Create inimitable customer experiences backed by process optimization and innovation.
Process improvements initiatives that banks undertake typically focus on cost optimization and efficiency. The best business cases, however, focus on customer experience (CX) – in creating an inimitable customer experience, supported by process innovation. In a heavily commoditized banking industry where products do not tell apart, CX is the sustainable differentiator.
Examination of the process layer at Banks, big and small, reveals a common set of challenges:
- Not all processes are digitized; some demand long, manual efforts and paper work
- Processes are not automated
- Processes are not customizable. Process changes mean long implementation cycles
- Every channel has its own set of processes and supporting systems in the back-end
- Every line of business (LOB) has its own set of processes
- Processes are hard-coded in the technology layer and cannot be (easily) decoupled
- Processes are not designed outside-in, from a customer standpoint
A combination or even one such challenge in the process layer invariably becomes visible to customers in the form of inconsistent user experience, redundant or worthless steps in a transaction, inefficient staff, and slow service fulfillment, subsequently snowballing into customer churn and declining growth.
Axxiome Process Optimization Toolkit, pre-integrated to the Axxiome Digital platform, is designed to transform the business process landscape at banks through the following capabilities:
- Process Management and Automation: A pre-integrated Business Process Management engine (BPMN2 standard) provides seamless drag & drop process design capability. Process design can be achieved in minutes without disrupting daily operations. The BPM engine also establishes process and workflow automation.
- Process Optimization: Allows business users the ability to constantly monitor performance of processes and identify gaps, if any, and fix them on the fly
- Process Orchestration: Provides a central console to manage and control all – new and existing – processes. Allows reusability of processes across channels and the back-end systems fostering process standardization. Future process enhancement or change needed can be achieved easily within the console and need to be made only once, and the process changes seamlessly flow across channels and systems as defined in the architecture.
- Process Library: 500+ banking processes come out-of-the-box. The processes are collected, massaged, refined, digitized and perfected based on process transformation engagements had with banks globally for more than three decades. Banks can simply pick and choose the ones needed, configure them across channels, and hit the ground running. Processes are highly customizable for specific business needs too.
- Process Persistence: Allows consumers the flexibility to initiate a transaction on a channel or device of their choice, stop the transaction at any stage, and resume the same transaction from exactly where they left off on a different channel or device at a different time, thus providing a truly omni-channel, bi-directional experience. With process persistence, bank employees and customers can interact with the process, and employees can have an accurate 360-degree-view of consumers that can be unleashed for personalised and timely targeting, while consumers never repeat any steps previously completed.
- Process Externalizer: Processes hard-coded to back-end systems and/or channels are decoupled by the process orchestration platform and exposed as services through the underlying API driven architecture. These services can be consumed by all channels, devices, peripheral devices and third-party systems such as Fintechs and regulators. Besides achieving simplification, process democratization allows banks to create new streams of business and revenues