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How Process Intelligence Makes Your Bank More Competitive

Blog: Kofax - Smart Process automation

Is your bank giving customers a good first impression? Unfortunately, many banks lose customers as soon as they win them. Poor onboarding turns off customers and drives them to look for other options.Process Intelligence Onboarding Screen shots (1)

Sixty-four percent of banks have reported lost deals and revenue due to problems with their onboarding.[1] The top 100 institutions have a 25%-40% rate of attrition, losing $400 in revenue with each customer[2].

The bank with the best app wins

Today’s customers expect banks to have fast, reliable, and secure services. They chose institutions that offer the best apps and most convenient banking.

But many financial institutions fail when it comes to speed and convenience.

For example, customers may apply for loans online, believing that the online application will be quick and easy. However, customers don’t know that complicated manual processes are hiding behind the “quick and easy” application.

Since the web application doesn’t communicate with the bank’s other back-end systems, customers may need to wait days/weeks for someone to manually review their loan. It’s no surprise that the abandonment rate for new account applications can be as high as 90%.[3]

It’s not just about collecting data … it’s about taking action based on your insights

To retain customers, banks must automate their back-end functions. Automation improves your onboarding processes, allowing you to provide customers with faster, more convenient services.

The most successful banks are implementing solutions that allow them to achieve straight-through processing (STP) on new accounts. This reduces onboarding delays and allows your bank to be more responsive. By providing better, faster services, you can reduce attrition and increase the lifetime value of each customer. Automation also simplifies your back end functions – reducing the costs of processing new customers.

Get a 360° view of your operations with process intelligence

To automate your back end operations, you first need to see what’s going on. You can gain a clear picture of your operations through process intelligence (PI).

PI collects data on your business processes and workflows, so you can identify the weak spots in your onboarding and customer engagement.

For example, PI can show you which customers are diverging from your onboarding path and where they are getting lost. This allows you to correct the process, so you can delight and retain your customers. With PI, you can also:

And the benefits of PI don’t end after you’ve successfully onboard a customer. PI analytics continue to work behind the scenes – collecting data that will help you improve even more of your processes. While most analytics tell you what happened in the past, PI gives you visibility into what is currently happening, so you can take action in near-real time.

Here are just a few of examples of how banks leveraged PI

How PI makes banks more competitive

PI gives you a clear picture of your processes, so you can streamline your onboarding and retain more customers.

Learn more how Process Intelligence can benefit your bank.


[1] Forrester
[2] Digital Banking Report
[3] Cornerstone Advisors

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