Many processes lend themselves to automation in the Financial Institutions Sector. Please find the following Heat Maps highlighting the Customer Support and IT areas that are often the best places to start with automation and digital transformation in this space.
The Banking and Financial Services Sector has been at the forefront of adopting new technology and this has been no different with RPA. Financial Institutions have been one of the earliest adopters of Robotic Process Automation (RPA) across various business lines.
Be it customer service, Know Your Customer (KYC) and Anti Money Laundering (AML) compliance, loans, credit cards, personal banking, mobile banking, corporate banking, private banking, financial planning, wealth management, insurance, and much more, RPA has been successfully deployed in each of these functions across organizations globally.
Automation works great at scale and the Financial Services Sector operates on a massive one … therefore they see significant ROI by using RPA. With rising competition in this space, firms that put RPA to good use can redeploy their human workforce to more creative and innovative projects that can increase revenue, client engagement, and satisfaction.
The Banking and Financial Services Sector can also see the following gains from leveraging RPA, ML and AI.
Increase operational efficiencies
AI technologies including the use of bots dramatically increase outputs, reduce errors and streamline outcomes; and provide cost savings.
Enhance the customer journey
Accelerate access to customer data, gathering data at speed in real-time, and resolving request resolutions faster.
Reshape the employee experience
Refocus employees on high-value tasks, allowing robots and automation to handle data collection, discover patterns, sort through data, analyze risk, populate the CRM, ERP and much more.
Minimize compliance risk
Improve KYC and AML reporting with automated systems monitoring databases, watchlists and other external sources. Leverage AI and machine learning to find gaps, match relationships, and discover unidentified risks.
Please find the below Table highlighting The Most Commonly Used AI Application in Investment Banking Worldwide 2020, by Type
The table states that ML or Machine Learning was the most commonly used artificial intelligence (AI) application among investment banks worldwide as of 2020. Predictive analytics and virtual assistant technologies followed, with 60 and 58 percent of the respondents respectively.
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The Banking and Financial Institutions space can benefit from Valenta services. We have partners and staff onboard who understand this sector and who have experience in it. Everything we do at Valenta is about helping companies focus on and have time for what they do best and their core mission. We do this through process consulting, digital transformation, the automation of tasks, and by providing staff augmentation. Valenta is focused exclusively on SMB clients, typically enterprise customers with 10-1,000 employees. We have Managing Partners located in cities across the US, Canada, the UK, the EU, and Australia. Our Managing Partners work with other onshore consultants, plus offshore consultants, developers, and managers of outsourced staff to deliver the best services to our clients. Please reach out here to locate a Managing Partner in your area.