• November 18, 2022 September 21, 2023

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Automation is key for growth in banking and payments sectors

What’s more, because virtual workers are multi-skilled and agnostic to the processes they execute, they can work across the entire business, completely breaking down the siloed functions that still exist in many financial organisations. By employing a virtual workforce, insurers can significantly increase the number of claims they are able to process, while also identifying fraud at a much more granular level. Virtual workers are able to extract information from claimant documents and compare this data with previously submitted claims.

No matter where you are on your transformation journey, Banking Transformation Summit provides inspiration and confidence for your next steps. Shearin recently participated in a UK Finance working group, which monitored and developed emergent thinking on AI ethics – how to enhance AI’s value to wider society and encourage greater financial inclusion. In May, UK Finance’s Jonathan Middleton led https://www.metadialog.com/ a Confirmation-sponsored webinar on AI and automation. The panel comprised Shearin Cao, executive director at Standard Chartered, Daniella Tsar, senior data scientist at Thomson Reuters Innovation Labs, and Caroline Winch, Confirmation’s commercial director. Sticking to the main purpose of the software, RPA removes the need to do the mundane, unwanted tasks required to run an organisation.

Public Sector

This is magnified due to the increase of digital devices, platforms & eco systems as well as a digital native population. Quite a few countries are in the pilot or development phase of CBDC’s while others are at a research phase (elibrary.imf.org, 2022). In regions such as Sub- Saharan Africa the widespread use of M-PESA could be a catalyst for the adoption of CBDC’s.

• Digitalization has significantly helped the banking sector reach the right decisions based on clear, complete, effective data directly related to their consumers.
• Quite a few countries are in the pilot or development phase of CBDC’s while others are at a research phase (elibrary.imf.org, 2022).
• For example, banks can stop prospective customers from becoming bogged down in protracted KYC and onboarding procedures.
• When looking at the potential use cases for Robotic Process Automation in financial services, like with other industries and organisations, it is important to not just follow what others are doing.
• The fact that rules-based systems are far simpler to comprehend and defend to a regulator may be the most crucial factor.

By streamlining operations, reducing manual errors, and improving customer satisfaction, automation has the potential to improve the efficiency and competitiveness of the sector. Automation has become vital for future competitiveness and diversity in financial services. This has become apparent in the way that financial institutions are aggressively deploying automation technologies. This implementation has only accelerated during the Covid-19 crisis, with digital ecosystems re-shaping how financial services are discovered, assessed, purchased and delivered, during a period where workforces had to adapt to hybrid working.

Improving Customer Acquisition, Retention, and Banking Services with Data Analytics

By providing expertise and insight, we support our members, partners and stakeholders as they prepare the UK for what comes next in a constantly changing world. The concept of Open Banking has been around for a while, in which APIs are used to integrate banks with external parties by sharing financial data automation in banking sector and services. Open Banking gained significant traction through the Payment Services Directive 1 (PSD 1) mandated within the European Union in 2007 and PSD 2 in 2016. However, what was unexpected was the significant impact the covid-19 pandemic would have in influencing the growth of online transitions.

Banks can employ NLP (natural language processing)-backed chatbots to enhance customer engagement by enabling automated and conversational interactions for various banking-related tasks and inquiries. Satheesh Kothakapu is Technical Architect at Acuvate and brings in 10+ year of strong expertise across Microsoft stack. He has consulted with clients globally to provide solutions on technologies such as Cognitive Services, Azure, DevOps, Virtual Agents. Currently he manages key customer engagement, involves in architecting the solutions and leading the team of Azure services.