Intelligent Automation in Banking and Financial Services

automation for banking

In addition to RPA, banks can also use technologies like optical character recognition (OCR) and intelligent document processing (IDP) to digitize physical mail and distribute it to remote teams. During the pandemic, Swiss banks like UBS used credit robots to support the credit processing staff in approving requests. The support from robots helped UBS process over 24,000 applications in 24-hour operating mode. A level 3 AI chatbot can collect the required information from prospects that inquire about your bank’s services and offer personalized solutions.

What is API banking?

Application Programming Interface (API) Banking: API Banking makes use of APIs (XML/JSON codes) for communication between bank and client servers, making data transfer between these two systems seamless, ensuring seamless and secured integration between the customer's and bank's systems.

Automation also helps in overcoming the risk and compliance issues that banks are facing due to major policy changes that occur frequently. We deliver banking robotic process automation solutions in line with your needs and equip them with new technologies to give you an edge over your competitors. You don’t adjust your business processes to off-the-shelf software – but get a product fitting your goals.


It is anticipated that twice as many finance organisations will move to an enterprise-wide deployment of robotic process automation (RPA) by 2025 to make customer engagements more personalised. IDC anticipates that, within the next two years, 75% of all consumer and small business loans across Asia Pacific will originate through AI-enabled and automated processes. This is being evidenced with Australia’s first AI-powered loan marketplace funding $28.5 million in small business and personal loans in the past year alone. You need a comprehensive workload automation and orchestration solution that can be rapidly deployed with the support of a world-class, client-first service team. Information and communication technology ICT is at the centre of the global change curve. It has continued to change the very banks and their co-operative relationship are organized worldwide and the variety of innovative devices available to enhance the speed and glorify of services delivery.

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Intelligent Automation can reduce turnaround times from days or weeks to minutes by integrating all stages of the process. Banks deal with multiple types of customer queries every day and must respond with low turnaround time and swift resolution. Conversational AI and Robotic Process Automation (RPA) can determine customers’ intent through natural language interactions and direct their enquiry appropriately, reducing turnaround time to seconds. If you want to implement intelligent automation in your business but don’t know where to start, feel free to check our comprehensive article on intelligent automation examples.

With volatility, inflation, and rate hikes so high.. Give banking automation a try.

Qualitative data shall be presented through normal descriptions while quantitative data shall be keyed in and analysed using the SPSS version 20.0 program. Data analysis shall involve calculation of mean scores and proportions, and it shall be presented by frequency distribution tables. Chi-square test shall be used to determine relationship between demographic variables i.e. it shall be used to test the hypothesis to establish the relationship between the independent and dependent variable. A bank is a financial intermediary and creates money by lending money to a borrower, thereby creating a corresponding deposit on the bank’s balance sheet. Lending activities can be performed directly by loaning or indirectly through capital markets.

automation for banking

Finally, I am looking forward to hearing from banking executives about the importance of cultural change in the adoption of automation in the banking industry. Banks must embrace a culture of innovation and change if they are to successfully adopt new technologies such as RPA, AI, Blockchain, and others. This requires a commitment from senior leaders to embrace change and invest in the technology, skills, and processes needed to make automation a success within their institutions.

Robotic process automation:

In this research, we’ll explore various use cases and case studies of intelligent automation in the financial services industry. Retrieving vendor data, checking for mistakes, and initiating the payment – are all rule-based processes that organizations can do without human involvement. RPA software augmented with optical character recognition (OCR), can automatically capture and re-enter data while simultaneously providing an audit trail. RPA bots can automatically gather data from disparate sources, including federal bodies, government websites, and news outlets, and input this information into a bank’s internal system following data structuring guidelines. ​The UiPath Business Automation Platform empowers your workforce with unprecedented resilience—helping organizations thrive in dynamic economic, regulatory, and social landscapes.

  • A digital portal for banking is almost a non-negotiable requirement for most bank customers.
  • The hardware and maintenance cost, further reduces in the case of cloud-based RPA.
  • Thanks to intelligent applications, the KeBin S10 controls light and music, for example, creating a pleasant atmosphere outside opening hours.
  • Remember that not all RPA vendors fit the specific requirements of an organization.
  • Automatically generate final documentation, like compliance disclosures or member agreements, and personalize marketing materials.
  • For example, banks must ensure data accuracy when producing loan facility letters.

