The must-haves for success in digital transformation

A recent BAI Banking Outlook study identified three areas among the top business challenges and priorities for financial services leaders: acquiring new customers, enhancing the mobile channel experience and making better use of consumer data to improve products and service recommendations. Consequently, financial service organizations are digitally transforming every aspect of their business--from consumer-facing mobile applications to back-office workflow optimization--to meet the increasing demands of the market and maintain evolving service-level agreements and compliance regulations. But if innovation can increase productivity and save costs, many banks still fail to use artificial intelligence and automation to their full potential. Here, we look at how mobile onboarding and processes intelligence can improve customer acquisition and enhance the experience. Consumers told BAI that they want the ability to start in one channel and finish in another without starting over. This omnichannel experience typically begins with mobile; however, studies show 40 percent of consumers abandon applications after initiating the process.