Guest post by Kerry Sanders, Vice President, Global Marketing, Large Enterprise Operations, Xerox

The banking industry continues to be one of the most paper-bound industries, leading to repetitive and error-prone data entry, hard-to-find documents, and a lack of secure and auditable records. Digital technology has disrupted customer expectations for banking, and increasing regulatory constraints, cost pressures, and legacy systems are making it hard for traditional banks to keep up with the evolution.

Our new workflow automation solutions help banks digitize and automate timely, paper-based processes to give employees access to all the information they need to do their jobs more efficiently and cost effectively. By optimizing business processes, banks can ultimately improve the overall customer experience – a must in today’s competitive banking environment. The new solutions include:

  • Xerox Workflow Automation Solution for New Client Onboarding: According to Capgemini’s 2016 World Retail Banking Report, only 53.7% of banks customers globally are likely to stay with their primary bank, and underline that “one way for banks to promote profitable behaviors is to deliver positive customer experiences.” Why not start by enhancing onboarding? Efficient client on-boarding is critical, however it is very manual and time-consuming, and delays can cost banks customers. This solution streamlines processes and allows employees to route critical documents in real time, retrieve all new account information quickly, decrease processing times, and ultimately reduce costs and demands of new client processing.
  • Xerox Workflow Automation Solution for Fraud Information Management: Today, there is an abundance of increasingly sophisticated fraudulent attacks, and using spreadsheets to conduct investigations isn’t reliable. This solution allows financial institutions to easily log, access and interact with crucial fraud investigation data. Employees can create new case records, update the status, search through cases and link multiple cases together, ultimately simplifying and streamlining the process to close fraud cases faster and protect members and customers.
  • Xerox Workflow Automation Solution for Compliance and Records Management: This solution reports any missing or incomplete documentation, instantly alerting employees to find the critical documentation to prove compliance with regulations. In case of an audit, auditors will be granted secure access to the documents they need.

Today’s banking industry is ripe for the kinds of benefits offered by digital document technologies and process re-engineering. Workflow automation solutions can speed up processes and reduce risks in a secure, auditable, traceable and easily accessible way. When employees have the right tools to do their jobs, they are more productive, leading to happier customers and improved bottom lines!

For more information on Xerox’s new banking solutions, please visit: xerox.bz/1V7pxoL