Banks face security breaches daily while working on their systems, which leads them to delays in work, though sometimes these errors lead to the wrong calculation, which should not happen in this sector. Location automation enables centralized customer care that can quickly retrieve customer information from any bank branch. For legacy organizations with an open mind, disruption can actually be an exciting opportunity to think outside the box, push themselves outside their comfort zone, and delight customers in the process.

Productivity Improvements

IDP offers a way to streamline manual processes to keep up with the rising volume of data. Customer expectations are growing; document volumes are increasing; and compliance requirements are rising – all against a backdrop of economic uncertainty and technological change. Implementing the RPA solution in banking generally begins with the identification of accurate and feasible processes.

automation for banking

Intelligent Automation can be invaluable in the fight against fraud and cybercrime, flagging suspect transactions in seconds and automating the process of validating genuine instances. Routine credit card chargeback defence processes can also be automated successfully, allowing employees to focus on complex cases or those involving large amounts. We are building a cutting-edge solution, leveraging cloud-based APIs, that automates loan covenant checks and provides early warning indicators so clients can better manage risk if a covenant is breached. Itransition helps financial institutions drive business growth with a wide range of banking software solutions.

Examples of How Process Automation Can Improve Efficiency

Implementing RPA can help improve employee satisfaction and productivity by eliminating the need to work on repetitive tasks. RPA does it more accurately and tirelessly—software robots don’t need eight hours of sleep or coffee breaks. Banks are already using generative AI for financial reporting analysis & insight generation. According to Deloitte, some emerging banking areas where generative AI will play a key role include fraud simulation & detection and tax and compliance audit & scenario testing.

automation for banking

Next, we’re observing a continuously increased focus on customer experience. Banks are realizing that providing a seamless, personalized customer experience is critical to retaining customers and attracting new ones. Book a discovery call with us to see first-hand how automation can transform your bank’s core operations. We’ll create an automation solution specifically for your organization that works in tandem with your current internal systems.

AI and Robotic Process Automation

Finally, you’ll read predictions of market changes and future investment opportunities. Automated bank workflow management is the way forward for progressive banking institutions looking to build strong customer relationships. We equip Robotic Process Automation (RPA) software with the Optical Character Recognition (OCR) technology to streamline the monotonous processes of extracting vendor information, validating it, and processing the payment. OCR reads the vendor information from the digital or physical copy and transmits it to the RPA system, which, in its turn, validates the information and processes the payment. So it’s essential that you provide the digital experience your customers expect. Digitize your request forms and approval processes, assign assets and easily manage documents and tasks.

automation for banking

Combine the speed and agility of a model-driven low-code development platform with the powerto build enterprise-grade applications. We only need a few more details from you before you can download the complimentary document “Intelligent automation in banking”. Leave us a short message and our team will contact you back to answer the questions you have. Based on your requirements we’ll help with the best way of process automation.

Low Cost

While the general digitization of banking services has accelerated the issuance of credit cards, the process still requires human support. In most cases, an RPA bot can approve credit card applications by itself, substantially quickening the process and increasing customer satisfaction. An RPA bot can access various systems to verify applicants’ identity, perform background checks, and approve, disapprove, or, in rare cases, direct customers to a human employee.

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Completing same-day funds transfers can require time-consuming manual processes. Intelligent Automation can deal with the routine elements such as checking for available funds swiftly and efficiently, only invoking human intervention for checking and compliance. Implement Robotic Process Automation (RPA) to increase the frequency and accuracy with which ATM holdings are reconciled with central bank systems, providing near real-time data to your teams while reducing effort involved.

  • You don’t adjust your business processes to off-the-shelf software – but get a product fitting your goals.
  • The finance industry is a perfect playground for implementing process automation.
  • Are you looking for payroll process improvement ideas to implement in your company?
  • In many cases, leaders struggle to achieve consensus on how to standardize in the best way possible.
  • Firms that understand and implement IA in time can be certain of sustained success, while those that haven’t must choose relevant automation tools to help them stay ahead of evolving customer expectations.
  • No one knows what the future of banking automation holds, but we can make some general guesses.

How does automation increase the efficiency of the banking system?

Financial institutions need automation capabilities to streamline repetitive processes or tasks, such as deploy applications, patch software, and repeat configurations. IT automation allows banks to handle both simple tasks and complex scenarios with less, if any, human intervention.

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