FEBRUARY - MARCH 20268EUROPEEUROPEMY OPINIONINFrom online banking platforms to mobile wallet solutions, banks haven't been shy about adopting innovative digital solutions that can improve frontend, customer-facing operations. Most of America's biggest banks, including JPMorgan Chase, Bank of America and Wells Fargo, offer consumers the ability to conveniently manage their bank accounts from a desktop or mobile device. Like last year's Citi Pay launch, for instance, who showcased yet another example of how banks are taking the necessary steps to improve the overall customer experience.Although much progress has been made to improve frontend banking operations, IT solutions can make just as much of an impact on the backend. From increased employee satisfaction to faster processing, banks stand to see big benefits from IT-driven solutions that are integrated in back-end operations.Check out how these five solutions can erase the hassle of back-office procedures--saving banks both time and money, streamlining procedures and improving overall corporate operations.Shared Online PortalSiloed banks have long struggled to pass along important customer data, such as transaction history or account information, between different branches. This absence of clear and consistent communication has brought about reduced efficiency as well as higher operating costs. So how can banks avoid such setbacks? A shared online portal may be the answer.By enabling each branch across the larger system to monitor transactions for each customer, shared online portals open the door for a more consistent customer service experience than ever before--streamlining both frontend and backend operations. A single customer portal that features services offered across several different branches could also improve the success of cross selling efforts, especially considering the cost and complexity of banking.Outsourced Data ProcessingIt's no wonder more banks are turning toward outsourced data processing. From server upgrades to storage expansion, outsourcing enables banks to sidestep periodic expenses totaling hundreds or sometimes even thousands of dollars. Better yet, doing away with in-house processing, frees up time for more important initiatives. Employees once bogged down by an in-house data processing system would have the luxury of using their time and talents to improve other areas of the business.But while outsourcing can certainly eliminate costs banks may not have budgeted for, and enable IT workers to address more pressing matters, it also threatens to increase the amount banks pay each month for data processing. Weighing both the pros and cons of outsourced data processing should give banks a better idea of whether it's right for their business.Automated ProcessingManual processing is alive and well­at least in the banking industry. For years, banks have made use of paper-based applications that require dozens of reviews before completion. Not only are such processes costly, but they also often lead to errors. By embracing and integrating automated reports, accounts and transactions, banks can do away with many of the shortcomings that have plagued their industry for years. Those that usher in digital processing platforms and solutions can increase the accuracy of their reports, leading to valuable HOW IT SOLUTIONS CAN ENHANCE BACKEND BANKING OPERATIONSBy Cody Winton, CEO, CredntiaCody Winton
< Page 7 | Page 9 >