Aggrandizing the power of Automation in the Banking Sector with Top 4 Tech Drives

Banking CIO Outlook | Friday, July 10, 2020

The transformative power of automation in the banking sector is commendable. Automation in banking will improve capacity and free workers to concentrate on higher-value projects.

FREMONT, CA: The world is at a pinnacle of digital revolution and proliferation of latest technologies. The financial sector has undergone radical changes over the last few years as perceived as a conservative industry. Given the prevalence of several labor-intensive processes in the banking business, it is unsurprising that the industry has been leading in welcoming automation solutions. The increase in digital devices has led to a paradigm shift in the way consumers prefer to interact with their banks. Automation is enabling the banking sector is many ways as well.

• Blockchain

Blockchain is the transactions stored in public database allowing comprehensive transparency of transaction tracking due to its track-n-trace nature. The blockchain can conceivably save banks billions in cash by mitigating processing costs. Blockchain disruption could be incredibly transformative in the payments method. It would enable banks higher security with minimum lower costs to process payment between businesses and their clients and even between banks themselves.

• Artificial Intelligence (AI)

At the heart of the AI, revolution is machine learning algorithms, software that self- improves as it is fed more and more data, a trend which is increasingly benefitting financial institutions.

• Robotic Process Automation (RPA)

RPA helps do essential tasks across applications just like human employees. It is fast emerging as a profoundly efficient way to help financial organizations support their digital transformation, enabling multiple processes to become a lot simpler. The technological advancements help banks thrive in the ever-changing environment.

• Enhanced Customer Experience

Automation promises a more reliable customer experience through a dramatic speed of decision making, elimination of wait time, and full transaction tracking. Customized products can be given to clients by looking at historical data, doing risk analysis, and eradicating human errors from manually-handled models.

Automation has implemented financial institutions with an optimized platform which drives a reliable and timely execution of all processes related to banking. Automation has also established to be a real game-changer for back-office procedures and offers established that can help cut down on time for back-office processing.

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