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Automation As A Competitive Edge For Back-Office Bank Operations

For a competitive edge, banks are certainly responding to the needs of their retail customers when it comes to offering automation and solutions that make their banking experience easier.

Providing more digital options to the consumer though should not be the overall strategy. Consumers, like their business counterparts, need human interaction and customer service. The trick for the bank is to identify what strategy belongs where so that the customer will not only use the products being offered, but derive significant benefits as a result.

While we have worked primarily with banks to deliver automation solutions to their commercial clients to solve a large problem with manual-based accounts payable workflows, there is a significant opportunity for the bank to adopt the same for their own operations.

This article discusses why this should be considered. Recognizing that businesses are using automation technologies, the author states: “Automation can also be used to transform more complex processes, such as commercial finance operations.”

Benefits to automating your operations include:

  • Boosts in productivity
  • Reduction in mistakes
  • Reallocation of resources
  • Improved ROI
  • Focus on customer service vs. operational tasks

Has your bank considered using automation for your own business?

Contact MineralTree to have a discussion about how this would work.

We're transforming accounting by automating Accounts Payable and B2B Payments for mid-sized companies. Our award-winning solution has helped over one thousand businesses transform accounts payable from a source of inefficiency and fraud risk to a secure and strategic profit center that provides visibility into key cost drivers.

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