Financial Service companies can easily process millions of documents in a given year. Most of the time, these documents are processed manually, making it difficult to watch the bottom line. You can also run into compliance issues and errors this way. However, when you automate these processes using technology solutions like artificial intelligence (AI) and robotic process automation (RPA), you can significantly reduce your operating costs and increase efficiency - something that is especially necessary when interest rates are at a record low.
How is Your Financial Services Company Dealing with Low Interest Rates?
In a low interest rate environment, it becomes more difficult than ever to turn a profit in the financial services industry. Traditionally, banks incur high back office costs due to employees inputting information manually (which can also lead to errors in processing). This bottleneck combined with a 50% efficiency ratio puts banks in a precarious position when it comes to turning a profit.
How your company deals with these back office bottlenecks and business processes determines your ability to compete in today’s financial services industry.
Which Business Processes Would Benefit from Automation and AI?
There are many business processes that can be made more efficient by applying automation and artificial intelligence. In finance, the back office represents the largest barrier to increased efficiency due to the manual entry of data. However, customer facing processes like customer service can also be automated to increase their revenue potential.
Here are a few specific back office processes that would benefit from automation:
- Client Onboarding
- Opening New Accounts
- Power of Attorney
In addition to back office processes, there are many other business processes that can be improved with automation:
- Customer Service
- Information Technology (IT)
What Technology Solutions Can Be Used to Implement Automation?
The automation of business processes, both back office and customer facing, can be implemented using a combination of technology solutions. Each is uniquely qualified to tackle a different bottleneck.
When implemented as part of an enterprise-wide digital transformation strategy, they can increase revenue for your financial services company by boosting efficiency and allowing employees to focus on value-added tasks.
Here are a few examples of technology solutions you can implement today to reduce operating costs:
Virtual assistance and customer facing machine learning helps reduce call volume for customer service
- Robotic Process Automation (RPA)
RPA can be applied to operational processes with less value such as: password reset, claims, etc
- Artificial Intelligence (AI)
For more complicated processes that require comprehension, like power of attorney reports, artificial Intelligence is required for automation
Automated Document Processing Using Artificial Intelligence
When you think of artificial intelligence, you may not necessarily associate this cutting edge technology with everyday business processes. However, this is exactly where AI can help transform your business.
We recently helped a financial institution find a solution for document processing that reads and understands both structured and unstructured data, then converts it to application language that is automatically entered into corporate information system.
The solution uses five dimensions of Artificial Intelligence:
- Natural Language Processing
- Knowledge Representation
- Automated Reasoning
- Machine Learning /Deep Learning
With these elements combined, we were able to use our AI solution to:
- Increase data capturing accuracy to 95%
- Implement digital, real-time customer onboarding
- Optimize customer journey key touch points
- Save time for the end customer
- Increase operational efficiency
How Can NEORIS Help You Leverage AI to Reduce Operating Costs?
Leveraging AI can seem intimidating - especially if you company is not well versed in information technology. However, that doesn’t mean it is out of reach. At NEORIS, we co-create disruptive solutions to help our clients make meaningful interactions with their customers.
We use advances in technology (like AI) to help you reach your business goals. Whether it’s to increase efficiency, reduced costs or become more competitive in the marketplace, NEORIS has the answers you are looking for.