications.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |