In many commercial banks, not much has changed when it comes to onboarding new customers. Relationship managers also spend the majority of their time on manual activities, jumping between siloed processes and, as a result, operating inefficiently.

Fremont, CA: Customer relationship management is especially relevant now that consumers can easily study and turn to a competitor's service thanks to the growth of digital channels. Relationship Managers (RMs) are crucial in commercial banking to nurture customer relationships, ensure customer loyalty, and attract new business from current customers.

Since the start of COVID-19, several customer-facing teams have been busy assisting SMEs in navigating the financial fallout of the pandemic, managing their cash flow, and providing guidance on available stimulus packages, all while transitioning from primarily in-person to virtual engagements.

Here are three key drivers transforming financial organizations:

Regulatory Change

The rate at which regulations change is increasing. With financial crime on the rise across the world, authorities are putting more pressure on banks to recognize customers that have ties to criminals or people who are politically exposed (PEPs). In an increasingly remote and interactive financial services environment, the ability to Know Your Customer (KYC), their behavior (KYB), and your customer's customer (KYCC) are more critical than ever. Dependence on manual processes and the hiring of additional personnel to meet rising compliance demands would not, by themselves, help your bank stay compliant.

Retch solutions that connect with a larger ecosystem of data, screening, and transaction monitoring providers can assist you in identifying regulatory requirements across multiple jurisdictions, automating KYC and AML processes, and lowering the risk of human error.

Digital Disrupters

Given the growing difficulty of onboarding, it's no wonder that a large number of financial institutions around the world are losing ground to these digital-first disruptors. Customers would naturally gravitate toward financial services providers with the same high-tech, low-touch interface as the consumer digital services with which they are familiar.

COVID-19 Pandemic

All banks got a tremendous digital wake-up call in 2020. The pandemic has led many businesses to adopt a new hybrid approach to customer service that combines conventional customer-facing interaction with digital platforms. Many people, however, are also trying to find the right balance.

Whether it's providing digital identification and authentication for quicker onboarding or increasing overdrafts to the consumers who need it most in the right channel, frictionless digital services are critical to helping the customers recover from the crisis. Banks must provide more value to customers digitally while also increasing operational efficiencies by process automation.