The Role of Automated Processes in Digital Banking

The role of automated processes in digital banking is most visible when we look at the challenges that financial institutions currently face, many of which can be solved by automating certain tasks. Let’s see them now.

1. Lengthy, Inconvenient Customer Onboarding

With more and more customers joining the mobile-only group, customer onboarding becomes a strenuous task. It takes time, involves numerous rigorous procedures, and might discourage many potential customers. The answer to that is simplification, one of the ways to boost online sales in banking in general.

With automation, you can make the whole onboarding process much simpler for the customer. Automated biometric identification will let customers go through this step quickly, and systems working on performing repetitive tasks will reduce delays, making the customer happier and more likely to go through the whole process without abandoning it.

2. Lack of Personalization

Customer-centricity is the principle of business right now, and banks cannot avoid it. Yet, with so many clients, it often becomes difficult to personalize the offer or sales proposals to each customer, making them feel less cared for.

Automation, combined with AI, might also be of help in this case. Automated data analytics processes can provide your agents with detailed info about each customer, summarized in a nutshell, or even generate product recommendations tailored to the needs of each of your clients.

3. Rising Operational Costs

Renting space, purchasing properties, paying salaries to numerous low-skilled agents – all these operational costs grow rapidly, decreasing the profitability of banking institutions. Optimizing processes in digital banking and automating them might help cut those costs down.

Take, for instance, an AI assistant – a set of solutions helping customer agents solve queries more quickly, like AI Helper and AI Prompter. The former helps cut down the time spent by the agent on preparing the message and searching for information, while the latter lets experienced agents navigate through bank regulations, fee tables, and promotional offers more quickly. In the end, both of these functions improve the productivity of your agents, letting them handle more queries, reducing the demand for agents in your banks, and all the costs associated with hiring more of them (energy, water, space rental, etc.).

4. Security Threats

Security in online banking is one of the main challenges that financial institutions face nowadays, with the number of threats and access points constantly increasing. How can automation help with that?

Machine-learning-based automated processes may be introduced to monitor the security of the network. Such systems can be taught based on historical data and send alerts when they find indicators of malicious activity.

What Processes in Digital Banking Can Be Automated?

Processes can be automated in almost any area of digital banking, though they might take different forms or require additional technology (e.g., AI). Here’s a brief overview of where you can implement automation.

• Customer support – Through chatbots and AI assistants, to improve the speed and accessibility of support.
• Loan decisioning – Automated systems may analyze the data to make loan approvals more quickly.
• Account servicing – If certain processes (like opening/closing an account) are automated, customers don’t have to visit a physical branch to manage their account, and the employees don’t have to bother with the simple tasks (e.g., activating credit cards) manually.
• Fraud detection – Automated data analytics based on AI is an excellent eKYC solution that helps detect fraud based on patterns and historical data.
• Security – As mentioned before, automated processes might be implemented into security monitoring for threat detection.

How LiveBank Helps in Optimizing Processes in Digital Banking Customer Service?

So, what about our digital banking solutions? How can you use them to automate processes in your bank? Here’s a short list of the possibilities:

• AI assistant – Our AI assistant for banking is a tool that will let you automate your customer service. It can be fed with all your regulations and procedures and solve queries without involving the customer service agents. It will also suggest products for the particular customer and help you adjust the tone of voice in chat to deliver the best possible customer experience.
• eKYC – LiveBank’s eKYC solution, on the other hand, offers you the option to leave the customer verification manual or automate it (partially or fully), making this customer service element more satisfying for the customer and quicker for the agent.
• Opti- and omnichannel approach – Finally, our omnichannel banking platform will help you automate data processing across channels to deliver consistent customer experience across all channels and pick the preferred medium of communication for each customer.

Optimizing Processes in Digital Banking: Conclusions

Banks are facing numerous challenges that can be solved with automated processes, the technologies for which are widely available. Investing in digital banking process optimization and automation is crucial since it pays off in higher customer satisfaction, quicker customer service, and lower operational costs. However, we mustn’t forget about the human touch. Contact with an agent is, in many cases, the best solution available, so the key is to balance between automation and manual processes.

You may also read: The Impact of Mobile Apps on Customer Service in Digital Banking

Embracing the Pulse of Innovation in the Banking Landscape

Returning from the dynamic setting of Money20/20 in Las Vegas, the LiveBank Team returns with a wealth of discoveries and insights that shed light on the evolving roadmap of banking. The conference proved to be more than just a gathering of minds; it served as an exploration into the intersection of technology with the core of banking.

At the heart of our discussions was the resonating theme of technology’s intersection with humanity in banking. The days spent at Money20/20 weren’t just about banking trends; they were about capturing the essence of where banking, driven by AI is headed in an increasingly digital world.

AI: Beyond Algorithms to Personal Touches

The resonance between technology and personalization, especially through the lens of AI, was a central focus. It’s not just about algorithms; it’s about understanding and anticipating the unique needs of every customer. The aim is to create a more personal and intuitive journey, transcending the mere digitization of processes.

