Your Guide to Banking Automation

From simplifying customer onboarding to enhancing fraud detection and improving employee experiences, the impact of these technologies is profound and multifaceted. With a vision of ‘Leading the Future of Banking’, UnionBank wanted to leverage technology to provide an omni-channel banking experience for its customers. They were looking to elevate customer experiences by eliminating long wait times to reach customer support over calls by deploying an AI chatbot on two channels (Website and Facebook Messenger). Thus, enabling customer self-serve options to instantly resolve customer queries with conversational AI.

• The result is a significantly more efficient, dependable, and secure banking service.
• Loan processing is a very lengthy process, which typically takes 15 days minimum.
• The flow of information will be eased and it provides an effective working of the organization.
• With the fast-moving developments on the technological front, most software tends to fall out of line with the lack of latest upgrades.

Banks can do fraud checks, and quality checks, and aid in risk reporting with the aid of banking automation. Employees no longer have to spend as much time on tedious, repetitive jobs because of automation. We’re discussing tasks like analyzing budget reports, maintaining software, verifications for card approval, and keeping tabs on regulations. By automating routine procedures, businesses can free up workers to focus on more strategic and creative endeavors, such as developing individualized solutions to customers’ problems. To successfully navigate this, financial institutions require to have a scalable, automated servicing backbone that can support the development of customer-centric systems at a reasonable cost.

Credit Card Processing

Unlike human agents, chatbots can interact with multiple customers simultaneously, ensuring quick and efficient service. Well, the world has evolved in a way that a trip to the bank for a quick query is not something any customer is ready to take on today! Customers want solutions at their fingertips, and with minimal wait time. They have become the digital version of customer support and emerged as a new way to interact, offering personalized, prompt and efficient assistance on the text and voice-based channels of their choice. Modern banks and financial institutions have evolved from being mere transactional hubs to becoming comprehensive financial educators.

Revolutionizing the banking industry with automation isn’t just about working harder but smarter. Banks are now turning to AI-powered automation and chatbots, not just for automation in banking sector routine tasks but to ramp up efficiency with minimal effort significantly. This shift is about optimizing operations and building a rock-solid, smooth-running business.

Optimization: unlocking financial services

Customers are interacting with banks using multiple channels which increases the data sources for banks. The banks have to ensure a streamlined omnichannel customer experience for their customers. Customers expect the financial institutions to keep a tab of all omnichannel interactions. They don’t want to repeat their query every time they’re talking to a new customer service agent.

Automation plays a primary role in banking by streamlining operational processes. It automates traditional manual tasks like data entry and record-keeping, reducing errors and improving efficiency. Financial transactions become more accurate as a result, not only saving time but as well as ensuring that time is saved. It used to take weeks to verify customer information and approve credit card applications using the old, manual processing method. Customers were unhappy with the wait time, and the bank had to pay for it. However, RPA has made it so that banks can now handle the application in hours.

Any data from the onboarding of the customer to the current period can be retrieved without any hassle. In the case of data entry, data from structured and unstructured loan documents can be entered automatically, moving further into loan processing and account opening systems. Compared to a manual setup, the repetitive processes are removed from the workflows, providing less scope for extra expenses. Business Process Management offers tools and techniques that guide financial organizations to merge their operations with their goals. Several transactions and functions can gain momentum through automation in banking.

By shifting to bank automation employees can be relieved of all the redundant workflow tasks. The workforce experience flexibility and can deal with processes that require human action and communication. They can develop a rapport with your customers as well as within the organization and work more efficiently. Additionally, it eases the process of customer onboarding with instant account generation and verification.

Digital workers operate without breaks, enabling customer access to services at any time – even outside of regular business hours. This helps drive cost efficiency and build better customer journeys and relationships by actioning requests from them at any time they please. Simplify your close processes with financial close automation software that work to solve any problem, no matter how complex.