With increased use of Digital Banking Services, the need for continuous improvement is growing.
Especially when customer appetites require quicker and efficient services to satiate their needs but prefer as little interaction with a person. I wrote a blog about how times are changing and how FinTechs are driving change and helping people use their money in all sorts of different ways – online banking, PayWave, ApplePay, Cardless Cash, AfterPay.
With this in mind – the ongoing pressure of banking regulation changes still taking place makes investment in technology a little risky. Providing value added services along with ever evolving customer journeys it has become tricky to understand how to best evolve your Business/Brokerage into the new age.
However, there are some Efficiencies you can review in order to stay competitive.
5 Benefits of Operation Efficiency
1. Retaining Customers
You’ve already worked hard to generate the customer; they have already used your services. Hopefully, it was a positive experience you can build on with follow up processes. This could mean regular updates on your services, engage with them with competitions/offers i.e. refer a friend and have your Brokers follow up with a courtesy call. Customer Retention is everyone’s responsibility so make sure your team is engaged coupled with a high culture of customer service.
Ausloans Finance has done away with manual processes and created marketing automation throughout all marketing activities.
2. Reduce Compliance Costs
Decreasing the risk of noncompliance should be high on your list. With greater emphasis on the customer journey being fair and just, now is the time to streamline the process. Reducing noncompliance with clear policies and procedures as a ‘business as usual’ focus will help when you are doing it manually. It will require ongoing enforcement and vigilance and has led to the Ausloan Finance include this feature across their FinTech packages.
3. Lowering Processing Costs
Low risk, high-volume decision are the first to be automated. It reduces costs of manual handling and limits the amount of errors. As you break this down a little, you’ll find that ongoing cost reductions can come from digital services including:
- Customer landing pages for data capture
- Push through functions from CRM to Lender portals
- CRM capability to source data from various platforms
- Funnelling specific leads to the correct broker
- Call Centre functionality following up leads
4. Increasing Business Agility
Keeping operational activities up to date and continually reviewing processes, procedures in line with regulations and tech advancements can be tough. There is a greater emphasis on systems being agile and adaptable. With regularly review and updates, the Ausloans Finance FinTech is continually improved to provide market leading functionalities, efficiencies and keep compliance under control.
Reducing costs and improve operational efficiencies can free up capital to re-invest back into your Business/Brokerage. This can look in a variety of different ways – targeting new customer bases, sell more products/services, expand into different geographical areas and build business relationships.