convedo Intelligent Process Automation Blog

As digitization becomes an ever more crucial factor in people's lives, it also becomes an important consideration for any organization. Companies need to understand how they can create value by using digital platforms to interact with their employees, business partners and customers. So what role can digital platforms play in enhancing your customer experience?  

 

In today's increasingly digital landscape, software is often the key to industry disruption. A company that delivers products faster, without adding costs to the customer, gains a bigger market share. It is software that is the backbone of some the largest industry disruptors, with services like ride sharing, home sharing and other services acting as a guidepost of how technology platforms can innovate otherwise stagnant industries like hospitality and consumer transportation.

What this means for business is clear: A faster business app development cycle is the foundation for long-term success.

There are three means of conducting bank business: analog, digital and automated. Analog banking involves the slow and inefficient use of pens/pencils, paper and filing cabinets, a system that is extremely vulnerable to mistakes, errors and duplication. Digital banking is a step more advanced and includes the use of spreadsheets, email, hard drives and servers. But, while the tools and systems used are digital, data input and multi-platform synchronization is still done manually.

Customer-side digital banking is not new. From ATMs to online banking, digital banking has been a reality for customers for decades. Banks without a certain degree of automation find it difficult to compete in a personal and business banking market that puts a premium on convenience and efficiency.

Surprisingly, however, back-office banking at many institutions still requires a great deal of effort and personnel to maintain. Even more surprisingly in the digital age, back-office banking practices still include large amounts of paperwork. But robotic process automation is changing that.