The management’s capacity to enhance the value to its stakeholders is one of the key elements of operating a sustainable banking organisation. Thus, banks are placing high priority on providing tailored services that can improve the “customer journey.” The ongoing pandemic has raised the unquestionable requirement for enterprise-wide cloud adoption in order to continue the accessibility. Banks have revamped their IT strategy and incorporated technological solutions like digital channels, chatbot-based loans, face recognition software, digital signatures, and more to reach the customers remotely in real-time and decrease the requirement for branch visits.
If you too want to switch to the cloud technologies, connect with COMnet for the best-in-class cloud lending solutions for your business. With the latest Cloud and SaaS offerings, COMnet is in the ideal position to offer IT solutions & services to accelerate cloud adoption in the banking industry. You can also check out other informative blogs by COMnet to know What is multi cloud? Or about virtualization in cloud computing and other such aspects of cloud computing.
This blog’s will provide knowledge on how you can reinvent the customer experience by moving to cloud computing architecture and through smart cloud lendings-
Traditional on-Premise lending systems cannot improve customer experience, but why?
The following factors prevent traditional on-site lending systems from enhancing the customer/colleague experience:
- Loan procedures are not centred on the client journey
- Limited cloud-enabled omnichannel capability to evaluate consumer interactions across channels and deliver useful and personalised recommendations.
- Customer experience is negatively impacted by form-based data gathering since each piece of information must be manually entered.
- Due to a lack of connectivity with digital KYC SaaS, consumers must complete the KYC procedure in person at the branch.
- Lack of assistance for the study and interpretation of data from many sources, including data from the credit agencies, publicly accessible data, and information from other banks
- With more rules and industry-standard initiatives like open banking, there are fewer alternatives for scaling up.
How Do CLOUD-ENABLED LENDING SYSTEMS) Transform The Customer Experience?
Improved analysis of client interactions
Modern cloud-hosted digital channel platforms with incorporated artificial intelligence capabilities may identify the client based on the different interactions they have had through multiple channels. The analysis of customer interactions from various sources may then be used to pinpoint customers’ financing requirements and tailor product recommendations.
No paperwork
With the broad use of Open Banking, cloud-based lending systems might make use of Open APIs to enable data analysis from each of the customer’s bank accounts. This might be used to automatically capture the majority of the information needed to approve loans, enhancing the client experience by cutting down on the time necessary to key in the information.
Credit determination as a service
Many merchants do not require complex lending systems to provide their consumers with Buy Now Pay Later (BNPL) loans. To meet the demands of retailers, various solution vendors provide Credit Decisioning as a Service (CDaaS). This enables retailers to concentrate on their core competencies while cloud-enabled lending solution providers manage the credit risk.
Onboarding customers using the cloud
Utilising cloud-hosted digital solutions, such as calendaring, remote biometric capture,video KYC, and other tools, the client onboarding process can be done in minutes. With doing this, the bank will be able to abide by regulatory requirements and offer a digitally seamless client experience.
Digital loan agreements
Most bank regulators have permitted digital loan contracts due to the rise in intermittent lockdowns. Such cloud technologies use document generation tools for managing loan contracts. Due to the fact that the entire journey is digital, digital loan contracts also aid in speeding up the overall loan approval procedure.
Conclusion
Customers and coworkers (post-pandemic) are sure to have varying expectations for obvious reasons. Customers have only a few touchpoints before a loan is authorised, but banks still need to make sure that credit risk is properly handled and that all laws are followed. Banks must now take into account the viewpoints and expectations of their customers to optimise their lending operations and provide efficient and individualised solutions with cloud- based lending offerings as they work to enhance the customer journey and thrive in the new normal.