How Intelligent Automation Is Transforming Banks

Similarly, Deutsche Bank saw substantial returns on investment when it embarked upon a comprehensive digital transformation journey where it deployed software to introduce both attended robotic process automation and unattended intelligent automation. Banking automation has facilitated financial institutions in automation in banking operations their desire to offer more real-time, human-free services. These additional services include travel insurance, foreign cash orders, prepaid credit cards, gold and silver purchases, and global money transfers. Digital transformation and banking automation have been vital to improving the customer experience.

Some of the most significant advantages have come from automating customer onboarding, opening accounts, and transfers, to name a few. Chatbots and other intelligent communications are also gaining in popularity. Automating compliance procedures allows banks to ensure that specified requirements are being met every time and share and analyze data easily. This frees compliance departments to focus on creating a culture of compliance across the organization. In addition, automated systems can identify and flag suspicious activity that poses a threat to the bank and its customers. One banking organization has used automation to apply a rule in the loan origination process that automatically rejects loans that fail to meet minimum requirements.

What can banking automation do for me?

Banks, in other words, will look and feel a whole lot more like tech companies. Being future-ready reflects an organization’s ability to scale eight characteristics of operating model maturity. Our research suggests that technology challenges are impeding banks from achieving operational transformation. This holds true particularly in areas such as artificial intelligence (AI), analytics and automation, each of which would complement banking’s strong data capabilities. Banking and Automation- the two terms are synonymous to each other in the same way bread is to butter – always clubbed together.

According to Deloitte, some emerging banking areas where generative AI will play a key role include fraud simulation & detection and tax and compliance audit & scenario testing. Today, customers want to be met, courted and fulfilled through any organization that wants to establish a relationship with them. They also expect to be consulted, spoken to and befriended in times, places and situations of their choice. Nitin Rakesh, a distinguished leader in the IT services industry, is the Chief Executive Officer and Director of Mphasis. Traders, advisors, and analysts rely on UiPath to supercharge their productivity and be the best at what they do. Address resource constraints by letting automation handle time-demanding operations, connect fragmented tech, and reduce friction across the trade lifecycle.

Back-office operations

Cem’s work has been cited by leading global publications including Business Insider, Forbes, Washington Post, global firms like Deloitte, HPE, NGOs like World Economic Forum and supranational organizations like European Commission. You can see more reputable companies and media that referenced AIMultiple. Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur.

A North American bank transformed its lending practices to better service and retain customers—savings $20M. This Australian bank managed capacity constraints, workflow challenges to better serve customers​. Applying tech-driven operational intelligence across an organization leads to greater profitability and efficiency. Improve the speed and convenience of personalized experiences and offerings. A North American bank transformed its lending practices to better service and retain customers—savings $20M and avoiding $2B in exposure. Automate at scale, augment human talent with technology and harness the power of cloud to transform the cost curve.

And enabling platforms enable the enterprise and business platforms to deliver cross-cutting technical functionalities such as cybersecurity and cloud architecture. Exhibit 3 illustrates how such a bank could engage a retail customer throughout the day. Exhibit 4 shows an example of the banking experience of a small-business owner or the treasurer of a medium-size enterprise.

Banking organizations are constantly competing not just for customers but for highly skilled individuals to fill their job vacancies. Automating repetitive tasks reduces employee workload and allows them to spend their working hours performing higher-value tasks that benefit the bank and increase their levels of job satisfaction. Incumbent banks face two sets of objectives, which on first glance appear to be at odds. On the one hand, banks need to achieve the speed, agility, and flexibility innate to a fintech. On the other, they must continue managing the scale, security standards, and regulatory requirements of a traditional financial-services enterprise. The AI-first bank of the future will also enjoy the speed and agility that today characterize digital-native companies.

The bots are expected to handle 1.7 million IT access requests at the bank this year, doing the work of 40 full-time employees. And at Fukoku Mutual Life Insurance, a Japanese insurance company, IBM’s Watson Explorer will reportedly do the work of 34 insurance claim workers beginning January 2017. By integrating business and technology in jointly owned platforms run by cross-functional teams, banks can break up organizational silos, increasing agility and speed and improving the alignment of goals and priorities across the enterprise. Each layer has a unique role to play—under-investment in a single layer creates a weak link that can cripple the entire enterprise. AIMultiple informs hundreds of thousands of businesses (as per similarWeb) including 60% of Fortune 500 every month.