Addressing today’s demand for lower cost, streamlined and more accurate automated services, automation is one of the transformational technologies such as automation have matured over the last few years making it a much more desirable and viable option for banks and financial institutions to reduce costs and improve accuracy. Increasingly popular, automation delivers advanced operational and process analytics, and ensures technical viability without the need for interfaces at more lucrative price points than previous automation approaches.
Seven of the most applicable automation techniques for financial service organizations include the following:
- Robotic process automation (RPA): If you’re looking for a way to reduce costs and improve the speed and accuracy of your organization’s operations, RPA is a great way to achieve your goals. RPA can also improve the accuracy and speed of operations across a bank’s front, middle, and back office by reducing or eliminating manual tasks. This technology is typically best suited for larger volume, checklist-driven tasks that are repeatable and documentable.
- Data quality: A holistic customer view is critical, though consolidating and maintaining master data is a struggle for many organizations. To achieve this, financial services companies seek support in aggregating data and provisioning a holistic customer view across data sources via an automated programmatic layer, can be an effective tool in maintaining data quality.
- Intelligent data: Context aware data can be implemented to achieve better and faster results. This kind of an automation will fulfill data and regulatory gaps without manual intervention.
- Policy/procedural definition and implementation: To comply with regulatory requirements or related policies/procedures, data gaps can be identified in the information collection process and automated alerts can be generated for completing the process and improving the quality of the submission. This prevents processing delays by implementing event monitors and testing for the status of the event in the case management system. Once implemented, the system will execute specific actions and your organization can rest assured that data collection methods will meet regulatory and process requirements.
- Workflow automation: Document analysis, behavior, patterns, from multiple sources can be integrated to automate generation of documents, reports, audit trails and notifications. Tasks can be assigned automatically that may typically get stuck in people’s inboxes for a long time, causing delay in process due to inaction.
- Social media data: Automating the analysis of social content has become increasingly important for financial services monitoring. Customer provides profile data and many platforms share data through single-sign on through an API. Changes in behavior as well as changes to profile (such as address) can be tracked and analysis can be provided on these unique information patterns to analyze news, social media and web information through automated processes.
- Link analysis: This is primarily useful for investigation, research and reviews. This link analysis provides a unified vision of relationships between customers and all customers’ accounts inside and outside the organization. Identifying customer links with bad actors, dubious jurisdictions, criminal histories, companies and analyzing the ultimate beneficiary ownership is valuable in incorporating this type of data in customer segmentation and scoring models.
Now is the time to leverage automation approaches in your business. Companies leveraging automation gain from benefits including error-reduction, improved quality, and compliance management. The industry’s most innovative companies are finding ways to work faster, more efficiently, and without error. Now is the time to leverage automation techniques and drive new efficiencies to your organization. Learn more about automation in our recent white paper, “Embracing Digital to Transform the Banking and Financial Services Industry.”