The Way for Innovating Banks to Go – Tip 4: Innovate with Processes for Efficiency and Improved Experience

Tip 4: Innovate with Processes for Efficiency and Improved Experience

Arguably, banking processes create the biggest impact on customer experience. This viewpoint is obliquely reinforced by the fact that projects transforming customer-facing processes are known to generate the best ROI. Suffice it to say that streamlined processes result in happier engaged customers.

Since processes are the lifeline of banks, they have been the focus of innovation at most. While banks transform processes to make them more efficient and productive, it is as important to protect stakeholders’ interest. Thus, process innovation must also ensure a unified experience across channels and locations for customers and employees. It’s important to remember that innovation must result in simplification. That’s key.

Process innovation is perhaps the most “fluid” of all banking innovations. Where there’s a product, channel or service, there will be myriad associated processes. Banks must therefore be prepared to revise existing processes or launch new ones on a regular basis. Process innovation is a constantly evolving journey and not a destination by itself. Those on a flexible banking platform will find it much easier to keep moving onwards.

You can also read the earlier tips –

Tip 1: Transform for greater reward, lesser risk
Tip 2: Make Product Innovation Customer-Centric
Tip 3: Innovate Services for Convenience and Consistency