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The turnaround away from low interest rates is still a long time coming, which is why building societies are still under unrelenting pressure to generate earnings. The institutions must learn to operate more efficiently and to exploit their organizational potential to the full.
In view of legal regulations, building societies have few opportunities to significantly increase their earnings through completely new products. As a result, they are forced to be cost efficient, making productivity gains in lending and savings a key competitive factor. Building societies are faced with the challenge of offering the best customer service in a cost-efficient way. Institutions can only maintain their competitiveness if they align lending and saving processes with the wishes of customers while exploiting the opportunities offered by new technologies.
Building societies need to streamline and improve historically grown processes in their lending and savings areas. Small-scale and redundant activities—such as requiring multiple copies of handwritten forms as well as media and system disruptions—prevent efficient processing of customer requests. There are many ways to achieve rapid success—and there are many ambitious goals. Institutions must take the leap into new methods of process management, such as robotic process automation (RPA) and artificial intelligence (AI). They should rethink and redesign the lending and savings processes from start to finish so that they become both more customer-friendly and cheaper.
Achieving quick wins
The aim is to identify obsolete and inefficient processes and to improve them through standardization. As a result, building societies can achieve noticeable and measurable improvements in the shortest possible time.
Optimizing processes through RPA and AI
Building societies can use robotic process automation to automate business processes that are repetitive based on clear rules and structured data. zeb offers tried and tested instruments for using RPA so that every building society can develop a tailor-made RPA strategy and an appropriate operating model. In addition, zeb provides the best methods and instruments to enable institutions to identify the RPA potential of a wide variety of processes and evaluate them, for example based on possible additional benefits.
Comprehensive digital processes
Business with loans and savings deposits can be supported and promoted throughout the entire value chain by integrating digital processes. These enable a building society to differentiate itself from competitors through its services while at the same time ensuring cost efficiency. In order to achieve this, institutions must question established approaches in order to introduce new, innovative ways of thinking and working at management and employee level. zeb offers comprehensive support for this demanding but absolutely necessary change to institutions that want to embark on the path to becoming a digital building society.
