Banking Operations: The Flexibility of Automation, AI, and Intelligent Document Processing

Banking Operations: Automation Journey

Most big banks are already automating a significant portion of their transactional banking operations using Robotic Process Automation (RPA). However, with DigiBlue’s clients, they were hungry for more. 

They sought to extend automation into the front office, reaching all the way to customer engagement. Why? Because this is where the magic happens – faster resolution and fulfillment of customer requests.

Combining Automation Technology

Steve emphasizes the value of integrating various automation technologies like RPA and AI to create an end-to-end automation lifecycle. In the banking world, this means automating everything from customer communication to back-office processes while ensuring a cohesive workflow management system. 

Taking an integrated approach ensures tasks are allocated effectively, SLAs are met, and the entire process is well-coordinated for a fantastic customer experience. 

AI: From Hype to Practical Application

Artificial Intelligence, or AI, is no longer a buzzword; it’s a practical tool for transformation. While AI presents immense potential across multiple scenarios, it has a major role to play, from customer engagement to fulfillment processes. 

AI is the enabler that takes automation to the next level, enhancing the customer experience and operational efficiency.

A Lifecycle Approach to Automation

Rather than viewing automation as a mere layer, seeing it as a lifecycle is essential. This lifecycle begins at the front end, where communication automation and cognitive agents enhance customer engagement. It then extends to the middle, where bank agents have an accurate single view of the customer. 

Finally, it reaches the back end, ensuring seamless integration between customer interactions and backend systems, often with multiple bots working concurrently to navigate complex processes.

Bridging Gaps in Core Banking Systems

Automation, particularly RPA, bridges gaps within core banking systems. Whether a bank is in the early stages of core system development or has a mature, well-established system, RPA acts as a fast and cost-effective bridge.

It allows for the rapid implementation of functionality without requiring extensive core system development. This agility is much needed for banks.

Operational Benefits and Employee Satisfaction

One of the key benefits of automation in banking is operational efficiency. Tasks are executed with precision and speed, reducing errors and ensuring compliance. 

Additionally, automation doesn’t just replace human tasks; it enhances them. Employees can focus on more engaging, value-added work, leading to higher job satisfaction.

Enhanced Customer Experience

Accuracy is paramount in banking. Automation ensures that transactions and interactions are error-free, improving customer experience. 

Big banks working with DigiBlu have seen a direct correlation between automated processes and higher Net Promoter Scores (NPS). Customers appreciate the reliability and accuracy of automated services.

Navigating Risks and Compliance

While automation offers numerous advantages, it also comes with risks. It’s imperative that banking institutions design processes with compliance in mind, ensuring that bots follow regulations to the letter. 

Meticulous planning and ongoing monitoring are necessary to mitigate the risks associated with automation breakdowns. Still, designing processes that are in compliance from the start will save future headaches for the development and legal team down the road. 

Intelligent Document Processing (IDP)

Intelligent Document Processing (IDP) tools like Documents with GPT are a value-add for banking operations. It steps beyond traditional OCR-based approaches requiring models to be trained for each document variation, which is costly to maintain, error-prone, and time-consuming. 

Documents with GPT is a modern AI-powered processing tool that allows banks to convert their documents to data. Using generative GPT models allows for rapid adaptation to changing document formats. This flexibility opens up a world of new automation possibilities.

Final Thoughts

Automation, AI, and IDP are reshaping how financial institutions serve their customers. Some of the keys to success lie in an integrated, lifecycle-based approach to automation. It’s not about replacing human roles; it’s about enhancing them and delivering unparalleled efficiency, accuracy, and customer satisfaction.

The future of banking is automated, and those institutions that embrace this transformation are poised to thrive in the digital age.

Ready to automate your banking operations? Contact our FinTech Automation team.