The banking industry provides tremendous convenience to their customers in terms of financial management. However, the reality of managing this enormous quantity of data in the back offices is different. There are hundreds of people who process mainly paper-based customer requests.
The disconnect between the bank’s innovative contact channels and their legacy IT systems often leads to high costs and delay in response and in turn customer dissatisfaction.
So, what’s the solution?
What is that one technology which is going to transform the banking industry in the world? What is that one technology which is going to change the way we do banking?
The answer is artificial intelligence.
It is going to make the experience of working with the banking industry more effective and efficient. Artificial Intelligence could be a big opportunity not only for banks but also for the companies, that are trying to explore better ways of bringing banking to the customers.
Let’s see how artificial intelligence improves banking services.
Artificial Intelligence in Banking Industry
The future of the banking industry is going to be less manual and more based on artificial intelligence. Implementing artificial intelligence in the banking industry is the best solution to manage the work overload efficiently. Tasks across the banking industry are improved by replicating human actions, guaranteeing high-quality and increased efficiency at low costs.
Take this common scenario: a person wants to open up a bank account and apply for a credit card. To do so, he/she needs to furnish income proofs, fill in an application form, and submit essential documents like his/her identity card. There would be the same requirements if he/she applied online and the application is then digitally forwarded to the bank’s employee. The employee accesses multiple systems to review the application, keeping in mind that AML and KYC are top priorities. In case the application requires additional document checks, the employee notifies him/her. He/she then sends the required documents to the bank and the review process starts again.
All this complexity comes with a cost. The cost of manual work to assemble and interpret data along with the cost of people managing multiple systems.
But this back-office process and others like it can be potentially automated.
Thinking how? Read more to know
As soon as a customer inquiry reaches the bank, the intelligent system reads and categorizes the inquiries and extracts key information. Once the data is available in a structured format, the robotic system processes the information according to the bank’s business rules and automatically executes the underlying business process.
Artificial intelligence also offers great cost-saving opportunities for the bank. The bank employees and resources are dealing with customers and their data most of the time and if this can be automated through artificial intelligence, nothing will be better than this.
We at genesisngn.com help to implement artificial intelligence in the banking industry. By doing so we help the banking industry transform the way they operate today, guaranteeing a smooth end to end processing.
By leveraging a service provider like Genesis NGN, banks and other financial service institutions can stay abreast of the latest advancements coming to the market. Visit genesisngn.com to learn how Intelligent Automation can work for you and your business.