The must-haves for success in digital transformation

A recent BAI Banking Outlook study identified three areas among the top business challenges and priorities for financial services leaders: acquiring new customers, enhancing the mobile channel experience and making better use of consumer data to improve products and service recommendations.

Consequently, financial service organizations are digitally transforming every aspect of their business—from consumer-facing mobile applications to back-office workflow optimization—to meet the increasing demands of the market and maintain evolving service-level agreements and compliance regulations. But if innovation can increase productivity and save costs, many banks still fail to use artificial intelligence and automation to their full potential.

Here, we look at how mobile onboarding and processes intelligence can improve customer acquisition and enhance the experience.

Consumers told BAI that they want the ability to start in one channel and finish in another without starting over. This omnichannel experience typically begins with mobile; however, studies show40 percent of consumers abandon applicationsafter initiating the process. This contributes to the$98 billion left on the tableby companies that fail to provide simple experiences.

Banks most often cite the complexity of digital forms and heavy requirements for manual typing as the biggest barriers to onboarding customer information. Requiring the consumer to download a native app to complete these processes often presents another barrier. Banks that focus on eradicating these barriers to improve customer acquisition enhance their digital channels with more sophisticated mobile capture technologies.

With intelligent mobile capture, for example, banks enable customers to focus their smartphone’s camera on payment slips, invoices, ID cards, passports or other documents they need to submit, and capture information directly into the fields of your back-end systems for further processing—with no extra steps to download an app.

Mobile web capture solutions allow customers to use a web browser on their mobile device to automatically capture images of documents in real time and quickly complete the sign-up and account opening processes. This technology consistently allows banks to provide a smooth customer onboarding experience with higher completion rates.

Here, AI technology detects real-time mobile input of relevant data; it provides speedy retrieval of image files and minimizes the steps required to fulfill a task—paving the way for maximum ease of use.

Onboarding’s digital transformation doesn’t end with customer acquisition.