The past decade has seen one of the biggest shifts in culture and operations for financial institutions. The adoption of digital technology has thrown open the market to new challenges, competitors, and alternative ways of working.
Challenges in the Financial & Banking Sector
Disruptors in Fintech
New and dynamic banking competitors are springing up, offering consumers versatile product solutions and new ways of banking. With added customer experience features like visually eye-catching spending summaries, this fresh approach brings financial solutions together with lifestyle ones – it is hard for traditional banking to compete with. Now more than ever, it’s easier for consumers to switch banking provider with immediacy, making it harder to retain customers.
The solution? Innovate, innovate, innovate! A failure to adapt will see banking organisations fall behind. From bringing new products to market to enhancing customer features, drive your business forward by using IA technology.
Tougher Banking Regulations
Government regulations are subjecting banks to increasingly stricter requirements and guidelines. The need for market transparency means that banks need to demonstrate compliance, governance, and ensure that they are protected when conducting business with customers and other organisations.
The solution? Ensure complete confidence in activity by automating key areas of business – such as KYC and due diligence checks. Automation also reduces the risk of manual errors, preventing any penalties from mistakes within the business.
Evolving Customer Expectations
The age of digital has brought with it an increase in customer expectations. Known as ‘the Amazon effect’, this new cultural shift means that users expect instant access and immediate responses to their queries.
The solution? Automate key areas of the communication process to give immediate responses, and follow up with rapid action. By removing resource-exhaustive tasks, you can process applications faster and deal with a higher volume of requests.
Growing Operational Costs
Rising economic factors mean that daily operational costs continue to increase. Areas that are not performing efficiently can no longer be left unchecked – particularly when many disruptor competitors aren’t held back by such costly infrastructure.
The solution? Streamline processes and reducing operating costs. Automation not only helps you identify areas of the business that are underperforming but increases efficiency across the board – allowing you to streamline spend and reduce investments.
Lack of Trust
The financial crisis and corporate scandals have plagued the banking industry, giving rise to new Fintech companies. Shaken trust and a lack of transparency in the industry has impacted banks’ credibility and now, more than ever, restoring consumer trust is essential for financial organisations.
The solution? IA can bring back confidence in the banking industry by increasing efficiency, removing errors, and enabling financial institutions to deliver accurate, robust banking solutions.
Learn More About the Challenges Facing the Banking Industry
Find out more about the financial and economic landscape affecting the banking industry, and get support tailoring an Intelligent Automation strategy to help you overcome this. Read more about the key challenges facing the banking sector, here.
Minimize Risk With a Digital Evolution Approach
Many banking and financial businesses adopt a risk-aversion approach to their operations. This can mean they’re reluctant to embrace a digital transformation project, leaving them even more vulnerable to the challenges above. At Cortex, we believe in adopting a Digital Evolution approach for success. By identifying small areas of operations to begin your automation journey, your business can minimize the impact and control growth. Find out more by speaking to our specialists today.