Large banks today have digitised several core processes for customers, but there’s still an incredible amount of room for improvement. Activities like applying for a mortgage, opening an account, and applying for a credit card have all been digital for a while. The supporting, complex processes that enable these core functions are still manual though. They’re usually multi-step, require several internal approvals and ultimately weigh down a customer’s end-to-end experience.
Whilst banks are improving their digital world, the areas they have digitised remain convoluted and can be painful. Opening accounts and applying for cards can be a stressful process but this is a strong area for Fintechs such as TPF where setting these up takes a matter of minutes and can be done from your phone.
This poses a challenge for traditional banks that are under pressure to meet consumer requests for more on-demand digital experiences. This is of course where TPF aims to target and cater to the consumers that demand the best and latest innovations when it comes to their banking. In order to keep pace with these fresh-faced services, banks need to tackle the issue of modernizing complex processes tied to legacy systems.
COVID-19 proved that organisational needs can and will change overnight and the ability to be flexible and agile has never been more important. Manual and complex processes need to become automated. As a consumer this is what you and your business wants as it means knowledge workers are empowered to focus on strategic parts of their job and IT departments are free to manage more high-value projects and pressing security challenges. Your business finances can and often are roadblocks to efficiency and TPF has the tools and potential to remove these for you.