Intelligent Automation is a match made in Heaven for the banking sector. All the repetitive, tedious, labor-intensive, rule-based tasks in the banking sector can now be automated with the help of software bots. They can automate high-volume business processes by implementing pre-programmed procedures to optimize costs and improve operational accuracy. They also ensure better talent management.
Intelligent Automation's most significant advantage is its ability to intelligently imitate all human actions at the primary user interface. Let's look at some of the most automatized processes in the banking sector.
Loan processing - is among the slowest processes in the banking industry.
IA can speed up long-running processes by reducing them to 10-15 minutes. Automation allows the extraction of relevant information from customer documents to verify all details. Machine learning is supported by statistical approaches that are simpler and more reliable to make more informed decisions based on data analytics. Intermediary bots create business logic by asking users to correct any errors ensuring safer loan decisions and automatic confirmation letters.
Account Closure
Banks struggle to manage the account closure request burden that is too high monthly. Client non-compliance is the main reason for this overburden. This can lead to late submissions of mandatory documents.
IA allows banks to address this problem by seamlessly tracking all accounts, sending them automated notifications and reminders for timely submissions, and continuously tracking them. Automated cancellations of standing orders, direct debits, interest rate changes, fund transfers, and changes of interest rates can all be made online.
Anti-Money Laundering
AML is one of the most complex and data-intensive processes that can be simplified with Intelligent Automation. IA implementation has proven to be more cost-effective than traditional, labor-intensive banking solutions in terms of catching suspicious transactions and automating manual processes.
Accounts Payable
Accounts payable (AP) often requires vendors to digitize invoices using Optical Character Recognition; extracting data from every field and validating them quickly can be confusing and monotonous.
After detailed validations and reconciliations, Intelligent Automation allows businesses to credit all vendor payments automatically to their account.
Mortgage Processing
Both banks and customers find mortgage processing tedious and laborious. It takes banks over a month for their mortgage process to be completed. This includes many tedious steps, such as credit checks and employment verification, before each loan request is approved. The mortgage loan processing could be slowed by even the slightest error made by the customer or bank.
IA has helped banks speed up this process. Robotics follows a set of rules that eliminates any potential bottlenecks and speeds up mortgage processing.
The banks are also moving quickly towards digitization. Banks need to adopt Intelligent Automation to keep up with the rapid pace of digital transformation, a competitive market landscape that is becoming more challenging and heightened by increasing market pressures. Automation and robotics allow for cost-effective management, as well as efficient resource utilization to ensure customer/employee satisfaction. Intelligent Automation is seen as the future of modern digital banks.
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We’ll see if we’re a match and how we can help each other.