- To innovate and modernize finances, intelligent automation is being leveraged across many financial institutions.
The recently rising Fintechs and start-ups in the market with increased cloud-enabled services are putting pressure on financial institutions. To transform the business models and drive cost efficiency, customer-centricity, trust and compliance, extensive adoption of Artificial Intelligence (AI) and Robotic Process Automation (RPA) technology are on the way. The amalgamation of both technologies enables digital transformations across financial institutions.
It is assumed that big data and AI technologies enable financial institutions to work more efficiently. These technologies can predict people’s spending habits, health, lifestyles and various customer needs. FSIs are heading to AIs to accelerate the value for the business, both for customers and employees.
Intelligent automation which consists of RPA and AI enables accelerated digital transformation in the financial sector. It can also help with customer relationship management. It can help with embedding more trust, enabling more security and also less time for transactions. These promised customer relations increases the share of wallet that institution receives, and productivity in real-time.
In the customer transaction lifecycle also automation can streamline many processes. Also, they can help encourage a customer to make transactions by helping them to open an account, apply for a loan or invest in the financial firms. The only requirements initially are rapid delivering of services and most convenience.
Here are some examples enlisted below that shows the rapid digital transformation in the Finance Industry:
- Automation can be used to send invoices on-time that helps out organizations with improved cash flows.
- The received invoices turn to automated responses, which can acknowledge the customers that they have been received and are in progress.
- Digital workers do the spreadsheets, tallying etc. effortlessly and r=error-free.
- Improve the refund policies as one of the major dissatisfaction of customers are the delay of the refunds.
- Insurance company’s image depends on the way in which the claims get processed. Manual claim p[rocessing usually accompanies many issues and customer dissatisfaction. A digital worker can deal with the issues with consistent and predefined rules.