Why Banks Should Embrace AI For Seamless Digital Origination

Covid-19 brought significant change to the financial landscape. The increasing need for digital customer channels has caught many banks and building societies unaware. Forced lockdowns have resulted in customers having to shift their behaviour from bricks and mortar retail engagement to an online banking experience. With call centres overwhelmed the need for a true omni-channel experience was thrust into the spotlight.

Digital acquisition is complex - but it doesn’t have to be

Banks and building societies need to deliver a frictionless customer experience to keep engagement levels high and service customers in a timely manner. Your digital acquisition strategy must meet the needs of the customer while building a level of trust through respecting their data and following water-tight security protocols. The right digital acquisition strategy enhances the customer experience while improving staff productivity.

5 ways to a better onboarding experience:

• Create cohesion between internal teams and review software capabilities – understand your existing internal operation. Analyse the customer journey and where the touchpoints are for banking staff
• Analyse where your customers are dropping off on the journey – work with your business analysts and digital teams to find  key points of user drop off
• Experience the customer journey first hand - place yourself in the customer’s shoes and complete the application yourself – it may present well but is it responsive, does the form work, can you easily navigate the site, does it perform to expectations?
• Keep your prospect online – don’t ask them to call a contact centre to fund their account or visit branch with ID. If an applicant is using your digital channels it’s likely because they have no interest in visiting a branch or speaking to an advisor. Provide the ability to complete the journey online, seamlessly.
• The work continues after your customer has been successfully onboarded – so many organisations onboard a new customer and the next communication will be to attempt to retain them when their account matures. Ensure you have an engagement and retention plan in place to ensure you keep and satisfy your customers.

Simple, frictionless online applications that assist with compliance

BankFast Apply is a tried-and-trusted, multi-channel solution from Sandstone Technology.

BankFast Apply integrates with in-branch customer service and core banking systems for streamlined interactions and minimal touchpoints that gives your customers the seamless digital onboarding experience they’ve come to expect. Offer your applicants an easy, engaging and hassle-free experience, with access anywhere, any time, on any device. Accounts can be opened and funded with 3 minutes – that’s quicker than making a cup of tea!

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Artificial Intelligence (AI) is no longer a futuristic ideal with the financial ecosystem.

With the onset of Covid-19, many banks and financial institutions around the world have had to expedite their digital transformation programs to cater for the changes in consumer behaviour.  Physical banks and paper systems are quickly being outdated and replaced by robust digital ecosystems, where banks and financial organisations are incorporating AI into their digitisation framework to better serve their customer base and remove manual intervention from lower value manual tasks. Financial organisations are investing huge amounts of capital in digital capabilities such as artificial intelligence (AI), machine learning (ML) and open APIs. The impact AI is having on financial industry is gaining in both depth of service and breath of capability.

DiVA is Sandstone Technology’s own intelligent document processing platform, Digital Intelligent Verification Assistant (DiVA), takes full advantage of the power of AI to automate origination assessment, all while ensuring regulatory compliance. Organisations can train DiVA to conform to their internal lending processes – this means providing a checklist of all required documents to successfully process a mortgage application. If there is missing data, DiVA alerts the mortgage lenders or broker to quickly resolve with the applicant. DiVA can process 1000’s of documents concurrently which makes verification simple and fast, freeing up resources, reducing human error and ensuring a frictionless and more transparent experience.  

Sandstone Technology – Your trusted partner in the banking revolution

At Sandstone we offer solutions and products that help you put your customers first and meet your compliance requirements, using secure, integrated platforms. Unlike new fintechs, we have been working with banks and building societies across the globe for over 20 years. From digital banking and digital onboarding to origination and AI-based data analysis, with cloud-based or on-premise deployment, we create flexible, robust solutions using a multi-channel approach that gets our clients to market faster.

Speak to us today and learn how we can work together to remove the friction for your customers’ journey.