The Future of Banking Operations is Digital

Banks have always been committed to improving the efficiency of their operations, and for the most part, their progress has been steady. Book a discovery call to automation in banking operations learn more about how automation can drive efficiency and gains at your bank. The cost of paper used for these statements can translate to a significant amount.

Not having a unified automation strategy is common, and it creates problems because when you automate something, the workflow often affects the entire firm. You want to offer faster service but must also complete due diligence processes to stay compliant. The simplest banking processes (like opening a new account) require multiple staff members to invest time. Moreover, the process generates paperwork you’ll need to store for compliance. If you are curious about how you can become an AI-first bank, this guide explains how you can use banking automation to transform and prepare your processes for the future.

The transformative power of automation in banking

To foster continuous improvement beyond the first deployment, banks also need to establish infrastructure (e.g., data measurement) and processes (e.g., periodic reviews of performance, risk management of AI models) for feedback loops to flourish. Many banks, however, have struggled to move from experimentation around select use cases to scaling AI technologies across the organization. Reasons include the lack of a clear strategy for AI, an inflexible and investment-starved technology core, fragmented data assets, and outmoded operating models that hamper collaboration between business and technology teams. What is more, several trends in digital engagement have accelerated during the COVID-19 pandemic, and big-tech companies are looking to enter financial services as the next adjacency.

This approach helped the bank to deliver business and operational benefits rapidly and successfully. The program paid for itself by the second year and kept implementation risks under control. In phase three, the bank implemented the new processes in three- to six-month waves, which included a detailed diagnostic and solution design for each process, as well as the rollout of the new automated solution. Post-merger, it can be a daunting task to reconcile loans from different systems and ensure accuracy.

Optimization: unlocking financial services

You can get more business from high-value individual accounts and accounts of large companies that expect banks to have a top-notch security framework. The company decided to implement RPA and automate the entire process, saving their staff and business partners plenty of time to focus on other, more valuable opportunities. For the best chance of success, start your technological transition in areas less adverse to change.