A financial institution can gain a competitive edge and attract more customers by streamlining its business processes. In doing so, and by integrating artificial intelligence into business processes and deploying ‘bots’, financial services will drive technological advances over the mid to long term. Applications range from collecting and analyzing text to making decisions, allowing financial services providers to free people from routine work and empowering them to concentrate on more value-added services. Intelligent automation and its underlying technologies are not intended to take over the work of humans but rather to eliminate the critical factors that could affect or bring down a person’s efficiency.

A flawlessly automated business process has always been the dream of financial services companies. In the current environment, it looks like the dream of intelligent automation is no longer a question of if, but when. To date, its capabilities have become so profound that the benefits it provides are exceedingly incredible.

• Easily adapts to customer-oriented processes

The sensitivity of financial transactions makes it imperative to have a system that is exacting and accurate. This is the most salient feature of artificial intelligence.

When it comes to business processes in financial services that are customer-oriented, delivering consistent, high-quality service is paramount. Customers look for speed, real-time solutions, and prompt responses to inquiries, concerns, and problem resolutions. AI and software robots are designed to adapt easily to a customer-driven environment.

• Can handle the limitless volume of data

The beauty of artificial intelligence is that it can handle, process, and manage structured, semi-structured or unstructured data regardless of volume. With this capability, it opens several windows of opportunity to use the data while scaling the business overall.

• No major alteration of existing legacy systems

The purpose of applying intelligent process automation is to enhance existing operating systems. There is a smooth transition of the human tasks to AI and the software robots. They can perform the simple and complex tasks in the same way as humans do with a few exceptions.  

• Ensures protection of data and information

Apart from organizing data and information sourced from multiple channels, safeguarding and protecting these valuable data and key information is an integral component of intelligent automation. There is nothing to worry about when it comes to data retention, regardless of office or branch location.

• Boost profits with more transactions

The man-hours saved when the ‘bots’ are called into action allow customer service personnel to attend to more customers and do more transactions. Hence, intelligent automation not only streamlines the process and is a cost-saver but contributes to income generation.

The days of complex transactions in the banking or financial world are over. As more and more customers get accustomed to digital servicing channels, financial services companies are thrilled to launch new and exciting products and services. At the same time, customers want financial services companies to match tech providers’ digitally driven service levels.

By applying intelligent automation, the processes of reviewing, analyzing, and processing transactions or requests are shorter, yet the parameters like AML and KYC are never compromised. Artificial intelligence and robotic process automation can be aligned with the bank’s product programs and credit policies to ensure that risks are mitigated. In essence, these smart technologies work in favor of both the customer and the financial services provider.

Artificial intelligence is  applicable to practically all types of financial services. This  includes money/debt management, payment systems, trade receivables/payables, and credit & collections among others. Intelligent systems are also entrenched in customer interaction, mailing duties, and advisory services.

AI and the ‘bots’ shouldn’t be viewed as threats to humans. In fact, intelligent automation boosts the productivity of the workforce. With the current AI trend, businesses are able to bring down servicing costs, facilitate transactions, improve customer interaction, while consistently delivering high-quality service.

In the foreseeable future, financial institutions can implement a strategy where there is a clear delineation of functions between the humans and the bots to optimize each other’s strengths. Meanwhile, the objective is to provide the best customer experience. This is not difficult to achieve if AI and robotic capabilities are blended with human capabilities. Businesses stand to gain more with this combination. For entities that have not embraced intelligent automation, it is high time they did.