In a 2018 report, Capgemini Digital Transformation Institute listed the top objectives organizations hope to achieve through their automation strategies. Three of the top objectives were cost savings (52 percent of organizations), customer satisfaction (55 percent), and revenue growth (45 percent). These are great objectives for an organization, but what about IT automation in banking? When banks implement these processes, can they expect to see better customer satisfaction and an improved bottom line?
Yes! IT automation has a ripple effect that benefits the entire bank and its customers. As banks are facing mounting competitive pressures from areas like big tech and fintech IT needs to move faster and smarter to keep up and support other areas of the business as they strive to innovate the customer journey. Workflow and process automation enables IT to focus on what’s most important, leads to faster resolution time and higher quality support for employees, and drives digitalization in all areas of the bank. Here’s how.
Increase time to focus on mission-critical initiatives
The benefits begin with the IT department itself. IT personnel can spend less time on repeatable and time-consuming tasks and more time on mission-critical initiatives. As banks embrace this and AI, McKinsey predicts that in the next few years, “machines will do up to 10 to 25 percent of work across bank functions, increasing capacity and freeing employees to focus on higher-value tasks and projects.”
Without automation, IT personnel spend too much time on tasks that don’t make the best use of their abilities. In fact, a recent benchmark report found that one of the biggest obstacles to enabling growth in 2020 through IT is a lack of skilled staff. IT leaders must use their staff wisely and strategically on the projects that will deliver the most value: moving the needle to reach corporate goals. This means they can spend more time refining technology to ensure the IT department is functioning excellently.
Speed resolution time and provide higher quality support
By helping the IT department, IT automation ripples out to offer higher-quality support to bank employees. For example, with ServiceNow, employees can log a ticket in the ITSM portal when they need assistance with technology. Analysts can manage these tickets in a centralized portal and report on any incidents. This system leads to faster, more streamlined support that allows employees to focus on the most important aspects of their jobs.
With so many simple requests being automated, many financial institutions are seeing benefits to their bottom line. As McKinsey reports, “JPMorgan, for example, is using bots to respond to internal IT requests, including resetting employee passwords. The bots are expected to handle 1.7 million IT access requests at the bank this year, doing the work of 40 full-time employees.” When employees have fast, high-quality support, banks can cut back on needless spending and channel resources where they can do the most good.
Drive digitalization throughout all areas of the bank
It’s no surprise that banks need to improve and speed up their processes in all areas. As Capgemini explains, “Disruption by FinTech firms and non-financial challengers is driving banking incumbents to innovate and improve agility. They need to find ways to efficiently process and onboard customers, bolster customer satisfaction through quicker response time, and optimize routine and manual processes.”
One important step to achieving these goals is through IT automation. These processes help other employees as well as other areas of the bank and, ultimately, customers. Why? When core IT services run better, IT personnel can put energy into innovating in other areas of the bank such as the customer journey.
IT personnel with more time to innovate can improve processes for people and machines from the front office to the back office. For example, IT personnel can use technology to improve how risk is calculated, as well as ways to track revenue and improve customer experience.
ProcessMaker shares another example of how IT automation can, by extension, help banks’ HR departments function better: “A customer interaction with a chatbot can trigger a support ticket or application process in workflow software without the customer entering a brick-and-mortar location or tying up staff. This way, human resources can be reapplied to tasks that are more integral to the company.”
Learn how Crossfuze can help
With the mounting competitive pressures bearing down on the traditional model of banking, IT automation provides IT with a proven way to turn their attention to the projects that have the most impact on the growth goals of the bank.
Crossfuze has helped banks around the globe implement these processes in their operations using ServiceNow. To learn more about how these processes enable IT to become more innovative, reach out to us at LetsTalk@crossfuze.com.