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TransformingFinancial Servicesand Insurance withDigital Process
Automation“…digital business allows you to win, serve, and retain[customers] as individuals." — Forrester.1
Customer expectations
Customers have increasingly high expectations of financial
services, companies and banks.
#1 service concern: lack of problem resolution at first point ofcontact2
2/5 leave after a bad experience, 45% of which discourageothers3
69% of boomers want branches, but only 49% of millennials4
59% won’t usea bank that doesn’t offer digital or mobile5
Less than 50% of insurance companies can renew a policy
digitally and le
The challengess than 30% can notify, track, report and update aclaim digitally6
Financial services organizations need to control key processes,
streamline customer-facing activities, reduce employee
workloads and manage compliance and risk but there areobstacles:
Complying with evolving regulations
Customers unable to complete certain transactions digitally
Technical debt, or lack of legacy
Scarcity of high-quality, easily accessible datasystemmodernization
Digital ProcessAutomation can help
Digital Process Automation helps connect and integrateenterprise information, intelligently automating its flow acrossbusiness applications and presenting it when and how it’sneeded.
Put customers at the center of interaction.
Exceed expectations with timely, p roactive service in theirpreferred channels.
Empower people for data-driven work.
Connect internal and external information t o automate repetitive
processes and guide knowledge workers through complex tasks.
Eliminate process gaps.
Digitize processes requiring both structured and unstructured
information to eliminate disconnected processes or manual steps
in process gaps.
Lower risk and gain consistency.
Generate visibility into KPIs and gain actionable insight into how
the organization is operating.
Digital Process Automation by the numbers
64% say it is integral to business strategy6
57% plan to increase usage over the next two years7
33% describe their organization as more human-friendly after adoption and 31% see moreproductive employees8
38% of insurance executives considering process automation amotivator in delivering great customer experience9
70% of Insurance CEOs are relying on operational efficiency todrive growth10
FSIs believe Digital Process Automation will:• Improve service: 69%11• Improve profitability: 59%12• Decrease costs: 58%13• Increase customer base: 46%14• Improve time to market: 42%15
OpenText Digital Process Automation
Discover how OpenText Digital Process Automationcreates theInformation Advantage.
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1Forrester, The Forrester Wave™: Digital Process Automation For Wide Deployments, Q1 2019, March 12, 2019.
2The Financial Brand, Call Centers Don’t Cut It, So Human Contact Is Still Preferred… For Now, November 8, 2017.
3PwC, Retail Banking 2020: Evolution or Revolution?, 2014.
4The Financial Brand, Online-Only Banks Threatening Traditional Banks and Credit Unions, January 9, 2019.
5The Financial Brand, More Consumers Will Leave Banks If Digital Offerings Don’t Improve, November 12, 2019.
6Altus Consulting, General Insurance: The Digital Experience, 2018.
7 Forrester, Refocus Process Automation To Rescue Your Digital Transformation, May 17, 2018
8 Picante, Automation is Making Work “More Human”, Global Research Revelas, September 18, 2018.
9Celent, Digital Transformation in insurance, April 2018.
10 PwC, Insurance trends 2019.
11 Financial Times, Automation can help humans enjoy happy,productive working lives, August 26, 2019.
12 PwC, Retail Banking 2020: Evolution or Revolution?, 2014.
13 Ibid.
14 Ibid.
15 Ibid.
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