The financial sector is continuingly evolving. Whether that’s to keep up with customer demands, disruptions in the market or even security challenges, it’s the kind of sector that will never stop changing. And, now thanks to the coronavirus pandemic, it’s having to change even more.
These challenges need to be overcome, despite many financial organisations not having the environment or systems in place that they need. The operating models of yesteryear need to be discarded and be replaced with a level of intelligent automation that these businesses demand.
By radically changing the way the front and back office works, many will be able to fulfil the demands on their business operations – all at an unprecedented pace. Those companies that fail to act fast, risk getting left behind and stunting their growth.
Increase productivity for people
Just like the robotics that overhauled the manufacturing industry, there are certain automation changes that the financial sector can make. Intelligent automation running software can unify people, technologies and process to get the best out of them all, therefore increasing overall productivity.
This type of automation can include routine tasks such as dealing with large amounts of sensitive information all while adhering to strict processes or even work such as spotting money laundering or reducing cybercrime. Intelligent automation can take the stresses and pressures off of humans, and also the potential errors that often come with manually completing certain tasks.
These “digital workers” can also operate out of hours too, helping to spot potential attacks and threats that might occur once the 9-5 shift has ended.
Automation has helped manage the COVID-19 crisis
A good example of companies that have already deployed these digital workers is Leeds Building Society. They were brought in to help cope with the high demand for mortgage holidays requests that now exceed 2,000 a day. This reduced call centre calls by 75% and provided answers to most of these requests within an impressive 21 seconds. By having these new systems in place, front-line members of staff can focus on quickly resolving other issues and deliver better experiences for their customers.
Other automated systems in play
The use of artificial intelligence really is limitless. There are so many sectors it can help and it’s pretty much touched a number of areas in our lives already. One of the biggest sectors that have benefitted from this automated intelligence is forex trading. To minimise the risk of failure, many traders and trading businesses rely on this intelligence to improve their chances. Nowadays there are even platforms that you as the consumer can access and trade from the comfort of your own home!
For example, trading app Tickmill, provides trading products and services by giving you access to innovative technology. They’re able to evolve their features to ensure they’re catering to their clients at every point of their trading journey. Analysing data effortlessly, tracking your performance in real-time and streamlining the overall process makes for a much more enjoyable trading experience – all thanks to automated intelligence.
Another industry that has benefitted from this technology is healthcare. A leading operator in the UAE has recently introduced AI-powered software bots to its systems, all with the aim of improving patient care and automating end-to-end business processes during the current pandemic. This allows the hospital group to modernise the patient experience and offer real-time medical updates and help speed up insurance eligibility checks.
With an incredible amount of touchpoints across the world, it’s easy to see why so many businesses have turned to intelligent automation, especially in the financial sector. Not only does it work to improve processes and systems, but it also helps to bring a better overall experience to customers and clients of organisations too.