Digital banking has taken the world by storm and is now a crucial player in the banking industry. Although consumer preference was already trending towards digital channels before COVID-19, the pandemic accelerated that change within a matter of weeks, as consumers were forced to limit in-person interactions and adopt digital banking services. Wells Fargo alone reported a 35% increase in remote check deposits and 50 percent growth in online wire transfers.
In 2022, it’s estimated that 203 million Americans used digital banking services, and that number is projected to reach 216.9 million by 2025. It’s clear that digital banking will be sticking around for quite awhile, so it’s time to prepare!
In addition to the convenience digital banking offers consumers, it gives banks a unique opportunity to reduce costs and increase efficiency. By integrating artificial intelligence (AI) and machine learning (ML) technologies into intelligent process automation (IPA) platforms, banks are starting to automate tasks such as fraud detection, risk management, and compliance monitoring. By automating these tasks, banks can reduce costs, increase efficiency, and improve the overall customer experience.
Let’s explore how process automation platforms like Decisions are optimizing the digital banking landscape and revolutionizing the industry.
