In the digital age, consumers are used to interacting with digital companies who are able to provide a seamless mobile experience. In addition, FinTech upstarts are significantly reshaping the banking sector. Fortunately, emerging technologies pose opportunities for commercial account opening. In the COVID-19 era, many companies have transitioned from customer-facing interactions to mobile banking and digital tools. One thing is for sure: The future of commercial banking will be quite different. To survive in the future, operations must be digitized and automated. This includes many components of the commercial account opening process. What happens as a result? Banks can serve customers more effectively, and transform commercial account opening.
Digital transformation through process automation
Many commercial banks are either in the initial stages or in the middle of a digital transformation. This trend was further exacerbated by the unprecedented COVID-19 pandemic. As employee health and safety stood at the forefront, along with prioritizing virus containment, many commercial banks now operate with remote teams as a permanent fixture within their business continuity strategy. As many businesses were mandated to shutter completely when COVID-19 impacts started to surge, their financial needs also skyrocketed. As a result, many commercial banks were flooded with large volumes of support inquiries and loan applications. In fact, some were faced with thousands of inquiries per day at the height of the lock down periods. Without enough human team members to adequately field all of these inquiries, process automation could help to take over repeatable tasks while redirecting human team members to higher-value tasks.The COVID-19 era is rife with uncertainty and many businesses have either shut down completely or are struggling to stay afloat. It has become more critical than ever for banks to find new ways of servicing evolving customer demands.
On-boarding commercial accounts
It can take quite a long time for a full on-boarding. There are several steps to take, including:
