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The productivity challenge for Financial Services front line teams
Today Financial Institutions face a productivity challenge across their front line times. 70% of their time is spent on non-revenue generating, manual activity. This is affecting a range of roles, from Relationship Managers, Portfolio Managers, KYC, Loan Operations and Underwriting, to name a few. Across Commercial Banks, Investment Managers, Asset Managers and Pension Funds.
This is a huge drag on the overall productivity of these institutions and, more critically, diminishes the quality of service and support they provide to their customers.
The sort of activity we’re referring to is that of reading and sifting through many (often hundreds) pages of customer and industry information for assessments and research, transposing information from source documentation into systems, typing out customer assessments or credit memos, tracking and catching up with business performance and industry changes/trends periodically and preparing for annual reviews and customer conversations. Incumbent systems today are not solving for this.
So how did the industry get here?
In the last two decades Financial Institutions first prioritised the digitisation of their customer engagement layers in the early 2010’s. More latterly they have overhauled their core, back office infrastructure, preparing for a shift to the cloud and giving them better access and utility of their data. The area that has received less attention is the employee tooling at the front line. Financial institutions use workflow platforms to tie together processes across multiple systems, and there is of course automation in places. But many of these processes are still reliant on the manual work of the front line teams outside of these platforms.
This is having a significant impact on a FI and their customers. Front line teams are already spending too much of their time on non-revenue generating activity. This is ultimately leading to less time being spent with customers and therefore missed revenue opportunities. And for the customer, they have a sub optimal experience and less support from their provider.
What can be done?
FIs have an option to explore AI capabilities that focus on completing mission critical manual activities across the customer lifecycle for front line teams. These solutions sit alongside their existing tech stack. Thus meaning there is no need to replace existing systems, no migration of customer data. Instead connectors and integrations allow for the seamless flow of data between such solutions, creating high efficient and effective AI workflows.
Solutions such as Covecta provide front line teams with more time to spend with customers, whilst still giving them complete control of the process and activities.
With Covecta you can complete tasks 100x quicker on the platform.
Join the waitlist today to learn more.
