Expectations for high levels of service, the convergence of people and technology, and employee competence for increasingly complex tasks are placing high demand on workforce skill sets and flexibility.
Digital transformation simplifies and automates
Banks rely on thousands of employees to service customers and manually process paper-based tasks. Unfortunately, institutions need simpler, more economical approaches to increase efficiency and improve customer service. Digital processes automate manual procedures and streamline workflows in customer service and process management. In addition, they can elevate the performance of back-office functions including finance, HR, procurement, risk management, and compliance.
The right information at the ‘moment of truth’
Mobile technology enables banks to innovate and deploy intuitive mobile solutions for service, sales, teller, and branch manager applications. These solutions can offer full-service and transaction capabilities, guided cross-selling, needs assessment analysis, and other productivity capabilities that drive continuous engagement and high-touch customer experiences. Having access to the right information on the right device empowers every employee to become a digital banker while simultaneously reducing the cost of running a branch network.
Predictive and self-learning capabilities
These solutions accelerate the delegation of business processes and decision making by allowing people to use their everyday devices. Banks can automatically collect relevant data and analyze it to better understand business performance, costs, and risk drivers. This approach empowers employees to shift their focus toward higher-value tasks, as opposed to manual, time-consuming processes.
Digitalization of the internal knowledge base
Banks are finding it harder to recruit top talent who are more interested in joining top technology providers or startups based on the perception that culture, processes, and technology will be more innovative and cutting edge. Employee onboarding and the everyday technology and tools used need to be digital and agile. Employees require quick access to relevant employee related information. Real-time digital information on the right devices is critical when advancing the business agenda through staff engagement, especially in a world that relies on physical and virtual workforces.
People continue to be the key asset in digital banks. Their roles will change, but their value to each segment in the network will continue to grow.
