To innovate and modernize finances, Intelligent Automation is being leveraged across many financial institutions.
The financial landscape is changing with Fintechs and startups rising in the market with greater agility and increased cloud-enabled services putting enormous pressure on Financial Institutions. To transform their business models and at the same time drive cost efficiency, customer-centricity, trust and compliance, they are moving towards extensive adoption of Artificial Intelligence (AI) and Robotic Process Automation (RPA) technology. The amalgamation of both technologies helps catalyze digital transformation across traditional as well as modern financial institutions.
According to an Avanade report, algorithms, big data, and dedicated AI systems enable faster decision-making and deeper learning. This combination of big data and dedicated AI systems helps FSIs to become more intelligent about people’s spending habits, health, and lifestyles, but also predict customer needs for different scenarios of spending and saving. Having often started with a focus on Robotic Process Automation (RPA), FSIs are now looking to AI to amplify the value to be achieved for the business, customers, and employees – what we call ‘Intelligent Automation’. Intelligent Automation for FSIs is a new bundled offering that consists of ‘RPA + AI’ enabling customers in banking, capital markets, and insurance to accelerate their digital transformation.
Intelligent Automation can help with customer relationship management. They can also incentivize the customer to act in one’s favor. In the case of financial services, managers want to build a relationship with every customer. Intelligent automation can do so by controlling every step of the process and reducing the time invested.
Such a relationship has high value for both parties. As an institution receives fees, interest, or revenue for their time, the customer can state their demands and requirements. Each party ideally will receive these dues fairly.
Increased customer engagement increases the share of wallet that the institution receives, as well as productivity in real-time. Thus, give your users an incentive to participate. Intelligent automation does that by increasing convenience.
Moreover, as it is known the customer transaction lifecycle has many steps that automation can streamline, and stages including acquisition and loyalty. In this case, automation can help encourage a customer to make a transaction. They can open an account, apply for a loan, or start working with an investment firm. The first step is to deliver services to them rapidly and at the utmost convenience.
Here are some of the examples that show how Intelligent Automation is transforming the finance industry.
• Intelligent Automation in Financial services can be used to help organizations with improving cash flows. Automation can be deployed to send invoices on time. This simultaneously leads to earlier payments and improved cash flow.
• When the Invoices are received, automated responses can go out acknowledging that they have been received and are in process. Alternatively, if there is something missing and needs process the invoice.
• Traditionally reconciliations have been done using spreadsheets, manually extracting records from Bank statements, and tallying these. This can easily be automated. Digital Workers can do this process effortlessly and error-free.
• There are several organizations (especially those in trading) that track their P & L and risk daily, relying on traditional tools to get this done. Intelligent Automation in Financial services can get these tasks done with machine speed – saving employees to work towards analytics than mere reporting.
• For employees spread across locations, an expense management system can work wonderfully well. An OCR capable Intelligent Automation solution can draw important fields from the receipts automatically, freeing up employees to focus on their important tasks.
• A large reason for customer dissatisfaction is when refunds are delayed. Rule-based automation can take care of these cases in record time and improve the company’s image.
• An insurance company’s image is heavily dependent on the manner in which claims usually get processed. Manual Claims processing poses various issues and customer dissatisfaction through inconsistent handling. A Digital worker can deal with all these issues. Defined by rules, having the capability to deal with various data formats, ensuring compliance.