In an age of “click and get it done,” customers are conditioned to expect business interactions to be simple, speedy and convenient. Applying for a credit card, for example, should be as seamless as snapping and sharing a photo from a smartphone. But if a business asks you to send documents by fax, email or mail/post? That’s very frustrating. Proving identity shouldn’t be so tedious.
In part 3 of our series, we asked Jim Marous, top 5 Fintech influencer and publisher of Digital Banking Report and The Financial Brand, to share how the most innovative banks have broken down internal barriers and his top 3 tips for banks seeking to digitize their processes.
Agents and advisors increasingly seek mobile document processing, digital client collaboration, and client self-service. Clients now demand greater choice and empowerment, with a digital-first omnichannel experience on their terms. Back- and middle-office operations personnel prioritize core system integration and flexible, automated and accurate compliance. And all of the above place process visibility high on their wish lists.
Welcome to the second blog in our series: Kofax Conversations – Thought Leaders Talk “What’s Next” in Digital Banking. Throughout our series, we are featuring exclusive interviews with industry experts to help create a snapshot of where banks are on the digital continuum, where they’re going and the steps they’re taking to get there.
In the previous blog, we discovered there are two sides of the information capture coin: capture of documents/emails (Cognitive Document Automation) and capture of electronic data (Robotic Process Automation). But information capture doesn’t exist in a vacuum; it needs a broader business process that orchestrates the document and data capture tasks and ultimately fulfills the customer request.
It’s no secret that manual processes make it hard to keep up with changing compliance regulations and customer demands for fast, frictionless onboarding. New regulations are seemingly added every day—from Customer Due Diligence (CDD), including Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, to newer General Data Protection Regulation (GDPR) and Financial Crimes Enforcement Network (FinCEN) regulations (just to name a few).