March is well-known as the month of “madness” in the U.S, at least for basketball fans. But the drama and suspense that’s so exciting to watch play out on the court has no place in your bank—particularly when it comes to ensuring a compliant and customer-friendly onboarding process.

The challenge is that customer demands and compliance requirements are constantly shifting and evolving—it can be difficult to keep up. Fortunately, there are tools to streamline and beef up your compliance processes, while simultaneously delivering the intuitive, engaging experience customers demand.

Here are three tips for driving better compliance and better customer engagement in your bank:

1) Prioritize the customer experience.

The enemy of a swift, streamlined onboarding experience is an inflexible, lengthy, and error-laden compliance process. Forcing a potential customer to visit a branch to fill out an application, present an ID or deliver a ‘wet’ signature will certainly distinguish your bank – but not in a good way.

Instead, accelerate customer information intake through omnichannel capture (via mobile app, etc.) and error-free data integration. Then, authenticate on mobile devices through form prefill, ID verification and facial recognition, and remove the need for customers to visit a branch office by offering electronic signatures. Your customers will appreciate the ability to open an account on their terms, and your bank will have greater confidence in the accuracy of the customer data.

Upcoming webinar from Digital Banking: Take compliance to the next level with intelligent automation

2) Transform and simplify your business processes.

The systems that still run many banks simply weren’t designed for the speed, scalability and self-service capabilities required to satisfy today’s digitally connected customers. And the hard truth is that your business will be compared to the popular global entertain platforms and online retailers that are setting the standard for multichannel service and choice. However, don’t rush into piecemeal upgrades and/or continue to strain your legacy systems past their capacity, as these are not viable go-forward strategies.

Instead, bring together your disparate technologies into a unified digital transformation platform where you can develop and deploy intelligent business processes. You can create a seamless, real-time link between your customer-facing systems of engagement and the internal, back-office systems of record that run your business, minimizing the need to modify enterprise applications, systems or repositories. And, importantly, your bank will have the flexibility to adapt quickly as regulations inevitably evolve.


3) Refrain from throwing people at your compliance problem.

Mass hiring of additional compliance staff is a common approach to addressing compliance, but the truth is, this method not only adds expense when coupled with outdated manual processes, but also introduces human bias and human error.

Instead, automate compliance checks using robotic process automation to mimic human data verification tasks. Unlike human workers, software “robots” work 24/7 and are 100% accurate. RPA can aggregate customer data from websites and other hard-to-reach sources, in real time on an ongoing basis, and further protect your bank with detailed audit trails. And your customers will get an account approval decision much faster and without hassle.


Ready to learn more?

Join us for an upcoming webinar from Digital Banking Trends, that digs deeper into ways you can protect your bank from noncompliance risk and offer a better onboarding experience for your customers.

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