The recent years have witnessed immense technology adoption in the banking sector in the wake of the pandemic and during the race to economic recovery. Digitisation of banking services allowed institutional resilience and enabled banks to offer services and solutions online, reaching a broader customer base. The demand for a digital banking experience is transforming the entire banking industry, giving rise to innovative solutions and enhanced customer experience.
As banking embraces technology, hyperautomation technologies play a massive role in digitizing independent processes, improving the quality of services, and transforming operations. Beyond improving independent tasks, the connected technologies add efficiency to overall operations bringing together separate processes and departments to develop innovative solutions and industry-wide impact. Artificial Intelligence (AI) and Low-code play a crucial role in transforming banking by providing flexibility and reduced turnaround time to deliver faster solutions and efficient process implementation at a minimal investment compared to infrastructural investments to attain similar results.
While AI enables the digital workforce to replicate human intelligence to complete tasks performed by humans or require human intelligence at a rapid pace, Low-code development simplifies coding and application building to provide easy drag and drop functionality, making application development more accessible and faster than ever before. The technologies play a significant role in building the foundations of the future of banking as they implement solutions within shorter turnaround times without compromising efficiency while improving the customer experience. Here are a few ways in which AI and Low-code can transform the future of banking.
During the pandemic, when it was necessary to ensure remote working and social distancing, the digital workforce powered by AI ensured business continuity and productivity without affecting existing functions. Access to digital banking and remote services shaped the future of banking by developing innovative solutions to meet customer demands. Further, the inclusion of the digital workforce enables handling high volumes of operations to support diverse customers and stakeholders while ensuring the job security of the humans.
Previously, the onboarding of new customers and creation of their accounts or the application for new loans could take customers and institutions multiple steps and time-consuming manual reviews. However, with the inclusion of just one, if not all of the following hyperautomation technologies: low-code business rule-driven processes, robotic process automation (RPA), Optical Character Recognition (OCR), and artificial intelligence (AI), these time-consuming and manual processes have become, in some cases, real-time decision events. These improved customer experiences have allowed some institutions to prove the importance of the investment and set themselves apart from competitors by embracing the technologies.
Enhanced securityThe banking sector is constantly exploring ways to withstand cyberattacks, prevent data leaks, detect fraud, and ensure maximum security for operations. Technology implementation allows more control over data and access to live data to make informed decisions. Many organizations have turned to artificial intelligence processes to more accurately detect fraudulent activity and low-code processes to inform and receive feedback from customers in these instances.
Further, errors and omissions can be minimized, saving time and resources. Time-consuming audits and reviews can be automated, allowing round-the-clock monitoring and validating of records to ensure high levels of transparency, trust, and accountability.
User experience and customer supportLeveraging hyperautomation technologies have enhanced onboarding and backend functions improving customer experience. AI on the front end to smooth customer identification and authentication, mimic live employees through chatbots and voice assistants, deepen customer relationships, and provide personalized insights and recommendations. The digital workforce can handle customer support around the clock and position the human workforce to focus on relationship-building and cognitive roles.
Robotic process automation (RPA) may also be leveraged to help provide a streamlined audit trail of transactions and requests for increased reporting accuracy and transparency. Hyperautomation technologies allow institutions to support customers case-to-case basis with their highly flexible and customizable solutions.
Innovative solutions and complianceThe adoption of low-code and Artificial intelligence technologies has allowed a substantial increase in innovation within the financial services and banking industries. These technologies have allowed for increased integration of existing and secure customer data with new digital-first processes that can be created and introduced at exceptionally fast speeds, thanks to low-code options. As the industry transitions, many of these processes need to focus on increased compliance needs. Low-code platforms have allowed organizations to quickly implement business-rule-driven processes while enabling artificial intelligence to enforce them. They also encourage human intervention at any dispute or point where confidence in the AI decision may be required. These rules begin to work in concert, giving the organization increased processing speed and transparency into each customer transaction and improving customer experience.
As technology adoption shapes the digital transformation journeys of banks and financial institutions, it has also begun shaping customer experience and expectations. Remote banking, shortened transaction processing times, and increased security are all customer expectations stemming from the introduction of hyperautomation technologies in the industry. We do not foresee the pace of change reducing anytime soon.
(The writer is the Director of Services and Operations at Vuram)
Read more from the original source:
How AI and Low-code can transform the banking sector - Economic Times
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