Why the best Australian banks automate processes

Banking services in the Land Down Under are vital to keeping Aussies afloat. Banks handle many of our financial needs, and beyond their talent for fast calculations and not going cross-eyed when examining multiple spreadsheets, employees of financial institutions are also tech-savvy.

It’s why the information technology (IT) world has always had their back, particularly when it comes to sourcing and implementing automation solutions into business processes. According to a Microsoft report, “96% of respondents” base their brand loyalty on customer service.  

If we apply that stat to the financial services sector, we’re left with a pretty clear message: automation equates to improved responsiveness and more time and money returned to banks and their employees.   

What is automation?

We ought to step out of the science fiction world for a minute because automated processes are no longer plot points of a Terminator movie. Automation is the use of machines or computer programs to perform tasks normally done by humans. 

This process involves programming specific software solutions to follow instructions for processing data, identifying anomalies, and making decisions. Automation is used across a range of industries and is a robust, versatile solution for mitigating risk and freeing up employees’ time.

Why is business process automation important for banks?

For banks in Australia, using technology to automate processes seems like a no-brainer. But the true value of the practice is like a stubborn rabbit inside a magician’s hat. It doesn’t reveal itself until we dive right in and see it for ourselves. 

Here are the facts:

Translation: that’s a lot of bank accounts, visa/debit card information, credit cards to manage, and a lot of transactions to process. Business process automation is a key strategy banks can use to maximise the efficiency of their people, technology, and processes.

Automation can wear many hats – data entry, cyber security, and more – to speed up internal procedures while reducing the chances of human error and resource wastage. If a bank was to automate processes with dynamic automation solutions, it would have a much easier time managing its customers and preparing for a future defined by growth and enhanced profitability.

Why are manual processes no longer enough for banks?

Manual processes are so ten years ago. If we continue to rely on them, we’re put at a distinct disadvantage when compared to competitors that deploy the latest automation innovations.

The consequences of not automating processes may include the following:

4 examples of what banks can automate

Banks have already planted the processes and technology they need to automate. Like a gardener, they’ve nurtured them for a while, added some potting mix (read as technical upgrades), and already have a decent garden that supports their customers.  

However, there are a few things banks can automate at any stage of their lifecycle (preferably immediately), making them more agile than a seagull after it’s spotted a bag of hot chips.  

1. Customer onboarding

Most customers are ready to do business with a bank as soon as they walk in or log in to their account. However, onboarding sessions can be laborious and confusing, taking all the excitement out of signing up. Banks can automate their customer onboarding with solutions that guide customers through the process, keep them engaged, and lead to faster adoption of new practices.

2. Employee onboarding

New employees need a solid onboarding procedure to hit the ground running. Automating the process can help. This also reduces the amount of time that current employees spend on onboarding tasks, which means that they can focus on their primary responsibilities. New staff can learn at their own pace without compromising organisational productivity.

3. Data entry

Manual data entry can be a pain in the neck and time-consuming. And when thousands of savings accounts open at once and the backend team is juggling five tasks, it’s also everything but effective.

Automating data entry can improve the efficiency and accuracy of the entire data collection and management process, saving hours of time and reducing the risk of costly human error.

4. Digital transformation

The Christmas of the business and IT calendar, a digital transformation is a complete makeover of a company’s culture and IT infrastructure. It is an investment that banks can utilise to evolve into a better, more streamlined version of themselves, like how we went from a horse and buggy to a car.

Automation is a key component in digital transformation, allowing organisations to offload routine tasks within the transformation period to speed things up and ensure data integrity.

How a managed services provider can help banks automate

A managed services provider (MSP) is a technology company that deploys IT wizards to support a business’s IT systems. An MSP specialising in the banking sector can help financial institutions automate processes faster than it takes ice to melt in the sun.

An MSP’s services include:

Operation automation services with Atarix

Financial service providers like credit unions and banks offer a world of monetary wellbeing to customers. In return, the tech space offers them innovative solutions to update their processes and enhance their efficiency, with automation being the shining star of its gifts.   

The modern workplace solution at Atarix serves as a building block to enable automation that can result in enhanced scalability and flexibility. If we think of our work processes as layers in a cake, the modern workplace solution is the base that upholds each layer, giving them the support they need to take advantage of automation and other tools. 

With the Atarix team supporting them with their cost-effective automation services, the best Australian banks can focus on improving the wellbeing of their customers.