PREMIUM – #Digital channels will play a larger role in increasing #Bank of America’s deposit growth, a key part of the bank’s business strategy. Currently, 26% of BofA’s #sales #come from its digital front, but according to Dean Athanasia, president of consumer & small business at BofA, the #goal is to drive that number up […]
Bank Innovation
PREMIUM — The #German #challenger #bank N26 surpassed one #million #users, the bank announced yesterday — a significant feat for any neobank. The bank has doubled its customer base since last August. To put this in perspective, U.K.-based challenger bank Revolut, which just last month reached unicorn status thanks to a $ 250 million series C […]
Bank Innovation
PREMIUM – When was the last time you went to your #bank branch to deposit money? Still thinking? That’s because most daily banking activity has shifted from #branches to the smartphone. But that’s not to say people don’t use bank branches at all. They do, but not for the same reasons as they did in […]
Bank Innovation
Financial services provider Teachers Insurance and Annuity Association (#TIAA) announced today that it is now a full-service #bank. TIAA began this move last June when it acquired the direct bank EverBank, which ti combined with itw own TIAA Direct brand. At the time of the acquisition, EverBank had $ 27.8 billion in total assets and $ 19.3 billion in […]
Bank Innovation
The mobile phone is becoming the preferred method of banking for many customers. #Bank of America just crossed the 25 million mark of mobile users, Chase has 30.1 million mobile users, and Wells Fargo has 21.2 million users. So, it’s safe to say that mobile banking is crucial to a bank’s business as well. Features […]
Bank Innovation
When it comes to #customer satisfaction, smaller #banks do it better, according to an FIS survey released today. More than nine in 10 U.S. customers are very satisfied or extremely satisfied with their credit unions, compared with about two-thirds of consumers who use top 50 global banks. Fees incurred at larger banks may be a […]
Bank Innovation
Customer experience is the grand basis of competition in today’s business world. Unfortunately, most financial services institutions remain mired in manual, bespoke, paper-based processes—often siloed by customer, channel and product groups within a #bank. That is beginning to change.
RPA can reduce time to perform tasks by up to 90% and lower costs by up to 80%
A key theme from Accenture’s recent survey of 80 bank COOs in North America is the need for back-office #operations to become more digital and to act as the new front office. The survey report highlights several opportunities for #banks to improve their operations—such as re-skilling back-office workers, creating agility through digital decoupling and robotics process automation (RPA). Sixteen percent of bank COOs we polled are using RPA, while 63 percent plan to use it over the next year or are piloting the #technology. Half of those surveyed are looking towards straight-through processing and almost 75 percent have or plan to use analytics and data automation to truly unlock latent value in operations data.
This presents a unique opportunity for banks to accelerate the use of modern automation techniques given their fundamental ability to enhance the customer and employee experience.
Intelligent automation has the power to impact operations. Here are five key reasons why:
Banks should start their automation journey with the goal to look beyond cost savings. Five keys for success:
The power of RPA to invigorate bank operations is real—reducing time to perform tasks by up to 90 percent and lowering costs by up to 80 percent, by Accenture estimations. Before jumping on the bandwagon, however, business and IT must join together to strategically plan an optimal journey to an agile bank future.
Read our 2018 North America Banking Operations Survey for more insights.
The post Automating bank operations? Keep eyes wide open appeared first on Accenture Banking Blog.
Many #banks have started using artificial intelligence to enhance customer service, whether through chatbots, customer acquisition or money management capabilities. However, when it comes to using AI in the backend of banking, those capabilities remains relatively unexplored, except for the most common use cases such as security, AML, KYC or fraud. One area where AI […]
Bank Innovation
The changing #bank branch is a twofold story of innovation and closures. The physical bank branch is by no means dead, but is trending toward consolidation or closure, as in the case of Iberia Bank in Louisiana. Earlier this week, the regional bank announced the closure of 22 #branches. CEO Daryl Byrd said the move […]
Bank Innovation
#Cryptocurrency is going mainstream, or rather, #banks and cryptocurrency exchanges are growing #more enmeshed. Jamie Dimon and Warren Buffett may still think #bitcoin is a Ponzi scheme, but in the meantime, Goldman Sachs has reportedly opened a crypto trading operation, apparently a first for the banking industry, and #Coinbase, the market-leading wallet and exchange, is […]
Bank Innovation
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