Automation in Banking and Finance AI and Robotic Process Automation

automation in banking examples

It is no secret that the banking industry has battled to evolve with the times and stay up with technological advances. Adopting technologies has helped banks provide the best customer experience while remaining competitive in the saturated banking market. In addition, the pandemic has accelerated company measures to react to employee and customer demands, making digital solutions the future of financial services. Fourth, a growing number of financial organizations are turning to artificial intelligence systems to improve customer service. To retain consumers, banks have traditionally concentrated on providing a positive customer experience.

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Through timely reminders to customers, repayment rates can be significantly improved. A few years ago, customer waiting times would be very long due to a shortage of reps to address their queries. Today, by deploying an intuitive IVR platform and voice-based solutions, calls can be received, engaged, and questions answered without needing agents. With LeadSquared, we could bring together all our processes and teams into a single enterprise-wide solution.

Reasons why you need to add automation to your bank

RPA is a combination of robotics and artificial intelligence to replace or augment human operations in banking. A Forrester study predicts that the RPA market is expected to cross $2.9 billion by the year 2021. Maintaining high quality customer service is one of the biggest contributors to a bank’s reputation.

Whereas ready-made RPA products are tailored to solving common problems of an average organization, a custom solution is designed to satisfy your unique needs. Lots of ready-made solutions provide general functionality, and most won’t let you adapt their features meaningfully. According to a report by Thomson Reuters, the cost of running KYC compliance and customer due diligence may range from $52 million to nearly $384 million a year.

Business process automation vs. Robotic process automation

The biggest reason for such overburden is the clients’ non-compliance, leading to delayed submission of mandatory documents. RPA enables banks to tackle this issue by seamlessly tracking all accounts and sending them continuous automated notifications and additional reminders for timely submissions. Automation allows the cancellation of standing orders and direct debits, change of interest charges, and fund transfers with accessible online forms.

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