FEBRUARY - MARCH 20269EUROPEEUROPEsavings later down the line. Meanwhile for employees, automated reports would bring about the opportunity to ditch menial back-end tasks in favor of more fulfilling and important matters such as the customer experience.Frontend DigitizationWhen it comes to back-end filing as well as major reports and transactions, many banks still prefer old fashioned pen and paper. But while this system has withstood the test of time, it isn't necessarily the most efficient option out there. Electronic imaging and tablet interfaces can go a long way toward creating a unified digital system that limits work on both the frontend and backend.By making client information readily available in just a few clicks, electronic imaging can help cut costs associated with lengthy in-person client visits. On a similar note, digital documents can provide clients with up-to-the-minute personal financial information they simply can't get from paper statements. This technology also enables on-the-go clients to sign important documents from just about anywhere, making for a quick and convenient customer experience.Digital CredentialsBanks often strive to provide consumers with a convenient user experience on the frontend. However, digital credentials can offer many of the same benefits to employees. Rather than lugging around an outdated, plastic ID card, employees would have the luxury of storing any and all of their credentials securely on their mobile device. Say, for example, avoiding an instance of an employee leaving behind his or her ID at home, or losing it on the way to work.Since employees would be able to verify themselves at clock-in using nothing more than their phone, issues of security and accessibility to proper employee credentialing would become a thing of the past.Perhaps even more importantly, digital credentials also do a better job of protecting employees' identities than plastic ID cards. A number of security measures, including a 4 to 6 digit PIN and biometric authentication on iOS and Android devices, work together to ensure fraudsters can't access a customer's personal and financial information even if they get their hands on an employee's smartphone. Unlike plastic ID cards, which could potentially be used to compromise a client's account, digital credentials remain safe and secure at all times.Banks have been quick to adopt digital solutions capable of improving their frontend operations. Doing the same on the backend will allow these technology advocates to yield similar results on the other side of the table. These five digital solutions-- shared online portals, outsourced data processing, automation, operations-wide digitization, and the integration of digital credentials--can help ramp up processing efficiency and increase employee satisfaction, saving banks both time and money along the way. Careful consideration of each solution will put banks well on their way toward integrating IT advancements that can enhance not only the frontend, but also backend operations. BCFrom increased employee satisfaction to faster processing, banks stand to see big benefits from IT-driven solutions that are integrated in back-end operations.
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