BY CODY WINTON
Big banks and credit unions have been quick to adopt digital solutions – at least when it comes to front-end, customer-facing operations. Take JPMorgan Chase & Co. for example, who launched their mobile wallet service back in 2015, only to be joined by Wells Fargo one year later. Online banking platforms have also turned into a staple mobile offering by providing consumers the ability to manage their bank accounts and transactions digitally. In fact, four out of five adults who manage their household’s finances bank online.
But while most financial institutions have used such innovations to enhance front-end operations, similar IT solutions can be integrated on the back-end to improve transactions, processing and even employee satisfaction. In addition to more efficient and effective back-end operations, implementing IT-driven solutions could also result in an enhanced customer experience.
Here’s a look at five solutions that can save credit unions the trouble of dealing with outdated procedures that lead to wasted time and lost revenue.
- Digitization on the Front-end
While many financial institutions still rely on pen and paper for front-end transactions, back-end filing, and major reports and transactions, this outdated system is still a key process for many of today’s banks and credit unions. And in terms of efficiency, this outdated process may not be the best option, especially when it comes to taking back-end operations digital. By digitizing the front-end operations with the help of electronic imaging and tablet interfaces, banks and credit unions can have a unified digital system – streamlining the process to not only limit work on the front end, but also behind the scenes on the back end.
Rather than sending faxes back and forth, credit unions can use electronic imaging to make important client information available to all appropriate parties in just a few clicks. This increased accessibility can help speed up in-person client visits while also reducing costs tied to information management. Unlike paper statements, electronic documents also provide clients with accurate, real-time information they can use to gain a better understanding of their current financial situation. And when it comes to tablets, clients have the opportunity to sign and send important documents regardless of where they are. Such convenience can go a long way toward improving the experience of clients who may not have time to visit their local branch.