With the recent advances in technology, workmanship is being grossly facilitated by it thereby ushering into an era of automation.
Banking has become easy and flexible with the help of these technologies.
With the customers more and more preferring banking through technology, the industry has responded with massive investments and utilisation of these resources that they namely refer to as the ABCD of Digital Technologies,
A – Artificial Intelligence and Robotic Process Automation,
B – Big-data and Progressive Analytics,
C – for Cloud computing
D – Devices as in used in banking processes.
Block chain– It basically places each and every transaction (block) in the long chain of events that comprise of all the dealings and transactions.
Artificial Intelligence (AI)– AI (Also Machine Intelligence and ML) is a computational advantage resulting from the real time feedback/inputs received from multiple sources that otherwise would have been left out. This has revolutionised technological progress.
Robotic Process Automation (RPA) – Robotic Process Automation is the faster and accurate digital version of labour that can handle more complex tasks. It replaces human endeavour in banking operations with a digital endeavour thereby increasing efficiency.
Together these technological advancements are serving banks to flourish in the ever-changing environment.
Automation helps banking in becoming more efficient, not to mention the fact that it increases the banks capability to handle larger and more complex work every passing day.
Back office automation is responsiblefor healthier banking
It has enabled data handling to be accurate and increased the volume of work done.
Better-quality Customer Experience
Automation has made customer experience superior leading to saving of time etc and increasing clarity through online banking.
The key to progressive Scam Detection
Automation has bettered cybersecurity and made it possible to detect aberrations in work.
Transforming Risk Management
Automation and digitisation have enabled to make better banking products and providing/getting more security based on more accurate interpretation of collected data thereby making it a win-win for both the banks and the customers.
ATMs
Advanced AI techniques such as face recognition and all that can help the uneducated to use the facilities.
In an industry that is continually observing to improve the consumer banking experience, decrease risk and comply with guidelines, and escalate boundless efficiencies around key customer-centric procedures, automation is previously being placed to use across several banks.