Branch Automation Solutions, Optimize Bank Branch Operations

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Branch automation, however, typically increases the amount of time and effort tellers and other branch employees can spend with customers, as it reduces time spent on simpler transactions. With the increasing use of mobile deposits, direct deposits and online banking, many banks find that customer traffic to branch offices is declining. Nevertheless, many customers still want the option of a branch experience, especially for more complex needs such as opening an account or taking out a loan. Increasingly, banks are relying on branch automation to reduce their branch footprint, or the overall costs of maintaining branches, while still providing quality customer service and opening branches in new markets.

The Future of Efficiency in Banking

Financial institutions around the world are stepping up their investments in automation technologies. This involves a move to the cloud and composable banking — financial services that treat change as a constant — to manage front- and back-office development to enable digital transformation more effectively. Additional steps include developing core banking around real-time, API-first, and cloud-native solutions that can bring flexibility and scalability benefits. As expensive as branch automation can appear, the benefits far outweigh the costs of initially implementing your bank’s improvements. Banks have to constantly keep up with an increasingly changing world, but effective cash management solutions can solve everyday challenges. Increasing the efficiency of your bank’s operations along with overall productivity will bring in more profits than sticking with traditional financing practices.

To get the most from your banking automation, start with a detailed plan, adopt simple-but-adequate user-friendly technology, and take the time to assess the results. In the right hands, automation technology can be the most affordable but beneficial investment you ever make. Banking automation has facilitated financial institutions in their desire to offer more real-time, human-free services. These additional services include travel insurance, foreign cash orders, prepaid credit cards, gold and silver purchases, and global money transfers. In order to manage user authentication & authorisation, a single sign-in mechanism for customer relationship management (CRM) was provided, which helped reduce human errors during operations.

Customer Service

The maker and checker processes can almost be removed because the machine can match the invoices to the appropriate POs. The challengeKrungsri has a total distribution network of more than 680 branches, of which 644 were banking branches and another 37 are auto business branches in Thailand, serving over 7.8 million customer accounts. The bank sought to implement a more efficient, automated and flexible system at its branches. These extra steps exist for good reasons, Engel said, but the current methods leave much to be desired. The large deposit that requires physical authentication by a branch teller sounds sensible, until one remembers that many bank tellers may not be experts in authentication. The customer is also being asked to go into the branch and wait in line — something no one wants to do — so that a human worker can fill a process gap to complete a pretty simple transaction.

• Organizations need to find a way to step into digitization or face the reality of losing customers to competitors that do provide digital solutions for account setup, loan applications, customer service transactions, and more.
• In other words, figuring (automatically) where documents should live and how they can be searched.
• A single, comprehensive view of all customer accounts helped optimise customer communications.
• These banks empower the two-layered influence on their business; Customer, right off the bat, Experience and furthermore, Cost Efficiency, which is the reason robotization is being executed moderately quicker.

Automation strives to reduce the time these subject matter experts waste on mundane, repetitive functions so they can contribute to your bank’s success in more valuable ways. For example, chatbots can aid your support desk by answering low-level, easy questions, so your staff can spend more time focused on the more complex questions that command a human touch. Recent data from Deloitte showed that, while 47% of customers are embracing the digital experience, these individuals still want to receive their financial advice either in branch or in a call centre. To accommodate this, banks require training that improves digital interactions and relationship development, in addition to supporting the delivery of expert financial advice. Effective training allows banks to create a consistent and powerful experience across in-person and digital environments and deliver excellent customer service. Growing companies need to scale across several different areas,” Johnston said.

Discover your new document automation routine

Instead of investing in the lengthy development of a virtual assistant platform, they can “plug in” to an existing offering and serve their customers with this game-changing feature in a snap. Cloud-based services free your financial institution from the proprietary model and allow you to integrate ready-to-go innovations from third-party vendors. To meet the speed demands of modern consumers, tech-savvy banks are also bucking the proprietary software model. They’re unmooring themselves from the anchor of their own complicated infrastructure, a stalwart 90% of bankers view as their greatest obstacle to digital transformation.

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