What do you think will position success in this new environment? Do the following constitute top-of-mind priorities?
- identifying new areas of potential
- transforming digital sales journeys
- launching new products
- offering advisory and security focused services
- preparing partnerships and/or strategic M&A with other banks or fintechs
- increasing speed in response.
Digital banking services are therefore in the spotlight of investment and development to achieve business continuity and customer satisfaction with a range of new features covering enhanced onboarding capability, instant payments, contactless operations and most urgently low-touch and risk-free lending.
KPMG notes that banks are faced with a difficult balancing act between making credit available quickly, while still performing all necessary checks. The new normal requires a redesign of the lending process to reduce credit origination time, to enable access to consultation beyond working hours, to increase online support, to offer scalable cloud hosted solutions as well as a combination of automation and human intervention for greater levels of efficiency and engagement. This revised reality proves that operating efficiently using manual processes will no longer be possible. Machine learning, customer analytics and automated eligibility checks will be necessary in the banks’ post-coronavirus strategy, to provide insights on the customer’s profile and enable rapid origination and processing, in compliance with data protection policies.
Are you armed with the tools needed to ensure business continuity and customer satisfaction in this challenging marketplace? Are you able to minimise implicated risks at the speed required?
Visit Profile Software to read more on how cloud and SaaS enabled banking platforms can contribute to agile operations safeguarding future businesses.