However, banks that are ready to embrace intelligent automation—which includes AI and robotic process automation—should look for areas that could provide the most benefit in terms of improving their digital transformation and workflow efficiency. Not to mention, many banks struggle to determine which technologies should be prioritized to get the most out of their investments and which ones can best align with their business objectives.
According to Capgemini , the financial services industry is expected to add approximately $512 billion in global revenue by implementing intelligent automation, and the ROI is clear when the deployment is executed thoughtfully. The best way to think about intelligent automation going forward is as a solution that can deliver improvements across the entire customer journey.
For example, intelligent automation can help customer service agents perform their roles better by automating application logins or ordering tasks so that customers receive better and faster service. Other examples of intelligent automation applications include closing accounts, sending notifications, blocking accounts, providing security codes, and managing customer transfers to improve operational efficiency and customer experience.
These are the types of tasks that can cause a lot of friction. With automation, employees can spend more time focusing on the bank’s customers rather than on each box they need to check.
Banking Roles That Benefit from Automation
An Accenture study found that banking executives now expect AI-powered technologies to not only transform their industry, but also deliver net gains in jobs. Let’s look at the elements of the banking industry that can benefit from intelligent automation.
Trade Finance
You will find high level documentation requirements communication email list with a wide variety of disparate systems that can be improved by breaking down silos through intelligent automation.
Invoice discounting and financing
Reduce manual processing of financing and discount requests. Also automate repetitive processes in the supply chain and around working capital.
Commercial Lending Operations
Upon customer arrival, intelligent automation quickly retrieves relevant data from structured and unstructured loan documents and then automates the entry of that data into loan processing and account opening systems, accelerating the commercial loan lifecycle.
Banking Regulation and Compliance
With the endless list of requirements to meet regulatory and compliance mandates, intelligent automation can improve operational effort.