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Transcript of LEAN FORWARD
A PAPERLESS BANKING SYSYTEM
HOW CAN WE FIX THE CURRENT PROBLEMS? LETS LEAN FROM PAPER TO PROFITS Customer expectations have changed dramatically with high expectations in speed and service requirements
While benefits of electronic processes won’t alleviate all of the pain, the time and cost efficiencies realized can help banks make the most of each customer interaction resulting in an improved bottom line Conclusion Investing and inserting these technologies deeply into the bank’s operations provides an opportunity for us to thoroughly review its workflows, information needs, and security and make improvements. LEANING FORWARD We need the implementation of a document management system which will provide the technology and methods needed to capture, manage, share, and secure information within our organization. HOW DO WE LEAN FORWARD We need a robust communications and security system so that bank-wide, everyone especially our sales representatives who needs access to documents may get access, no matter if they’re in the office or at a customer HOW DO WE LEAN FORWARD Significant cost saving on paper purchase and photocopy fees
Increased revenue opportunities via an enhanced customer experience in the branch environment
Cost and productivity efficiencies THE RESULTS This will also consist of:
Electronic filing of data
Electronic Images of cheque being made available to customers online
The automation of time-consuming processes, such as archiving, teller transactions and account opening processes THE SOLUTION
PAPERLESS BANKING Credit Department
Similarly customer’s loan documentations are filed in cabinet of which branches are running out of space.
Again at times customer document cannot be found which impacts the service experience. Flaw with our present paper-based System Teller Transactions
DID YOU KNOW?
1 in every 3 customers has either completed the form incorrectly or has not completed a form at all…..this results in slower lines Flaw with our present paper-based System This paper maze has cost us financially!
Each year MILLIONS of dollars are spent purchasing paper , filing cabinets and folders as well as photocopying documents THE PAPER MAZE We have made major Investments in upgrading our technologies in order to improve our business processes,
however the branches remain over ridden with mountains of paper. This will Transform how we manage customer information within out organization, from basic operations such as search and retrieval, to the most complex business functions like regulatory document control and further result in efficiency and productivity in business processes such as
Compliance with regulatory, legal, and quality requirements.
Consistency and repeatability of business operations.
Faster process cycle times.
Elimination of paper-based costs, storage fees, and shipping.
Improved business continuity planning. LEANING FORWARD
We need to continue on Improvements in Check image capture process so that customer may view their cheques online instead of mailing letter HOW DO WE LEAN FORWARD
In order to lean forward to a paperless system the following components are essential HOW DO WE LEAN FORWARD A decrease in employees search time for customer information improving customer interface
A reduction in time spent filing document which will significantly allow for more value added activities such sales effectiveness THE RESULTS This will consist of:
with the input of a customer’s account number or swipe of a debit card all current information available on the customer including a picture identification will auto populate
This will enhance our ability to cross sell our product as customer information including existing products will be made available THE SOLUTION
PAPERLESS BANKING Customer Identification
DID YOU KNOW THAT:
Many affluent customer see it as an insult when asked to present a valid identification.
However, with staff rotation and a large customer base it is impossible for the staff to know all their customers. Flaw with our present paper-based System DID YOU KNOW?
Customer Service Department
When a customer approaches a representative with an account that needs updating in most instances the CSR has to go to a filing area to retrieve customer documents.
APPROXIMATELY 1 IN EVERY 10 CUSTOMER FILE CANNOT BE FOUND OR HAS SOMETHING MISSING!! Flaw with our present paper-based System * Increased transaction times
* Inefficient record keeping
* Increased employees time on non value added activities
* Decreased customer satisfaction
ALL OF THESE COST EVENTUALLY AFFECT OUR BOTTOMLINE Other Costs Include: Business complexities and regulations have made paperless banking appear impossible however, the paper mountain have already been reduced by banks such as:
Bank of America
Bank of Nova Scotia
Jamaica National Building Society THE PAPER MAZE