Intelligent automation has huge potential to transform how banking and financial services organizations operate internally and manage customer interactions.
What is intelligent automation?
Intelligent automation is the use of artificial intelligence, machine learning, natural language processing, and process automation. Intelligent automation has the ability to transform how we interact with each other, our customers, and the world around us.
In today’s world, the customer experience is what differentiates businesses. Intelligent automation can help businesses deliver the best experience for their customers. Banking and financial services companies rely on a number of different business models to provide their services.
Some of these business models include
- Wealth management
- Mortgage lending
- Credit cards
- Commercial banking, and the list goes on
The common factor between all of these types of businesses is that they are able to provide a service or product to their customers in a way that is both cost effective and time efficient. This is where intelligent automation comes into play.
Top industry experts agree that the real challenge is not in discovering or comprehending the enormous potential of AI and Analytics, but in real-time implementation, hyper personalization, and streamlining of AI and Analytics in business processes while building a long-term AI powered sustainable banking ecosystem.
AI and analytics seek to transform traditional banking methods into a more robust, integrated, and dynamic ecosystem that meets the customers’ ever-changing needs. It has a broad scope for capitalizing on the organization’s future opportunities and is critical to the banking sector, its customers, and building resilience to upcoming challenges in the sector.
Intelligent finance automation offers tangible benefits
Artificial Intelligence (AI) is being used by banks to provide more personalized experiences, to engage customers, and to reduce delivery costs. AI can also help banks detect fraudulent activity, provide recommendations on products and services, and optimize back-office processes. Through the use of AI, banks can remain competitive in the digital age, by being able to make better decisions faster than ever.
Banks and their customers will benefit by utilizing automation for the banking and financial services sector. Banks can free up staff to focus on more strategic and customer facing activities by automating repetitive and redundant tasks.
Automation with focus on business outcomes with IA rather than just automating mundane tasks improves the customer experience and increases operational efficiency
Major benefits of intelligent automation in finance
When it comes to financial services, there are a number of benefits of intelligent automation.
- Save time
- Reduce costs
- Increase efficiency
- Increase customer satisfaction
It is no great surprise to learn that finance and banking industry is one of the most heavily digitized industries in the world. In fact, it is estimated that around 85% of financial transactions are conducted via computer, tablet, or smartphone. Therefore, it stands to gain most from automation implementation.
By implementing intelligent automation into the bank, they are able to cut down the time spent on repetitive tasks. These tasks are easily prone to human error and you can easily make a mistake which would cost the bank money.
For example, an automated finance system is able to monitor customer patterns, e.g. frequency of transactions. It identifies accounts which are likely to take up certain products or services (loans, credit cards0 and automatically sends a letter to the customer, telling them that about the availability of such services.
By using intelligent finance automation, a bank is able to reduce the costs on their employees. For example, intelligent automation can automatically calculate tax payments, generating an accurate invoice without human intervention.
By using an intelligent system to handle these monotonous tasks, the bank is able to save on the cost of a payroll department and the cost of an accounts payable department.
A hyperautomation tool such as Bautomate, can perform processing of unstructured data in documents, index automatically and enable smart search. You can easily share files, and collaborate on projects. You can make sure that the content you share is secure and only accessible to the right people. This saves thousands of employees’ hours in managing documents
By using intelligent automation, a bank is able to get a more accurate automated payment system. Intelligent systems are able to calculate, send notifications, and a lot more. This means that the bank is able to process transactions quicker and more efficiently.
The ability to process information faster means that the bank is able to process transactions quicker and more efficiently.
Automation of finance processes, such as reconciliation, is a common way to improve efficiency in the finance industry. This process can be complex and prone to human error when managed manually. It can also be costly and time consuming. For these reasons, many financial institutions have been investing in Robotic Process Automation (RPA) to reduce costs and improve compliance.
Increase customer satisfaction
By using intelligent process automation, a bank is able to improve the customer experience. A customer is able to carry out transactions through their own devices, e.g., smartphone, tablet, or computer. Intelligent automation allows customers to verify KYC, validate documents, ensure compliance, approve loan documents and more from the comfort of their home, anytime of day without need for a bank agent.
Intelligent finance automation is the future of customer service. Banks and financial institutions are starting to realize that if they want to deliver the best experience possible to their customers, they need to focus on how to improve interaction with their customers.
Banks can personalize customer service by creating a more human-like experience through intelligent chatbots that will make customers feel more valued and appreciated.
What is the future of intelligent automation?
Focuses on replacing outdated working methodologies with cutting-edge AI-powered technologies for increased productivity, improved customer engagement, on-time delivery, advanced scalability, and fostering agility and innovation in the banking ecosystem It provides a platform for the seamless exchange of best practices and addresses the banking industry’s concerns about adopting an AI culture.
With the rise of machine learning and artificial intelligence, there is a growing trend of adopting automated technologies in the finance services sector. According to the World Economic Forum, the financial services industry will need an additional $4.8 trillion in digital technology to support the financial sector in the coming decade.
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Discover and understand which processes can be quickly automated and how to use new tech, such as chatbots, to improve customer visualization and productivity and reduce human errors. Develop a robust business intelligence infrastructure, achieve data integrity and a 360-view of the customer. Look for opportunities and business efficiencies for immediate gains.
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