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Creating Your Future-Ready Financial Enterprise

Blog: Kofax - Smart Process automation

It’s likely that your financial institution has already implemented various forms of digitalization to streamline business processes and attract and maintain customers. But in that quest, do you have a firm thumb on the pulse of your customer’s overall satisfaction with your organization?Creating Your Future-Ready Financial Enterprise. (1)

Gauging customer experiences and satisfaction not only reveals your current digital effectiveness but can serve as a guide in creating a highly competitive “future-ready” enterprise.

For example, if you are successfully engaging customers via online, mobile, social media or in-branch, but still ask customers to enter their information each time they apply for a credit card or auto loan, then you’ve inadvertently lit a frustration fuse that can make you vulnerable to competitors who’ve already eliminated that hurdle.

Or perhaps you’ve got an impressive outbound customer communications program in place that is timely and customized to their preferences but cannot deliver customer data in near real-time across all channels. This too can shake customer confidence in their ability to access account information anytime and anywhere they need it.

Together, these factors can contribute to your customer’s loyal, long-term patronage, or whether they will seek a better provider fit elsewhere. This is especially true of Millennials who have grown up with a spectrum of digital engagement—from entertainment to purchasing preferences—and who are impatient with digital bottlenecks.

Building a cohesive digital infrastructure

The secret to ensuring a future-ready enterprise is found in your digital foundation. By effectively leveraging your existing core legacy systems with a flexible and scalable single platform, you can automate back-office and front-end processes, enter customer information one time and synchronize the data across all system applications, and easily expand your digital capabilities when needed.

As your management team and/or key department stakeholders scrutinize end-to-end business processes from the customers’ point-of-view, you can better determine where the gaps are and how to turn a potential roadblock into a customer success story. Moreover, this kind of platform power significantly reduces the need for constant IT involvement—giving you a competitive edge in meeting your customer’s needs more quickly and efficiently.

Harnessing the future with e-signatures

One digital solution that is helping lenders upgrade and speed the loan process, improve customer experiences and ensure regulatory compliance is e-signatures.

Here’s a quick snapshot of how e-signatures can take your organization to the next level:

Quicker Loan Closures – The traditional paper-based retail loan process requires multiple steps between the lender, possible channel partners such as retailers or car dealers, and the consumer before it is successfully closed. Any manual errors or miscommunication along the way can result in frustrated customers abandoning the application altogether and seek to fund elsewhere. E-signatures eliminate unnecessary application and funding delays by closing the processing gap in just two to three hours in most cases, instead of two to three days.

Mortgage loans are much more complex and require even more legal paperwork that can take up to 45 days to process. Digitizing the process through e-signatures can compress the timeline by up to 21 days by some estimates, cut costs and increase customer retention.

Customer Satisfaction – E-signatures provide a self-service option that increases both customer satisfaction and revenue. By enabling customers to sign electronically on their own mobile devices any place, anytime, the purchasing experience becomes seamless, faster and more convenient—whether facilitating in-store loans for consumer purchases or while customers are sitting with their tablets comfortably on their couch at home.

Ensuring Compliance – Nothing can interfere with productivity and profitability quite like trying to manage ever-changing regulatory requirements. E-signatures can eliminate several manual steps in the loan process, improve data quality for better compliance, and help reduce the incidence of fraud.

Creating a digital environment that positions your enterprise for success now—and well into the future—is a strategic, step-by-step process that’s undergirded by a broad platform. But incorporating e-signatures into the digital mix is a great way to help you get there faster.

Download this EBook, Simplify Consumer Lending with Paperless Signing – Accelerate sales and satisfy customers with digital convenience

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