Digital transformation, including business process automation (BPA), has impacted businesses of all industries.
Banking and finance BPA has revolutionized many back-end processes in these industries, and offered more convenience to customers as well.
Automating different workflows and processes can deliver a range of benefits for small businesses that invest in BPA or automation software. These may include advantages and cost savings in employee onboarding, customer service and back-end accounting.
What is BPA?
Even though we live in a digital world, many businesses still rely on paper processes or manual workflows for record-keeping, order purchasing or data collection and analysis.
The margin for error and resource-intensive frameworks required for these manual efforts can often lead to reduced efficiency and create problems later on — two issues every company wants to avoid.
Enter BPA, which Gartner® defines as "the automation of complex business processes and functions beyond conventional data manipulation and record-keeping activities, usually through the use of advanced technologies."
Along with the time and cost savings provided by BPA, the automation of tedious, repetitive tasks allows employees to focus on activities that leverage their unique talents and add value to the business.
The automation tools used by vendors and service providers can offer similar benefits, making interactions more efficient and saving you and your staff valuable time.
Key benefits of banking and finance BPA for your business
Banking and finance BPA is not something your company will implement on its own. Instead, the financial institution you work with will install automation tools that support effective business operations and provide a more positive customer experience. You may make use of these tools when you use a banking app or visit a financial institution’s website. Examples include:
Customer data management
Financial institutions can cut down on repetitive tasks related to data entry with a BPA system that manages customer data. Instead of manually requesting the full range of information needed from every customer each time one wants to open an account, request a loan or take a similar action, banks use an automated process to guide much of the work.
This offers a clear advantage for your business as well: Less time spent sharing the same details whenever the need arises.
Customer support
As a business owner or decision-maker, you want a prompt and relevant answer from your bank when an important or time-sensitive question arises. At the same time, financial institutions want to provide a response that aligns with your needs in an effort to provide the best customer service possible.
Chatbots and similar automated processes allow banks to provide basic answers quickly and steer customers with more detailed and complex queries to the staff members best equipped to answer them. This is a clear process improvement for banks that also leads to a faster resolution for your questions.
BPA tools for your own business
Along with the banking and finance BPA tools your business may utilize as part of its relationship with a financial institution, there are many solutions that it can implement for internal use. Depending on your company’s size, industry and business goals, you may consider:
1. Self-service tools
Consumer preferences have shifted greatly since the millennium. Today's buyers want as many self-service options as they can get.
Consider the rise in online banking. It is far more convenient to use a banking app, which allows you to check information and complete many tasks on your own schedule, than to visit a branch during business hours.
Giving customers a wide choice of self-service tools can help you anticipate their future needs. A user who grows accustomed to mobile banking may become interested in online investing and other digital financial services, for example. Offering more complex tools to manage investments or analyze account performance will help you meet and exceed customer expectations.
2. Automated sales enablement
Salespeople spend a lot of their time completing mundane tasks, whether it’s updating client data or cold-calling prospects that likely won’t convert. These activities lead to a loss of productivity that can hinder sales efforts, as you need your reps doing what they do best: selling.
One way to achieve that goal is through automated sales enablement. Sales enablement essentially means proactively providing your reps with all of the materials and coaching they need to make sales. With automated sales enablement, your reps can get instant updates on revamped marketing collateral or data on new markets.
Through this type of digital transformation, sales teams won't waste time searching through email for the right presentation or talking to prospects with no intent. Automating your sales enablement functions can help you streamline many back-end tasks and supercharge your sales talent.
3. Chatbots
Chatbots have become a constant fixture across the web. A form of automated customer service, chatbots are artificial intelligence-powered tools that can respond to customer questions and troubleshoot in real time.
Some may be hesitant to hand the reins of customer service to artificial intelligence (AI), but the upside is that customers can access immediate answers and resources without having to wait for a human representative to become available.
Chatbots provide a cheap and simple means for customer service, but they have to be optimized to realize their full potential. Intrusive and annoying chatbots may do more harm than good. Be sure to plan out the user interface and experience in a way that organically introduces chatbots to website visitors.
A futureproofed company
With BPA, your business is more prepared to handle crises or significant change. Chatbots, for example, can be programmed to easily handle questions that sick employees would normally field. The more workflows you can automate and digitize, the more resilient your business will be.
Want to talk more about ways to automate your business and what financial aspects to be aware of? Contact Comerica Bank today for more information.
