Traditional bankers are struggling to fill the increasing gap in customer expectation management as Fintech firms and emerging technologies dominate the current banking ecosystem. For banks, a big hurdle is the inability to achieve operational efficiencies in their back-end processes which in turn inhibit the level of front-end system enhancements.
RPA and AI are rising to the occasion with non-intrusive methods, and without compromising on efficiency and accuracy:
- RPA helps banks achieve automation without the need for complex system integration.
- 24/7 bots can operate continuously helping banks with productivity gains of 35-50%-compounded across thousands of transactions.
- An RPA tool can be deployed within 2 to 6 months depending on the complexity of the process.
- AI-based systems can detect money laundering patterns on a real-time basis.
- AI-enabled Chatbots excel at collecting customer data allowing to provide a personalized experience