Document capture improves customers' experience at the bank
These days customers expect their branch banking experience to be like their other retail activities - quick, efficient, and seamlessly interwoven into the smart phone-based tempo of their lives. To stay competitive, a bank must deliver a snappy, iPhone-like experience, even in the context of a walk-in customer. While walking into a bank branch is not the same thing as using an on-demand service from Google and Facebook, many bank customers, particularly the younger ones that banks are always seeking to attract, expect immediate and accurate responses to their requests.
Since documents - like loan and new account applications, signature cards, and changes of address - are central to bank operations, the ability to process those documents quickly and accurately is key to meeting today's consumer expectations. And meeting or exceeding those expectations is the route to a happy customer experience.
Here's how a European bank made their customers much happier
I've recently worked with one of our banking customers in Europe. When I first met with them a year and a half ago, they were determined to improve their customers' in-branch experience, particularly when the customer would come in for a paper document-related transaction (as opposed to simply depositing or removing money).
Before Datacap, the customer would sit with a bank officer who would review the documents for completeness, thank them, and instruct them to come back the next day. Then the officer would type content from the documents into the relevant bank system, as well as faxing or sending the physical documents to a central location.
Now the process has been revolutionized. The paper documents are still there, the customer is still sitting with the bank officer, but once the officer takes a quick look at the document, they drop them into a document scanner at their desk. Then they wait (see my blog about that wait and why it is important and a challenge!). The goal is a turn around time of around 15 seconds, but at peak times it might take a minute.
While the bank officer and the customer are having a quick chat, a lot is happening in the background:
- document images are sent from the branch to central servers
- OCR and ICR, document classification, image enhancement, data validations all take place
- the results are sent back to the branch
Then the officer can review the electronic document, sign off and complete the transaction.
Speed doesn't help if the data being capture is riddled with errors. A mistake on a loan application can be devastating - a denied loan and a potentially desperate search for alternative financing. The manual process of entering data has always been a weak link in banking transactions. Automated data extraction using optical character recognition and related techniques and technologies can reduce errors, particularly when those technologies are paired with skilled workers, such as a bank officer, who reviews the results of automated recognition.
Accuracy is improved because the software will flag problem fields for review. So the bank officer looks only at fields with suspected problems. Worse case scenario: they review every field and it takes as long as it would to do manually. Either way, accuracy is improved because you have one pass of automated data entry and one pass of review by an experienced human.
Fast and accurate transaction make for happier customers
Document capture helps make sure the customer's high expectations are speedily met, so they can leave feeling good and maybe even with some additional money in their pocket! Happier customers make for happier banks who can more easily acquire new customers more easily and retain their existing ones.
For ongoing insights follow me on Twitter @CaptureGuru.