Automation has long been embraced by the financial services industry. Today AI is gaining traction as organizations explore the potential to generate value for customer service, raise revenue, efficiency, and risk management.
However, AI is one component of the future of automation. We think that by combining the benefits of Robotic Process Automation (RPA), Artificial Intelligence (AI), Optical character recognition (OCR), IoT, and human intelligence, financial services can grow through "Hyper-intelligent automation."
This entails the intelligent application of various automation methodologies and components, going from simple robot integration to complete process and system digitalization.
As one of the successful RPA service providers and digital transformation enablers globally, we have certified expertise in delivering hyper-intelligent automation solutions to help change processes while maximizing the performance and potential of your employees.
Let’s take a quick look at five hyper-intelligent automation solution examples and how you can put it to use.
Automated reporting
The process of regulatory reporting is a significant area of application for hyper-intelligent automation because end-to-end reporting automation cannot be achieved with RPA. Banks can satisfy demanding regulatory reporting standards by automating regulatory activities. Additionally, the use of intelligent automation technology guarantees very high reporting accuracy and makes it possible to create an audit trail for every stage of the process in order to meet audit and regulatory requirements.
Avoiding fraud and mistakes
Hyper-intelligent solution is also excellent for preventing mistakes and fraud, significantly lowering financial costs from these types of mishaps. Hyper-automation can be utilized effectively and transparently with ML to handle transactions, and produced logs can be analyzed using ML to spot patterns and trends that enable matching forecasts.
Data analysis in real time
Real-time data analysis is also necessary if company agility is the secret to success. Due to a lack of data analysis, businesses frequently are unable to identify their inefficiencies It is problematic considering the enormous amount of transactional data accessible in the financial sector.
Compliance
As online banking and digital payments grow in popularity, banks are searching for creative methods to provide customers with a customized experience. For instance, the customer onboarding process is essential, especially in terms of compliance and anti-money laundering. Using Hyper-intelligent technologies, executives can focus on mission-critical tasks like investigating high-risk accounts. Intelligent bots analyze documents, extract data, automatically upload the essential information to the compliance system and can automatically assign risk scores and categorize the profiles. Using intelligent bots, customer risk profiles can be validated and compiled from many sources.
Customer satisfaction
Banks can use a hyper-intelligent automation technology solution to automate processes, increase customer interactions, and enhance the entire customer experience.
IRIS can respond to simple inquiries from potential customers and, if required, elevate the inquiries that require the intervention of human agents.
Conclusion
Hyper-Intelligent automation and its various practical deployment solutions are considerably more than just technological effectiveness. There is more to it than just money, also organizational goals directly affect the customer's and employee's satisfaction with a company.
In reality, it is a tactic for enhancing the day-to-day functioning of the people you need to thrive in the company, which will ultimately improve business outcomes. To innovate and expand, the leadership team thus discusses broad, forward-looking proposals for technological advancements. Hyper-intelligent automation technology should first be in their mind.
The success of your organization will depend more on automation of your processes, which is already available as innovation is advancing at a rate that requires our workforce to change and fluctuate at a similar rate, but also because it allows us to use our employees for purposes outside of the hustle and bustle of daily life.
