bankingciooutlook

Technology-Enabled Processes Driving Better Banking Outcomes

By: Banking CIO Outlook | Wednesday, July 24, 2019

The wave of banking automation has resulted in a paradigm shift in terms of how client preferences and communication strategies.

FREMONT, CA: The world is at the height of a digital revolution and the proliferation of cutting-edge technologies. It is secure to say that the era of automation is in conjunction with the fast implementation and use of these emerging technologies. The financial services sector, typically viewed as a conservative industry, has experienced radical changes in recent years.

Blockchain

Blockchain technology enables untrusted parties to agree on the status of a database without the use of a middleman. By offering a ledger that no one administers, a blockchain could provide particular economic services— such as payments or securitization — without using an intermediary, such as a bank. Furthermore, blockchain enables the use of tools such as "smart contracts," which could automate manual procedures, from the processing of compliance and claims to the distribution of a will's content.

Artificial Intelligence (AI)

In comparison to the Natural Intelligence (NI) of humans, AI (Also Machine Intelligence and ML) is intelligence exhibited by computers. Machine learning algorithms are at the center of  AI revolution, software that improves itself as more and more information is being supplied, a trend that progressively benefits financial institutions.

Robotic Process Automation (RPA)

RPA pertains to software that can be programmed readily to perform fundamental duties across apps just like human employees. As a highly efficient manner to assist financial institutions in supporting their digital transformation, it is rapidly emerging, allowing different procedures to become much more straightforward. Together, these advances in technology help banks flourish in the ever-changing setting.

Automation: The key to the Future

Automation has given a personalized platform for financial institutions that drives the better and timelier execution of all banking procedures.

Automation is already being used across the banking sector that is constantly seeking to improve consumer banking experience, decrease risk and comply with legislation, boosting high efficiencies around customer-centric procedures.

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