Finan­cial insti­tu­tions take note: the next fron­tier to improve cus­tomer expe­ri­ences, dif­fer­en­ti­ate your ser­vices, and increase rev­enue from dig­i­tal chan­nels is dras­tic paper reduc­tion. Why? When cus­tomers come to your web or mobile site, the last thing they expect is to have to com­plete paper forms to sign up for loans, insur­ance poli­cies, or other prod­ucts. Forc­ing a cus­tomer to go from dig­i­tal to paper-based processes increases dis­sat­is­fac­tion, greatly slows ser­vice deliv­ery, and can leave cus­tomers with a neg­a­tive view of your orga­ni­za­tion overall.

Ask your­self some tough questions:

  • Is it rea­son­able to expect cus­tomers have ready access to fax machines—or expect them to refax mate­ri­als if paper­work doesn’t go through?  Also, do you have the inter­nal resources to then quickly deal with faxes?
  • How often do cus­tomers aban­don their efforts to sign up for new ser­vices when they real­ize they have to com­plete forms on paper—and what’s the finan­cial impact on your company?
  • Do your cus­tomers ulti­mately view your paper processes as a com­pli­ance require­ment that your insti­tu­tion is lean­ing too heav­ily on them to fulfill?

For finan­cial insti­tu­tions, these ques­tions under­score just a few of the prob­lems of rely­ing on paper forms. Even com­pa­nies widely rec­og­nized as pio­neers in online finan­cial ser­vices often revert to paper appli­ca­tions when it comes down to sign­ing up new clients—but it doesn’t have to be that way. Many finan­cial insti­tu­tions are adopt­ing intel­li­gent, auto­mated forms to accel­er­ate appli­ca­tion com­ple­tion and processing.

Here are five top busi­ness ben­e­fits from automat­ing appli­ca­tion processes:

  1. The right expe­ri­ence for each user regard­less of the chan­nel of inter­ac­tion: Forms pub­lished via proven, open dig­i­tal forms solu­tions can adjust auto­mat­i­cally across the web and mobile devices. They adapt and con­form based on vari­ables such as cus­tomer loca­tion, seg­ments, user responses, and touch points.
  2. Cus­tomer con­ve­nience: Cus­tomers can eas­ily search and find the forms they need on web and mobile sites. Form com­ple­tion is stream­lined through dynamic inter­faces that pre-fill and val­i­date fields. Cus­tomers can begin fill­ing out an appli­ca­tion on one device, and com­plete it later on another.
  3. Faster forms pro­cess­ing: Dig­i­tal forms need to be inte­grated with other workflows—such as back­end review and approval processes—to speed form pro­cess­ing and reduce man­ual effort in man­ag­ing applications.
  4. Increased effi­ciency and dras­tic paper reduc­tion: Dig­i­tal forms solu­tions open new oppor­tu­ni­ties for busi­ness process automa­tion by inte­grat­ing with back­end repos­i­to­ries of cus­tomer infor­ma­tion such as cus­tomer rela­tion­ship man­age­ment (CRM) sys­tems and other key appli­ca­tions, such as dig­i­tal sig­na­ture technologies.
  5. Action­able busi­ness insights: Today, many com­pa­nies are inte­grat­ing their dig­i­tal forms processes with track­ing and ana­lyt­ics soft­ware to best deter­mine how cus­tomers engage with online appli­ca­tions, pro­vid­ing finan­cial ser­vices teams with insight into form com­ple­tion and aban­don­ment rates.

In today’s dig­i­tal world—where firms face ris­ing oper­a­tional costs and cus­tomers demand faster turn­around times—now is the time to iden­tify solu­tions like Adobe Expe­ri­ence Man­ager forms. With the Adobe solu­tion, finan­cial insti­tu­tions can offer adap­tive, respon­sive dig­i­tal forms processes across devices to improve cus­tomer sat­is­fac­tion and ulti­mately a busi­ness’ bot­tom line.

In the end, the aim is to elim­i­nate man­ual processes so that insti­tu­tions can truly tap into the poten­tial of dig­i­tal chan­nels to pos­i­tively impact their busi­nesses. To learn more about how Adobe Expe­ri­ence Man­ager forms can improve cus­tomer expe­ri­ences and stream­line finan­cial ser­vices busi­ness processes, down­load our lat­est white paper link.



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