Digital transformation is helping innovate the financial industry. From bringing new products to market to improving customer experience, Intelligent Automation can accelerate and redefine internal banking processes to drive increased efficiencies.
Challenges Facing the Banking Industry
Like many industries, the adoption of digital technology has resulted in a quickly changing landscape. Banking establishments face a number of increasingly growing challenges, including:
- Disrupter competitors entering the market
- Complex fraud
- Tighter regulations
- Increased customer expectations of communication and transparency
- The need to reduce operational costs
Intelligent Automation can provide solutions for many of these issues, helping banks overcome the challenges facing them and providing a digital evolution for their processes.
Automation’s History Within the Banking Sector
From automatic teller machines (ATMs), to online banking interfaces, automation isn’t new for the banking industry. But IA using service orchestration, and decision driven automation, is providing a digital evolution that can propel the industry forward.
As an industry that typically mitigates risk, there can be a reluctance to undertake huge transformation projects. That’s why a digital evolution approach is the perfect methodology for the financial sector. By identifying individual areas to streamline and improve efficiencies within, banks can take small actions that come together to achieve huge growth across the organisation.
Streamlining Processes & Reducing Costs
As operating costs continue to increase, banks are looking to streamline spend – which is why IA is more important than ever. Valuable resources, the human workforce, can be utilised to deliver the customer-facing experience and engagement.
Freeing up manual resources is another key area for automation. Know Your Customer and anti-money laundering checks are just some of the time exhaustive processes that command huge levels of resources across financial organisations. By automating these processes, banks can make huge savings, both in time and investment.
Keep People for the Personal Approach
The key for the banking industry is understanding where to automate. Whilst back-end processes are vital and can be enhanced by IA, there are a number of personalised solutions within the business that should remain with skilled specialists.
For many financial products, such as mortgages, it’s important to build trust with a client. Whilst customers are happy to do their everyday banking online, without speaking to a representative, bigger financial commitments require a personalised, human approach. For the financial industry to succeed in automation, identifying the correct areas to focus on is the most important first step in their automation methodology.