Automation in Banking Hexanika Think Beyond Data

Automation in Banking and Finance AI and Robotic Process Automation

automation in banking and financial services

Artificial Intelligence (AI) is being used by banks to provide more personalized experiences, to engage customers, and to reduce delivery costs. AI can also help banks detect fraudulent activity, provide recommendations on products and services, and optimize back-office processes. Through the use of AI, banks can remain competitive in the digital age, by being able to make better decisions faster than ever. In loan servicing, RPA can help reduce the processing and review time for loan applications from days to hours. The documents are processed faster and with 100% processing accuracy, covering risk management, reducing customer churn and further improving the customer experience. Camunda and RPA solutions can also automate the reporting of potential fraud cases, streamlining the communication between teams and departments involved in fraud detection and prevention.

automation in banking and financial services

Reduced manual efforts, improved process turnaround time, an ability to manage end-to-end processes with minimal human involvement are some of the most valued benefits of adopting digital transformation. The financial services and banking industry is facing pressure on every front to reimagine the way it does business. It’s time to give your people the tools and resources they need to build a new financial sector and new business models that can respond effectively to consumer needs. With a digital workforce combining technologies such as RPA, artificial intelligence, machine learning and natural language processing, your employees are liberated to do what humans do best. One of the most noticeable benefits of automation in banking is a significant enhancement in operational efficiency.

Build a New Operating Model for Financial Services with Intelligent Automation

These three key pillars of holistic automation are natively available within the platform. With continuous innovation in our products and services, we endeavor to help our customers improve their competitive advantages. Significantly reduce human errors, operational costs, and processing time using RPA Bots that work alongside different systems to automate tasks delivering speed and accuracy. In 2020, most consumers and banking institutions are generally familiar with artificial intelligence driving intelligent automation in banking.


Regardless of the niche, automating low-value-adding tasks is one of the most effective ways to realize employees’ full potential, achieve superior operational efficiency, and significantly increase customer satisfaction. Process mining opens to door to continuous optimization by giving banking organizations an in-depth, X-ray level view of the inner working of their business processes. Our mining services have enabled numerous financial services clients to unlock millions of dollars of value trapped within their transaction systems, creating leaner, more effective processes with greater visibility. Integrate your company’s core banking platform with third-party data networks and applications to drive greater business agility and expand access to customers. Our API integration services help financial firms meet customer expectations around managing their finances, all while enhancing customer protection and security. Chatbots and virtual assistants have become indispensable in enhancing customer service and support.

Reap the benefits of Intelligent Automation in Banking

This can lead to significant cost savings, which can, in turn, boost profitability and improve margins for the business. RPA software can enable banks, financial institutions and insurance companies to generate various reports automatically using the most up-to-date data within various tools and systems. In this post, we explore how Robotic Process Automation is being deployed within the financial services industry and how this technology helps with banking. That’s thanks in part to cloud-based AI/ML solutions and APIs that can be orchestrated quickly to build powerful solutions. A few years ago, we helped a leading commercial bank streamline its underwriting process.

automation in banking and financial services

Similar results are available for processes that include agent and vendor onboarding, customer service support, and claims management. There’s no denying that automation is at the core of the digital transformation strategies of many banks and financial services companies. But for business process automation to bring you the most benefits, you need a qualified and experienced partner to help you handle the technology part. Intelligent automation within financial services orchestrates your entire banking operations, monitoring and improving automations as they run to ensure the highest efficiency, cost savings, and time to value. IA helps reduce operational costs, but it also reduces operational risks, which are often caused by human errors.

Your customers expect a modern, digital-first customer banking experience — which means immediate and stellar service. However, by first engaging with a virtual agent through automated chat or voice bots, customers can enjoy a more seamless experience. Fintechs are entering the market and challenging the core businesses of established institutions.

automation in banking and financial services

The financial institutions have to meet these while maintaining their costs and all of this is achievable with Robotic Process Automation. It involves bots; bots that are deployed to mimic the day-to-day, routine tasks which are performed using some business rule and can be easily automated. A large number of financial institutions have been opting for it to meet these needs. By bringing everything together and connecting loose ends, automation enables the banking sector to deliver the cost-saving that it needs, while simultaneously delivering value to customers. Banks and financial institutions are starting to realize that if they want to deliver the best experience possible to their customers, they need to focus on how to improve interaction with their customers.

