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How Automation can Help Retail Banking

Banking CIO Outlook | Sunday, February 07, 2021

The Covid-19 pandemic altered people's access to services. Everything went online at the lowest possible cost and with the greatest possible efficiency. Everything, from booking a flight to purchasing groceries, was at our fingertips

Fremont, CA: Every industry is undergoing a digital transformation. The pandemic accelerated enterprise automation and innovation, allowing them to achieve crisis agility and resilience. Although the level of transformation is still in its early stages, the retail banking sector is not far behind in terms of technology administration.

Why Automation is Needed?

The Covid-19 pandemic altered people's access to services. Everything went online at the lowest possible cost and with the greatest possible efficiency. Everything, from booking a flight to purchasing groceries, was at our fingertips. There was a significant increase in customer inquiries, which were handled by contact centers. Banking and other financial services were on the verge of being digitized. But what about advancement? To compete on a level playing field, the retail banking sector must actively implement automation. Google Pay, PayTM, and other digital wallet systems that support touch transactions are formidable rivals.

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Retail banking automation will result in improved consumer interactions. Companies consider doing all of their transfers, deposits, and other services without having to wait in line for hours.

Consumer banking necessitates a large amount of data transfer. Embracing automation will reduce the amount of physical work involved in data collection. It will decrease the monotonous redundant interactions between employee and customer, as well as the waste of time involved in manually gathering customer information. This allows employees to shift their focus to more skill-based tasks.

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