Cloud Technology: Redefining Connections

The discussion centered around the transformative potential of cloud technology. The integration of cloud technology was not merely about data efficiency but a gateway to unlocking enriched customer relationships. The cloud isn’t just about storing information; it’s a platform for innovation, connecting customers in ways that were previously unimaginable. This innovative approach redefines how customers interact with banking services, fostering a level of connectivity that transcends traditional boundaries.

LiveBank team members, Mateusz Grys and Maciej Mazurkiewicz, were part of engaging panel discussions that explored the innovative use of AI in fraud prevention, anticipated future banking trends in the US & LATAM, and navigated the evolving landscape of customer-centric banking ecosystems. Additionally, Mateusz and Maciej shared insights and experiences in an interview with FinTech Futures. You can watch the interview below to delve deeper into their valuable contributions.

The overriding sentiment at Money2020 was one of invaluable learning and foresight. Our experience is a testament to the harmonious blend of technology and the heart in banking – where the power of innovation converges with the time-honored principles of trust, personalized service, and meaningful human connections.

As the curtains close on Money20/20, our vision for the future is crystal clear – it’s about crafting an empathetic future that seamlessly integrates technology and human values for the best customer experience. We look forward to continuing this journey, crafting the future of banking together. Stay tuned for more exciting updates on our blog as we navigate the ever-evolving landscape of banking innovation.

Reach out to contact@livebank24.com and dive deeper into the discussion or explore further collaboration opportunities.

Explore some insights from FTB and Ailleron Technological Breakfast. Delve with us into the evolving landscape of Polish bank branches, discuss the role of technology, and highlight the importance of customer-centric solutions. Discover how modernization is enhancing competitiveness, customer satisfaction, and operational efficiency in the banking sector. Gain valuable insights into the critical aspects of banking’s transformation in the digital age.

Exploring Digital Transformation Trends in Banking

In the world of digital trends and transformation, the FTB Technological Breakfast, held on September 7, 2023, at the Bankers’ Club, brought together banking and technology experts to delve into the evolving landscape of Polish bank branches.

During the event, discussions revolved around the necessity of aligning traditional bank branches with the changing expectations of tech-savvy customers and the rapid advancement of technology. Key topics included the appearance of modern, digital bank branches in the digital era and the evolving needs of the new generation of clients.

Revolutionizing Customer Experience Through Conversational Banking

Włodzimierz Kiciński, Vice President of the Polish Bank Association, emphasized not only the importance of adapting the banking sector to the shifting expectations of modern, digitized customers but also the need to define branch efficiency models.

Maciej Jopyk, Managing Director responsible for Strategy & Consulting at Accenture Poland, highlighted global trends such as smart branches, metaverse, and the growing significance of AI in the realm of bank branches.

Enhancing Efficiency and Customer Convenience through Virtual Branch Solutions

Piotr Piątosa, the newly appointed Vice President and COO at Ailleron, discussed optimizing branch access and the need to streamline processes to provide even more convenient service to customers.

Mateusz Grys, LiveBank Product Manager at Ailleron, emphasized that the goal of digital evolution is to minimize inconveniences that customers may encounter during their visits to bank branches. Issues such as long waiting times for advice or a complex customer journey (that as we know begins even before the branch visit) require effective digital solutions.

Elevating Digital Sales in Banking with AI Empowerment

During his presentation, Mateusz Grys who brings extensive experience from both the tech and banking sectors, demonstrated how technology can support bank employees, optimize their work, and equip them with tools for sales and upselling. He outlined the services that modern bank branches should offer, enabling customers to access banking from anywhere, thereby enhancing their convenience and satisfaction. He also discussed leveraging artificial intelligence, not only for automation through chatbots but also for real-time customer data analysis to provide personalized suggestions and predict customer behaviors. Through artificial intelligence, bank employees can better understand customer needs and respond more efficiently and tailored to specific cases.

The LiveBank Product Manager’s presentation set the stage for a lively discussion, addressing the challenges and benefits of implementing modern solutions in the banking sector. Attention was drawn to the need for additional training for bank employees and some initial skepticism toward new technologies. However, when Jakub Bogusz, Executive Director of Retail Banking at ING Bank Śląski, joined the discussion, it became evident that these concerns were unfounded.

Bogusz shared ING’s experiences after implementing the LiveBank Cloud solution, illustrating how they addressed the bank employees’ apprehensions about introducing modern tools. This resulted in very high satisfaction ratings among both agents and bank customers. He explained that ING currently utilizes Ailleron’s solution for mortgage loan servicing and sales and plans to expand their collaboration into other areas.

Insights from the FTB Technological Breakfast

The FTB Technological Breakfast convened over 30 distinguished guests, and the collective discussion strongly underscored the pivotal role that technology can play in the banking sector. Modern solutions not only support bank employees but also deliver personalized services to customers where and how they need them.

By effectively implementing modern solutions, banks not only enhance their competitiveness in the market but also boost customer satisfaction while efficiently managing their operations. This represents a significant step toward the future of banking, making it more accessible, personalized, and intelligent than ever before. The insightful discussion during the FTB Technological Breakfast sheds light on these critical aspects of the banking sector’s transformation in the digital era.