How Intelligent Automation Is Redefining the Banking Industry
The banking industry is known for its conservative approach to business. But even this powerful sector can’t ignore the fact that technology is changing both customer expectations and its core processes. Much of this is being driven by intelligent automation which, combined with a natural language solution, provides an indispensable business tool.
In short, intelligent automation and natural language understanding technologies empower financial institutions to streamline everything from client support to compliance to risk management —consistently, at scale, and with fewer resources. This results in better efficiency, higher ROI and greater customer satisfaction. Let’s examine how.
Legal and Compliance Management
Ensuring that your bank stays up to date on legal and compliance requirements is an ongoing challenge. This obstacle is likely to persist as the laws that govern banking are critical to consumer protection. However, staying compliant can be greatly simplified. Intelligent automation combines robotic process automation (RPA) and AI, giving it the remarkable ability to handle rote predictive tasks (e.g., number crunching) as well as more complex functions such as activity monitoring.
Add natural language capabilities like that offered by the expert.ai Platform to the equation and you can review legal and compliance documents in record time. Most importantly, you gain critical insight into the most relevant language and its implications in each document. This makes it much easier to adhere to legal compliancy best practices.
Financial crime is on the rise. According to a 2019 report, banks lost $10 billion for violations of anti-money laundering policies. Much of this loss could have been prevented with stronger anti-money laundering and fraud monitoring. Enter intelligent automation and natural language understanding.
Using your own custom taxonomy, you can track suspicious language across text-based documents so you can spot potentially suspicious activity sooner. And with intelligent automation you can consistently apply this preventative strategy and reduce the probability of incurring a costly penalty and/or financial breach.
However, the benefits of these technologies extend to other safety and compliance applications. In addition to monitoring your own textual data, you can also apply intelligent automation and natural language understanding to third-party monitoring of vendors and support services. Similarly, Know Your Customer (KYC) procedures are also greatly simplified and automatable with symbolic rules for document review and extraction of key entities such as names, ID numbers and location.
There’s a lot of open-source information on the internet. Figuring out what’s valuable and why can be challenging when you have a virtually limitless volume of textual data to assess. A 2019 survey found that nearly 50 percent of small businesses use business intelligence tools which can help make short work of this kind of data. Those with natural language capabilities can identify and extract the most relevant keywords/content from such texts. Then, using intelligent automation technology, the results are categorized and labeled based on a preferred ontology.
This means you spend less time searching through open-source documentation and more time focusing on operations. In turn, you take back the time you need to support critical decision making based on the intelligence you gathered. Similarly, with better corporate intelligence, you are better positioned to minimize operational risk.
Digital Customer Interaction
Your bottom line is an important factor in your business operations strategy. However, customer satisfaction is equally important to the success of your institution. Advances in technology have raised the bar on customer expectations making it difficult for organizations that don’t implement the most customer-friendly technology to remain competitive. With the best intelligent automation and natural language processing solutions, you can optimize a wide range of digital customer interactions.
Applying these tools to ticketing systems means more efficient troubleshooting processes and faster response times to critical support issues. Email management will also be improved, resulting in fewer redundancies and a more accurate categorization of messages according to priority. Likewise, chatbot interactions are more straightforward due to automation based on commonly asked questions and answers. It will also yield a response that reflects the customer’s inquiry.
Banking is a complex industry with a lot of moving parts. To be competitive in this rapidly changing sector, you need the most innovative and robust tools available. Understanding the value of AI technology like intelligent automation and natural language for banking institutions like yours, will give you the resources you need to successfully manage the essential functions of your organization.