Banks can no longer afford to ignore the ‘elephant’ in their back offices: legacy systems that no longer meet today’s IT requirements.
Banks can improve their customer service by systematizing the aggregation and retrieval of information needed by both customers and frontline employees.
To reduce the ‘technical debt’ accruing in their legacy systems, banks need to examine their procedures for software development and maintenance, as well as the problems specific to their legacy code.
While exceptions are inevitable in any workflow situation, bankers particularly must have the tools to manage them efficiently.
Banks face a competitive disadvantage if non-traditional innovators develop technology that creates a better customer experience that can’t be matched by their current vendors.
With the replacement of paper checks by electronic check processing, banks can now reduce the cost of courier services and regional processing centers.
To improve their document management processes, banks need to do the upfront classification and description work while leveraging the automation systems now available.