It’s important to remember that manual processes are much more expensive than automated workflows, both in terms of the cost of human labor and the risks involved kuwait country code whatsapp when mistakes are made. Additionally, manual processes take longer, leaving less time to focus on strategic responsibilities. Additionally, fraud is a significant cost to commercial banks, and can lead to missed revenue opportunities when employees are overwhelmed with the tasks of detecting and investigating fraud. Yet, process automation can help commercial banks scale their repeatable processes so they can serve their customers as quickly as possible.
The impact of COVID-19
COVID-19 has consistently impacted every industry—commercial banking is no exception. Transforming the business account opening process requires a clear understanding of how—and where—COVID-19 will change the customer journey. Examine these changes in terms of volume, customer needs, and impact. Then, align them with your digitized and automated offerings. Use process automation to execute scalable changes in a standardized manner. Millions of business customers will continue to apply for loans, payment extensions, and other services during this time. With process automation, you can reduce workflow risks during peak demand. You can also reduce stress levels for frontline staff by easing their workload with a new menu of touchless business interactions.
Final Thought
There is no perfect, one-size-fits-all solution. This is a challenging time for everyone. Of course, the primary concern must be health and safety and doing what is necessary to mitigate the damage caused by the pandemic. At the same time, we need to think about what business will look like after this crisis has passed and what we can do now to ensure we are all better equipped to deal with any future disruptions.
