The financial landscape is changing drastically. Financial institutions are moving towards the adoption of Artificial Intelligence and Robotic Process Automation (RPA) technologies to transform their business models as well as to enhance customer centricity, trust, and save costs. The combination of both these technologies helps to fasten the digital transformation across financial institutions. According to a recent report by the management consultancy firm Avanade, AI-enabled systems, and big data helps in fast decision making and deep learning. Both AI and Big data will help the financial services industry to be more intelligent and aware of the spending habits, health, lifestyle of customers, and predict their buying behavior. Financial Services Industries are now looking to enhance value for business, employees, and customers through Intelligent Automation which is a new offering that bundles RPA and AI to hasten the digital transformation.
Intelligent Automation helps with customer relationship management by controlling each step in the process and reducing the time invested. Thus Intelligent Automation can transform the financial services industry in many ways:
- It helps financial institutions in improving cashflows, generating, and sending invoices in proper time. This leads to earlier payments and improved cashflows.
- Intelligent automation aid in generating automated responses for invoices received and inform the clients that it is in process.
- It helps in automating reconciliations traditionally done using spreadsheets extracting the records from bank statements and tallying can be executed effortlessly and with fewer errors.
- Intelligent Automation in Financial services can help organizations to track their P&L daily with machine speed thereby enabling employees to work towards analysis rather than mere reporting.
- Rule-based automation technologies help companies to do refunds in record time eliminating delays and improving the company’s image.
- Manual claims process which poses various issues and customer dissatisfaction due to inconsistent handling can be resolved by intelligent automation, thereby ensuring compliance.
Thus intelligent automation has great potential to transform financial services organizations and its operations internally and enhancing customer interactions and experiences. Financial Services Industries thus needs to learn how to manage people and machines together to successfully deploy AI and RPA.