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Increasing productivity in banking leads directly to improved cost-efficiency and higher customer satisfaction. However, how do you achieve it? With innovative technologies and smart strategies. In this article, we propose our 5 proven methods of boosting productivity in your bank. We invite you to read on!
Table of Contents
- How to Increase Productivity in the Banking Sector? 5 Tips
- 1. Give Your Employees the Tools They Need
- 2. Automate Processes
- 3. Use the Right Tech
- 4. Simplify!
- 5. Review Your Data
- The Takeaway
How to Increase Productivity in the Banking Sector? 5 Tips
So, how to increase productivity in the banking sector? Take a look at our proven solutions.
1. Give Your Employees the Tools They Need
Your expert employees have extensive knowledge, but do they have the tools to use it?
By providing them with the right IT framework, you can use their expertise to improve the processes within your organisation, which will lead to higher productivity. Therefore, give your tellers access to an AI Prompter; provide your citizen developers with a low-code platform; ensure that your teams have tools that enable them to turn their insights into products, services and solutions.
2. Automate Processes
Hyperautomation is the future of digital banking, but currently, even standard automation is often underdeveloped. Thus, increasing productivity in the banking sector requires you to implement solutions that will help you automate your employees’ work.
What options do you have?
- AI document processing,
- banking chatbots,
- digital appointment managers,
- and many more…
The key is to talk with your teams and discuss which elements of their work can be automated and how to do that. Automation without a drop in quality is possible, but it requires a joint effort and smart planning.
Ailleron will help you streamline productivity through autonomous processes. Learn more about our digital process automation services.
3. Use the Right Tech
Do you have an app based on containers? Don’t use Docker to deploy it; opt for Kubernetes instead. If you need to categorise your customer data, don’t use Microsoft Excel (although it is a powerful tool)— embrace the power of customer data platforms and machine learning. Aligning your tech stack with the needs of your organisation is the key to implementing automation, eliminating errors in automated processes, and hence, increasing productivity in your bank.
4. Simplify!
What’s the biggest killer of efficiency? Overcomplexity. Therefore, to increase productivity in banking, you need to start by reviewing and simplifying your processes.
The more straightforward and shorter your procedures are, the higher your teams’ productivity and customer satisfaction (as things get done faster). A great example here is automated eKYC—OCR, AI, and biometrics take over the role of your employees, making the process more straightforward for them, hence making it easier and quicker for the customers.
5. Review Your Data
Finally, the best way to increase productivity in the banking sector (or any other sector) is to find and eliminate bottlenecks. But how do you do this? By ensuring that the data you collect is of the highest quality.
By reviewing your data, you can change how it’s collected, integrate it, and ensure that it’s better prepared for processing. This way, the conclusions drawn from it on the later stages will be more accurate, and you’ll know which areas in your back- or front-office procedures need to be changed.
The Takeaway
The above are our 5 tips on how to increase productivity in banking. As you can see, most are tech-oriented, and it is so for a reason: AI, ML, OCR and other digital solutions build the road towards higher productivity. Thus, our conclusion here is simple: it’s time to digitise your organisation!
You might also read: Revolutionising Banking through Digital Transformation
