If you’ve ever applied for a mortgage, credit card or even a new savings account, you know how paper-intensive the process can be. Photo ID, tax returns, insurance forms and statements take a long time to compile and an even longer time to be processed by the financial institution. These initial and information-intensive interactions are vital early experiences that set the tone for what should be a long-lasting and mutually beneficial relationship between the customer and the financial institution.
AIIM’s recent research in the State of the Industry report identified “digitalizing” core organizational processes as currently the most important practice area for organizations relative to achieving their digital transformation goals.
Standing in long lines, filling out the same information over and over, delays in approvals—this is likely what pops into the minds of constituents when they imagine the process for enrolling in a government program or applying for services.
We continue to find gaps in automated processes where there are activities and tasks between systems, such as keying and re-keying information from one application to another, logging into supplier portals to gather information, and manual updating of financial data or ERP applications from Excel spreadsheets.
Predicting what’s next for digital lending is a challenge – and the best path for your bank on the road to digital might not be the same as that of your competition.
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.