Reengineering back office processes, the increased digitalization and automation of these processes as well as smart document management are decisively contributing to increasing the productivity and efficiency of different financial entities in various countries.
According to the Frost & Sullivan white paper “BPO (Business Process Outsourcing) Trends for the Banking and Financial Services Market” prepared for Atento a CRM/BPO specialist, integrated front and back office management is crucial for competing in the increasingly digital environment offered by the banking and financial services sector.
Banks and financial services companies are facing a growing number of challenges, which include: the rapid digitalization of customer relationships, increased mobility and the emergence of new competitors in the sector such as retail chains, crowdfunding platforms, technology companies or NFC (Near Field Communications) payment system suppliers.
The agility and innovation of these new competitors attract the attention of consumers, increase the level of competition for traditional players, and magnify the impact of new information and communications technologies on customer management in the sector.
The best strategy to meet these challenges is to offer an exceptional customer experience which must include comprehensive and efficient management of the front and back office processes that directly affect this experience.
BPO trends for the banking and financial services market highlighted in the white paper
Automation: back office automation solutions allow companies to prioritize and efficiently manage customer demands from any channel, increasing the number and quality of interactions with customers.
Back office optimization to manage omnichannel environments: the biggest challenge when offering an exceptional customer experience is that front office and back office work is very different. Having an omnichannel customer service environment that also effectively integrates the front office and back office can become a major competitive edge. Companies are implementing back office optimization solutions that are gradually increasing processes to eventually include front office work and effectively manage an omnichannel environment.
Electronic document management: “When document management coincides with personal and corporate work flows, the result is improved efficiency and user satisfaction”, according to the white paper. Solutions that guarantee the digitalization, processing and secure management of documents can significantly improve processes such as applying for and managing credits, risk analysis, managing insurance policies and a wide range of sector services that highly depend on documentation.
Mobile devices: the sector has been quick to accept the mobile channel; the Frost & Sullivan report prepared for Atento predicts that this trend will continue, and most entities will use mobile applications as a customer contact channel. The implications for customer services range from designing services exclusively for mobile devices, incorporating geolocation components, full integration between existing and new channels, and increasing challenges from the Internet and communications software.
Atento includes several case studies in the white paper.
The client, a leading retail bank in Mexico, wanted to stand out from its competitors by offering a more practical credit card with secure, instant credit approval.
The solution implemented by Atento included improving and automating back office processes to make analyzing customer information and documents more efficient, providing the necessary security to instantly authorize or reject the credit card. The application is processed in less than 20 minutes, managing the scanned documents and applying risk policies to the customer history and credit rating in order to provide a quick response.
The solution has allowed the bank to analyze and issue over 900,000 credit cards a year, a 17% increase. During a single campaign for a public holiday in Mexico approximately 38,000 credit cards were issued and the central office processed 200% more applications than on a normal day.
For data, background and forecasts on Atento: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).