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:
- 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.
- 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.
- 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.
- 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.
- 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.