May 17, 2021
By Carissa Robb
4 Most Powerful Points:
Here’s Who Should Adopt Open Banking Webinar Recording
1. Fractured customer experiences are leading to tedious, manual back-office tasks
Adopting open banking solutions helps move a team away from administrative duties and fulfillment queues, increasing employee productivity, and ROI. Here are 3 tips on how to move fulfillment queue tasks to customer self-service.
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2. Delays, errors and missing/incorrect files that can lead to consumer harm and increased compliance risk
With changing market conditions such as volatile loan loss projections and increased consumer protection scrutiny, banks and credit unions need to serve dynamic customer needs. Lean on technology to find and fix errors, while staying compliant.
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3. Analysis paralysis can hold up your digitization goals. Your #1 goal is to adopt technology that comes with a team of experts to help you crawl, walk - then run.
“Partner selection is critical. You’ve got to have a trusted partner, an expert, in that space that can hold your hand and guide you through the automation process. It’s a much safer process than a lot of institutions are aware of. With the right partner you’re not adding risk, you’re reducing risk.”
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4. 100% digitization shouldn’t be the goal. Here are baby steps to help you adopt tech that will deliver value on day 1 and keep the human touch.
“You don’t have to go from zero to fully automated in two days [...] even starting with digitizing bank statements can generate data that in turn offer additional risk indicators.”
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