Banks face tough competition, disconnecting workflows, and erroneous reporting. Due to that fact, intelligent automation has recently been the key focus of the global banking industry as banks hope to hit the next wave of productivity, cost savings, and improvement in customer experiences. In this article, we will describe key ways banks are improving efficiency by utilizing intelligent automation.
What is intelligent automation?
Intelligent automation is defined as: “...the combination of Artificial intelligence (AI) and Robotic Process Automation (RPA) systems which senses and synthesizes vast amounts of information and streamlines entire processes, their workflows (applications ranging from routine to the revolutionary), learning to adapt as it goes to achieve unprecedented levels of efficiency, quality, and making complex decisions faster.” Applications of intelligent automation include broad activities that generate large amounts of data, like fraud screening or sales forecasting. Business process management (BPM) software is the basis of most current process automation activities. BPM enables organizations to model processes and use computers to orchestrate these processes by directing workflows according to set process models.
FinTech Intelligent Automation Use Cases
According to a financial research firm, “In [the] US alone, 2.5 million financial services employees are exposed to AI technologies in front, middle and back-office; 1.2 million working in banking and lending, 460,000 in investment management, and 865,000 in insurance.” There are many ways that financial institutions can benefit from intelligent automation. For one, it simplifies complicated workflows that cause bottlenecks and slow customer service. Intelligent automation also reduces process re-work by enabling predictability that streamlines the hand-off process. It improves work quality, enhances efficiencies and speeds up time to market. Below we’ll detail how intelligent automation helps the front, mid, and back office in banking.
Front Office
Front office roles are dedicated to generating revenue for banks. Common includes conversations driven by chatbots and voice assistants. With algorithms and interfaces that integrate with financial data and account actions, automatic chatbots can hold life-like conversations with consumers. , Erica, that serves 25 million of its banking customers. Using voice commands, BofA customers can instruct Erica to give account balances, transfer money, check their credit score, and schedule meetings with real reps at financial centers, among other tasks. Additionally using biometrics, intelligent automation can allow a bank to authenticate sign-on or a mobile payment using a fingerprint, voice recognition, or face recognition.
