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White Paper
Building a Digital Future in Retail Banking With Intelligent Automation
How Financial Services Automation Works
Banking automation uses IA, which is software combining digital technologies to enhance business operations by reducing time-consuming, mundane tasks. Intelligent automation solutions employ robotic process automation (RPA), artificial intelligence (AI), machine learning (ML), natural language processing (NLP), optical character recognition (OCR), business process management (BPM) and more to securely and efficiently automate manual business processes, within the financial services industry.
Why Financial Services Pick Our Automation
SS&C Blue Prism is robust and reliable first. We transform institutions by enabling secure automation that’s scalable across the organization. Change work for your employees and give your customers outstanding experiences through an intelligent digital workforce.
What Does Automation Do for Financial Services?
Challenges for financial services
How automation can make financial services better
Robust solutions for financial services
Challenges for financial services
The financial services industry is under pressure to evolve with emerging technologies and increased financial crime and regulation. Meanwhile, customers expect more personalized, efficient and digitally accessible services. It’s time to give your people the tools and resources they need to build a robust and adaptable financial services sector with strategic models that can respond effectively to consumer needs.
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What Are Priorities for Financial Service Companies?
Benefits of Automation & RPA Implementation in Financial Services
Compliance reporting
Financial services firms must avoid fines and reputational damage with an IA approach. Save time and avoid human error. Automate processes and generate regulatory compliance reports by extracting and configuring data across platforms.
Financial sustainability
Many financial institutions are prioritizing projects that drive a fast return on investment (ROI) by increasing banking process efficiencies and enhancing personalized customer experiences through the power of intelligent automation.
Reduce financial crime
Execute complex decision-making with automated fraud detection. Collect data into case decisions and follow-up actions seamlessly. IA enables risk management in KYC onboarding, sanctions screening, transaction monitoring and fraud investigation.
Happier customers
Under pressure from fintech providers, traditional banks are using IA to build personalized digital customer journeys to sharpen their competitive edge. This includes 24/7 chatbot support, online and mobile application accessibility and streamlined operations.
Reduce human errors
Administrative work is full of error-prone, repetitive tasks. When organizations automate manual processes with 100% accuracy every time, it reduces complexity and increases efficiency so people can focus on higher-value initiatives to help grow the business.
Enhance collaboration
IA brings processes together into efficient workflows by connecting disparate systems and making it easier for digital workers (RPA bots) to augment work. It improves decision-making, offers real-time tracking and analytics, and reduces manual tasks.
Putting Automation Into Action
It’s now more a requirement than an expectation to provide digital customer services available at their fingertips 24/7. Meanwhile, financial services organizations need to maintain regulatory compliance and ensure customer data is securely stored and personal information protected. IA is well-suited to highly regulated industries, enabling better risk mitigation, data usage and efficiency gains. See some IA and RPA use cases in banking and financial services below.
Retail and commercial banking
From lending, credit card applications and payments, IA aims to increase efficiency, speed and satisfaction for customers, building loyalty and peace of mind. Customers get access to the information they need and don’t have to spend weeks waiting to hear back. With IA, you can:
- Offer customer self-service options for account opening, closing, updates and status checks.
- Improve fraud detection with real-time analytics and pattern detection, keeping customer accounts secure.
- Speed up payment processing and keep customers informed with status updates.
- Offer faster complaint resolution and customer support with AI-powered chatbots.
Wealth and Asset Management
Client onboarding and asset transfers, compliance and risk monitoring, investment research, data analysis and real-time investor reporting – IA transforms wealth and asset management firms by automating these functions.
Mergers and acquisitions
An IA use case in private equity is the process of mergers and acquisitions (M&A). The M&A process can be expensive and time-consuming, requiring the organization to integrate new systems and processes, and giving staff limited time to learn new operational best practices. With IA, digital workers help with data entry, mapping, extracting and moving through multiple systems – critical processes for system consolidation after a merger or acquisition. Digital workers minimize potential human errors, speed up time to results and reduce costs. With IA, you can:
- Improve service delivery with faster turnaround times.
- Calculate and process complex financial transactions.
- Reduce costs with better resource allocation.
- Gain better visibility into real-time data.
Loan processing
IA removes the need for manually auditing loan servicing, determining loan eligibility sooner by performing automatic credit checks, income verification, direct debit cancellation, account closers, CHAPS payments, foreign payments, audit reports, internet banking applications and PIN pulls – all while improving accuracy and reducing the required times and resources to complete a loan application. With IA, you can:
- Achieve 100% auditability and compliance on all processed loans.
- Reduce the time it takes for a customer to apply for a loan.
- Determine loan eligibility sooner.
- Convert loan contracts into a machine-readable format.
Mortgage processing
Homebuyers are experiencing long, drawn-out mortgage loan approval processes due to inefficient operations and outdated systems. Mortgage automation through IA modernizes these processes by automating workflows, minimizing errors caused by paper-intensive administrative work and streamlining how work gets done. With IA, you can:
- Digitize loan origination, application and approval processes.
- Enable accurate and quick data extraction and data entry.
- Access real-time data analysis to enhance decision-making.
- Utilize intuitive and customizable interfaces.
- Centralize process overviews for better monitoring and performance tracking.
Trade finance
With optical character recognition (OCR) and IA, financial organizations can fully digitalize international trade finance, automatically processing and indexing thousands of trade documents a day. The OCR engines can digitize paper documents such as bills of lading, packing lists and invoices and classify them into a single summary sheet to share with customers. With IA, you can:
- Ensure delivery of goods and payments between multiple international parties.
- Quickly and accurately process letters of credit, bank guarantees, etc.
- Improve communication between multiple parties.
Customer onboarding
Enable new customers to open an account and apply for additional products in minutes with automated KYC checking and affordability calculators. Digital workers automate processes such as data entry, background checks, and document and ID verifications to personalize customers’ experiences throughout the entire process. The same applies to the account closure process, ensuring old or expired accounts are closed to keep bank information up to date. With IA, you can:
- Reduce customer onboarding time.
- Complete KYC and risk assessment faster.
- Create faster, more detailed anti-money laundering (AML) client reporting.
- Streamline credit card applications and credit card processing.
Risk and compliance
Risk and compliance are critical factors for financial institutions. Fraud detection automation streamlines fraud investigation processes, helping employees tackle large case volumes with increasing complexity and reducing the associated operational costs. IA works quickly and accurately to identify patterns and anomalies with fully auditable process monitoring. With IA, you can:
- Improve the speed and accuracy of sanctions checks.
- Deliver faster cash cycles to customers.
- Improve compliance adherence and transparency.
- Reduce cyber threats from malicious operators.
- Conduct near real-time threat analysis and alerts.