Recently, banks and other financial institutions have faced a tough set of challenges. To name a few: growing chances of a recession, increasing inflation, labor shortages associated with the COVID-19 pandemic, and pre-existing industry shifts.
Simultaneously, consumer demand for more convenient, secure, and user-friendly digital banking experiences has risen. At this confluence, savvy financial institutions are leveraging the power of intelligent automation solutions like robotic process automation (RPA) to help them realize benefits such as optimized processes, increased productivity, and improved profit margins.
So, is intelligent automation a silver bullet for financial services organizations to steady operations in the face of economic headwinds? Read on to find out!
Intelligent Automation Adoption in Financial Services
Many financial services companies have already begun implementing RPA to handle tedious tasks in back-office operations, enhance customer and employee experiences, and beyond. RPA-fueled chatbots and virtual assistants can take care of many routine tasks that do not require human intervention. For instance, they can open service tickets and direct customers to the appropriate service representative or help them quickly find answers to their inquiries online. With the rise of ChatGPT, hopes are high for even better chatbot services in the future.
When paired with other intelligent automation technologies, RPA can even help financial institutions to detect and manage cybersecurity risks while minimizing human error. Extracting and verifying data from loan applications and other submitted documents is another viable time- and cost-saving application for RPA coupled with artificial intelligence (AI).
Historically, legacy systems have been barriers to efficiency improvements for banks and others in the financial services sector. At the same time, worries have arisen about automation taking jobs from human workers who have traditionally performed tasks manually. In response, today’s intelligent automation solution providers are focusing more on creating integrated solutions that address these concerns and emphasize the crucial importance of an interactive relationship between automation technology and the people overseeing organizational processes.
According to recent Wells Fargo predictions, automation could result in the loss of as many as 100,000 jobs in the banking sphere by 2026. However, these technologies also hold promise to create demand for new roles as organizations recalibrate their operations. Acknowledging the relationship between humans and automation solutions within a single intelligent platform is a primary differentiator for providers who offer ideal intelligent automation solutions for financial services companies, their employees, and their customers.
What to Look for in an Intelligent Automation Solution for Financial Services
Financial Services should be able to implement intelligent automation solutions without requiring upgrades to enterprise systems or point solutions to ease the transition and maximize the advantage. This will ease the transition and maximize benefits. The need to update APIs or create new ones is also ideally avoided, as either process can be very time and labor-intensive.
Using a no-code or low-code automation platform can allow financial institutions to assign non-technical employees to launch and manage automation that depends on digital workers to perform monotonous tasks. This setup, in turn, will enable employees to divert the majority of their focus to more complex, meaningful work. By deploying digital bots to complete routine tasks, legacy technology capabilities and the efficiency of systems interactions can both be expanded.
With an array of automation technology options currently available in the marketplace, financial institutions should refine their search for an intelligent automation platform according to their specific needs. The following differentiators are all vital to take into account when exploring a solution:
- Is it a technology-agnostic solution that can be operated across an enterprise ecosystem?
- Does the solution offer integrated robotic process automation (RPA), intelligent data automation (IDA), intelligent document processing (IDP), business process automation (BPA), and software test automation (STA) capabilities?
- Can the system provide a single user interface for web, desktop, and mobile?
- Does the solution offer task and process discovery to help pinpoint potential opportunities for automation?
- Is the solution powered by machine learning and artificial intelligence (AI) within the same platform?
Today’s financial services institutions are under pressure to boost efficiency and drive revenue growth while delivering safe, seamless, and satisfying customer experiences in the face of economic downturn and a range of other obstacles. The good news is that, when strategically implemented, RPA and other intelligent automation solutions can add significant value, helping banks and other industry players to progress simultaneously towards numerous goals.
Partner with Wizeline to Accelerate the Adoption of Automation and AI Technologies
Now that you know the benefits leading financial service institutions have achieved through intelligent automation, it’s time to develop a strategy to maximize business results.
Whether you are a new player or a well-established organization in the financial services sector, our teams can help your business build and deploy products and platforms to optimize resource utilization, improve operational efficiency, and derive meaningful insights from your data.
Plus, our proven implementation expertise allows us to address the most daunting test automation challenges and release quality applications faster and more confidently.
Through our partnership with HuLoop, we offer an all-in-one, no-code intelligent automation solution that streamlines processes and simplifies workflows for financial services clients and software test automation for customers across industries. If you’d like to learn more about how Wizleine and HuLoop can help, contact us at email@example.com.