Improving Operational Efficiency and Reducing Costs
Improving operational efficiency and reducing costs is a big concern for any organization. Financial services firms are no exception. Whether this is addressed through the introduction of new software tools that enhance advisor and end-customer experience, or by simply reducing costs while still meeting compliance requirements, it remains an evergreen business imperative that needs to be managed carefully if service levels, customer satisfaction and experience are to be maintained.
Improving, Streamlining and Automating Manual Processes
Right from the very first client interaction, many financial services organizations find themselves contending with heavy manual onboarding processes that are costly to maintain and prone to errors. Automated client onboarding and automated loan origination are great ways to address this. Both processes can be easily moved online, and can reduce costly Not In Good Order (NIGO) paperwork rates to nearly zero. Add integrated eSignature functionality that facilitates straight-through paperless processing and all sorts of additional efficiencies and cost savings will result. Good onboarding software will also facilitate the online management of asset transfers from existing investors as well.
Reducing the Costs of Document Delivery
One of the major recurring costs a financial services organization faces is the production and mailing of regular compliance reports to clients – most notably statements and investment confirmations. Proactively offering clients the option to adopt eStatements can rapidly lead to significant savings in printing and mailing costs. It’s a simple matter of storing the eStatements in an Enterprise Content Management platform that’s easily accessed through integration with your banking or brokerage portal.
Automating Customer Facing Initiatives
As your financial services business grows, maintaining that personal touch can become a challenge. Customer Relationship Management can help establish and maintain great relationships with new and existing clients by providing front line staff with all the up-to-date information they need to recommend appropriate new products and services. Deploying Business Analytics to slice, dice and analyze all your back end client data to understand which product or service will best resonate makes this an even more compelling approach to support the sales process and improve the customer experience.