Large banks today have digitised several core processes for customers, but there’s still an incredible amount of room for optimisation. Activities like applying for a mortgage, opening an account, and applying for a credit card have all been digital for a while, but the supporting, complex processes that enable these core functions are still manual.
They’re usually multi-step, require several internal approvals and ultimately weigh down a customer’s end-to-end experience.
This poses a challenge for traditional banks that are under pressure to meet consumer requests for more on-demand digital experiences. Players like Chime and SoFi, for example, have lured customers (and revenue) away from large financial institutions because of their more attractive user experience.
In order to keep pace with these fresh-faced services, banks need to tackle the issue of modernizing complex processes tied to legacy systems.
The Rise of Complex Processes
Complex processes play a supporting role in financial institutions’ core processes, with the latter often receiving the bulk of resource…