Becoming Strategic with Intelligent Automation in Banking

An intelligent automation platform combines several technologies that create ripple effects throughout financial organisations. Different business functions can now be merged, and companies are rethinking who owns what. They’re reorganising formerly siloed functions under one automation office headed by a single person to cut down on bureaucracy and improve business speed. It also liberates your employees from tasks that require monotonous accuracy better suited to software and allows them to focus on providing business value where robots cannot – through personal service with a human touch. While intelligent automation offers numerous benefits for banking and financial services brands, unlocking its true potential requires careful and strategic implementation within an organization. In the face of these challenges, forward-thinking banking and financial services brands are seeking innovative solutions to enhance their customer experience, optimize operations and foster customer loyalty.

The report examines the essential capabilities required to succeed in digital transformation and intelligent automation. In today’s business landscape, EY can help modern leaders uncover process improvements through data-driven prioritization and AI guidance. Our teams work with yours to design and execute hyper-automation programs and help create a culture that continuously improves customer and employee experiences. ZestFinance’s AI-based software purportedly generates fairer models, essentially by downgrading credit data that it has “learned” results in unfair decisions, thus lessening the weight of some traditional (but not entirely reliable) metrics like credit scores. Vectra assists financial institutions with its AI-powered cyber-threat detection platform.

Banking M&As: The Role Of Automation In Maximizing Profitability

This shift toward a more dynamic, responsive and data-driven approach in banking operations is not merely about adopting new tools; it represents a fundamental change in perspective on the role of technology in banking. Banks adopting this new approach are not only optimizing their immediate M&A processes; they are positioning themselves as adaptable, future-ready institutions. The integration of automation in M&As is a clear indicator of a bank’s readiness to embrace change and lead in a transformed banking world.

• The bank’s newsroom reported that a whopping 7 million Bank of America customers used Erica, its chatbot, for the first time during the pandemic.
• Our teams work with yours to design and execute hyper-automation programs and help create a culture that continuously improves customer and employee experiences.
• Its platform allows financial institutions to run stress test analyses and test the waters for market contagion on large scales.
• Comply more easily

  Today’s customers have increasing digital appetites, and the pandemic has accelerated this trend.

• However, the acceleration of distributed ledgers and blockchains is upon us for things more than cryptocurrency and pixelated monkey GIFs.

Tietoevry creates purposeful technology that reinvents the world for good. We are a leading technology company with a strong Nordic heritage and global capabilities. Based on our core values of openness, trust, and diversity, we work with our customers to develop digital futures where businesses, societies, and humanity thrive. True business transformation requires a deep understanding of signature issues within an industry, combining business value, focused strategy and technology.

Unleashing the power: scaling AI-enabled automation with Microsoft

Business owners define goals unilaterally, and alignment with the enterprise’s technology and analytics strategy (where it exists) is often weak or inadequate. Siloed working teams and “waterfall” implementation processes invariably lead to delays, cost overruns, and suboptimal performance. Additionally, organizations lack a test-and-learn mindset and robust feedback loops that promote rapid experimentation and iterative improvement. As the banking industry continues to evolve through mergers and acquisitions, the role of automation in balance sheet management becomes increasingly critical.

These include security and other technical controls, privacy impact assessments, and quality measures. “A bank, for example, will have an interactive chatbot for dialogue with customers, but it will draw on RPA to get the information it needs to be able to have a more accurate conversation with the customers,” he said. For centuries, banks demonstrated expertise in keeping, lending and saving money. This included how banks stipulated interest rates for lending, identified creditworthy cohorts and facilitated banking transactions. Let me just clarify that the shift that’s going on that we saw challenges in the first quarter was the move from servicing backlog of products to shipping out book-and-bill of products, where the orders come in, in the quarter. We continue to have a certain amount of configure-to-order business, our motor control centers, our big drives, our independent cart technology and so on.

These gains in operational performance will flow from broad application of traditional and leading-edge AI technologies, such as machine learning and facial recognition, to analyze large and complex reserves of customer data in (near) real time. “Being recognized at the European level for our expertise in intelligent automation really tells me that we are doing the right things for our customers. Tietoevry Tech Services is committed to partnering with our customers intelligent automation in banking to unlock the full potential of data, AI and cloud technologies through the use of all types of automation solutions. We aim to empower our customers to drive their business transformation and achieve real business impact by making new technologies and ways of working accessible and practical at scale. We are unique in our deep understanding of our customers’ end-to-end processes,” says Michael Lenahan, Head of Data, Cloud and Security at Tietoevry Tech Services.

Once this alignment is in place, bank leaders should conduct a comprehensive diagnostic of the bank’s starting position across the four layers, to identify areas that need key shifts, additional investments and new talent. They can then translate these insights into a transformation roadmap that spans business, technology, and analytics teams. By integrating business and technology in jointly owned platforms run by cross-functional teams, banks can break up organizational silos, increasing agility and speed and improving the alignment of goals and priorities across the enterprise. The AI-first bank of the future will need a new operating model for the organization, so it can achieve the requisite agility and speed and unleash value across the other layers.

Simudyne is a tech provider that uses agent-based modeling and machine learning to run millions of market scenarios. Its platform allows financial institutions to run stress test analyses and test the waters for market contagion on large scales. The company’s chief executive Justin Lyon told the Financial Times that the simulation helps investment bankers spot so-called tail risks — low-probability, high-impact events. Kasisto’s conversational AI platform, KAI, allows banks to build their own chatbots and virtual assistants. These banks use KAI-based bots to walk customers through how to make international transfers, block credit card charges and transfer you to human help when the bot hits a wall.