The Digital Mailroom benefit for banks and building societies
Banks and building societies handle thousands of inbound mail documents every day. Reducing the operational cost associated with the processing of these communications remains a core sector goal. But forward-thinking organisations are looking beyond this cost play towards a more strategic approach to inbound communications management.
Financial services businesses are recognising that by increasing the efficiency with which inbound communications are handled they can drive performance improvements which will add to the experience of the end customer. This customer experience is a critical differentiator in today’s competitive market.
As the number of digital touchpoints with customers increases, so too does the back-office complexity to manage these multi-channel interactions. Too often, legacy processes result in siloes of operation, making joined-up and seamless service increasingly challenging.
Additionally, the sector is under huge regulatory pressure – the cost of mis-managing data can run into multiple £millions.
These core issues of reduced operational cost, enhanced customer service and robust compliance are being addressed through one innovative solution – the Digital Mailroom.
Remove multi-channel complexity, accelerate everyday actions
The Digital Mailroom removes cost and complexity and introduces dynamic business advantages. Inbound customer communications are scanned, classified and digitised - removing process inefficiency and providing an agile platform to enable faster, more accurate business decisions.
In this way, everyday customer actions such as new customer onboarding, cheque processing, loan automation, service provision and more are accelerated because critical data reaches decision-makers quickly. For the customer this simply translates as fast, accurate and efficient service.
Future proof and compliant
The current reality for most organisations is that physical mail still accounts for the majority of customer communications. Digitising this volume of inbound paper and removing inefficient manual processes – not to mention reducing the reliance on expensive mail-processing real-estate - will be the starting point for many. However, digital channels play an increasingly important role in the customer experience, and future-proofing means delivering a consistent level of service across every channel.
The Digital Mailroom intelligently orchestrates every touchpoint with customers, joining the dots and making information workflow-ready for any authorised member of the organisation in seconds.
By digitising inbound communications the Digital Mailroom also provides organisations with a robust and transparent audit trail. Companies can demonstrate the necessary level of compliance – an essential consideration for the sector.
Implementing a Digital Mailroom does not mean overhauling inbound communications processes from top to bottom. Instead, we are helping businesses to identify obvious ‘quick wins’ where digitisation will deliver immediate advantages. From here, additional business functions can be integrated at a pace that suits – every organisation is different.
Customers may not see what is happening behind the scenes to transform back-office processes. But when the Digital Mailroom starts to deliver faster, more convenient interactions and seamless multi-channel service, customers will quickly recognise a great experience from an ordinary one.