Lauded for its minimalistic design and selling like hotcakes, the Tesla model 3 is not your average set of wheels. With more than half a million pre-paid reservations, this disruptive autonomous vehicle is giving automobile big guns a run for their money.
So, how disruptive is your bank in this ‘Innovate or Die’ era? Reports suggest “Peer-to-peer payments are up 80 percent”. Amidst rising digital competition, does your bank trail blaze an exceptional digital experience for your customers and employees?
Fasten your seatbelts because we’re here to discuss how your bank can drive the maximum value out of digital transformation, by picking some disruptive ideas from the design of the Model 3.
According to one article, “There’s no traditional instrument cluster, no mess of buttons and switches and knobs on the steering wheel, and not even any obvious air vents (in the Model 3).”
What does that sound like for your Bank? No paperwork. No data entry. No manual intervention. Many banks are already doing this with digital transformation initiatives, but how about going a step further?
How about an autonomous technology that routes your workflow to the next appropriate work step and handles exception scenarios smoothly. One that auto-populates customer data from KYC documents and social media. One that allows your customers to fill an application online, save intermittently and resume on a channel of their choice right from where they left. In short, a modern, digital banking infrastructure.
Stay Future Ready
The model 3 has been hailed as, “easily upgradeable in the future”. And, “feature improvement has been a core principle of Tesla’s cars for a while now. In recent weeks, Tesla pushed a completely re-engineered navigation engine (currently in public beta) to owners, promising better routing and more accurate response to real-time traffic conditions.
What if you could stay future ready by upgrading processes as per evolving regulatory, business and customer demands? Well, you certainly can, with a future-ready technology.
A future-ready technology allows for real-time responses to changing regulatory compliance to meet central bank regulations. Moreover, this technology lets you improve customer experience by modifying processes according to customer insights on completion time, withdrawal rate, withdrawal reasons, etc. The cherry on the cake is that you can do all this by yourself.
The Model 3 is said to be “a triumph of exterior and interior design seamlessly integrating” with “various compositions of steel the Tesla engineers used across the machine-stamped, multi-layer structure.”
What if your front and back office could integrate just as seamlessly? Reports suggest that 60% of customer dissatisfaction is attributed to back-office problems.
How about a front and back end connecting technology that provides employees dispersed across locations with real-time information, which is critical for problem-solving and resolution. For example, a loan officer may use the technology to review a loan application, highlight outstanding information and notify the customer without dependence on the back office.
And, how about going a step further? How about a technology that helps integrate not just your front and back office, but also your IT with third-party applications, legacy applications, core banking solutions, rating applications, and credit bureau systems to ensure compliance, SLA adherence, cost regulation, and risk management.
As Elon Musk has mentioned, “What makes innovative thinking happen? I think it’s a Mindset.”
Tesla has used an innovative mindset to disrupt a well-established market. Your bank, too, can leverage this mindset to launch a full-throttle disruption into your niche. Remember – Disrupt or be Disrupted!