Having a streamlined financial close process grants accounting personnel more time to focus on the exceptions while complying with strict standards and regulations. Thanks to the virtual attendant robot’s full assistance, the bank staff can focus on providing the customer with the fast and highly customized service for which the bank is known. When robotic process automation (RPA) is combined with a case management system, human fraud investigators may concentrate on the circumstances surrounding alarms rather than spend their time manually filling out paperwork. Banks must comply with a rising number of laws, policies, trade monitoring updates, and cash management requirements.

Auto-process Registration /IPIN generation, login into the core system, select transaction, and process as per request with Intelligent Automation. Process a whole gamut of online transactions, such as purchase transactions, redemption transactions, switch transactions, SIP / SIP insure registration and STP/SWP/DTP registration. Convert the unstructured data to structured data to generate a standard format intermediate file.

Customers want a bank they can trust, and that means leveraging automation to prevent and protect against fraud. The easiest way to start is by automating customer segmentation to build more robust profiles that provide definitive insight into who you’re working with and when. To that end, you can also simplify the Know Your Customer process by introducing automated verification services. Banks can leverage the massive quantities of data at their disposal by combining data science, banking automation, and marketing to bring an algorithmic approach to marketing analysis.

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Not only does this help in reducing the operational costs, but also saves the time taken to perform the task. RPA technology, with natural language generation capabilities, can read through these lengthy compliance documents before extracting the required information and filing the SAR. For optimal results, the RPA software can be trained with inputs from the compliance officers on the parts of each document which best fit each section of the report. Although R&CA hinges on technology, the primary focus should be on business outcomes. The most successful organizations are laser-focused on what they are trying to achieve with R&CA, and they have success measures that are explicit and transparent.

Tackle the single biggest challenge of managing the LIBOR end – the overwhelming volume of documents needing remediation, and the workforce to get it done. Credit application processes are often antiquated with many bottlenecks and manual interventions… In times like these, marked by lower interest rates, economic slowdown, reduced staff, and a rise in loan modifications and forbearances…the backlog of loan files for lenders will become overwhelming… End-to-end insurance automation for claim registration and handling, process payments, detect fraud, and investigate and adjudicate claims. Automation tools closely monitor all the transactions and flag any that seem suspicious.

automation in banking and financial services

But by implementing IA – which is the combined technology of artificial intelligence with RPA and ML – you can increase your benefits tenfold. And those digital workers collaborate with your team for a more unified and consistent workforce. This article delves into the various automation use cases and benefits among core banking operations, customer service, and support, and finance and accounting. Furthermore, automation solutions can also route inquiries to the appropriate department or agent, reducing wait times and improving response times. This can result in a faster and more effective customer service experience, increasing customer satisfaction and loyalty.

Moreover, when human agents review their decisions as right or wrong, they learn from these outcomes and become even more accurate in how they operate and flag transactions. Banks are now implementing AI-powered chatbots that take care of these simpler issues leaving the complex queries to human agents. The best thing about automation technologies is that they don’t even require a new setup or infrastructure. Most of them can be easily implemented in the system without disrupting any of the existing legacy structures. Moreover, they can be custom-made to integrate with as many systems as possible and deliver value across every department. The BRS process starts by identifying the common and uncommon cheques in files downloaded from Oracle and bank statements and then clearing the common cheques present in both the oracle file and bank statement.

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This enables RPA software to handle complex processes, understand human language, recognize emotions, and adapt to real-time data. Banking and Automation- the two terms are synonymous to each other in the same way bread is to butter – always clubbed together. We live in a digital age and hence, no institution of the global economy can be immune from automation and the advent of digital means of operations. In fact, banks and financial institutions were among the first adopters of automation considering the humongous benefits that they get from embracing IT. IA helps banks remove repetitive tasks, improve efficiency, reduce costs, and enhance customer service, among other things.

  • Working with a reliable and trustworthy software development partner is crucial for any bank or financial institution seeking to implement AI-supported workflow automation solutions.
  • As a result, financial institutions must foster an innovation culture in which technology is used to improve existing processes and procedures for optimal efficiency.
  • Nanonets online OCR & OCR API have many interesting use cases that could optimize your business performance, save costs and boost growth.
  • Artificial intelligence enables greater cognitive automation, where machines can analyze data and make informed decisions without human intervention.
  • Technology is rapidly growing and can handle data more efficiently than humans while saving enormous amounts of money.

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