How Automation Technology Will Influence Banking And Finance In 2022

Intelligent automation in financial services: Use cases and risks

Automation in Banking: Vital Considerations About Technology

Working on non-value-adding tasks like preparing a quote can make employees feel disengaged. When you automate these tasks, employees find work more fulfilling and are generally happier since they can focus on what they do best. Automation can help improve employee satisfaction levels by allowing them to focus on their core duties. By making faster and smarter decisions, you’ll be able to respond to customers’ fast-evolving needs with speed and precision. The company decided to implement RPA and automate the entire process, saving their staff and business partners plenty of time to focus on other, more valuable opportunities.

Prior to her current role, she worked as an internal audit professional at several multinational companies. Kajal received her bachelor’s of commerce from University of Mumbai, India, is a Chartered Accountant from India, and a CPA in California. As forward-thinking organizations strive to stay ahead in the digital age,

exploring the benefits of IoT adoption becomes imperative.

What Is Banking Automation?

You can deploy these technologies across various functions, from customer service to marketing. First, banks will need to move beyond highly standardized products to create integrated propositions that target “jobs to be done.”8Clayton M. Christensen, Taddy Hall, Karen Dillon and David S. Duncan, “Know your customers ‘jobs to be done,” Harvard Business Review, September 2016, hbr.org. Further, banks should strive to integrate relevant non-banking products and services that, together with the core banking product, comprehensively address the customer end need. An illustration of the “jobs-to-be-done” approach can be seen in the way fintech Tally helps customers grapple with the challenge of managing multiple credit cards. Exhibit 3 illustrates how such a bank could engage a retail customer throughout the day.

Automation in Banking: Vital Considerations About Technology

Detecting fraudulent activity in real time is a prime example of intelligent automation in the banking sector. After training with ample high-quality data, AI algorithms can detect anomalies, such as financial misconduct. AI is deployed end-to-end in automated fraud detection systems – from identifying potential fraud, alerting the customer and assessing the validity of their response.

Understanding Robotic Process Automation (RPA)

As a result, an estimated 98% of IT leaders  say automating business processes is vital to driving countless benefits to the business. To learn how the right core banking system can help streamline processes, don’t miss our Definitive Guide to a Modern Core Banking Partnership. Using traditional methods (like RPA) for fraud detection requires creating manual rules. But given the high volume of complex data in banking, you’ll need ML systems for fraud detection.

Automation in Banking: Vital Considerations About Technology

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