2023 Banking Automation Trends
Perficient is looking forward to bringing our unique combination of automation technical know-how, along with industry expertise in Financial Services and Payments to the Bank Automation Summit in Charlotte, North Carolina on March 2-3. The Summit brings together experts in the field, including bank executives, technology vendors, and consultants, to discuss the latest advancements in automation and their impact on the banking industry. I want to take this opportunity to share the latest Intelligent Automation trends from my observations in working with clients in the banking industry.
Artificial Intelligence and Automation
One of the key topics I expect to be discussed at the Summit is the heightened use of artificial intelligence (AI). AI is increasingly being used to automate a variety of tasks in financial services institutions, including customer service, fraud detection, and loan applications. Banks are using AI to analyze large amounts of data, make predictions, and automate complex processes. It helps to improve the accuracy and speed of decision-making, while also reducing costs and increasing efficiency. We helped one of our clients archive over $2 million in annual savings by adopting AI to automate 70% of their loan applications.
The next offering for adoption within Automation is self-driving more human-like self-sufficient advanced artificial intelligence, which is being referred to as Autonomous Enterprise. An autonomous business process is automation achieved by eliminating a human-in-the-loop thought configuration to monitor system environments, make decisions, learn, and manage itself while taking actions using contextual awareness. An example is the KYC process in which intelligent agents can sense an event using Natural Language Processing (NLP), Machine Learning (ML), Robotic Process Automation (RPA), Digital Process Automation (DPA), and query data in order to proactively make a decision and act without approval while also continuing to learn and improve.
RPA Increase and Blockchain
Another trend our team has observed in banking is the increasing use of RPA in the banking sector. RPA is a form of automation that uses software robots to automate repetitive, mundane tasks, freeing up employees to focus more on strategic, knowledge-based, value-adding tasks. In the banking industry, RPA is being used to automate a wide range of processes, from loan origination and account opening to back-office processes, such as compliance and accounting. Institutions are looking to accomplish more with less, and RPA is the fastest way to build a business case for scale digital capabilities over manual processes. To offer an example, we used RPA to help a client automate 100% of data transfer from its Point of Sale (POS) to its back-office banking systems, reducing new customer onboarding time by 99%.
Perficient will also bring insight surrounding the banking industry’s growing use of blockchain to the Summit. Blockchain technology is being used to create secure, decentralized ledger systems that can be used to store and transfer data transparently and securely. In the banking industry, blockchain can help improve the speed and efficiency of cross-border payments and remittances and enhance the security of financial transactions. As a global consulting firm operating in North America, Latin America, Europe, and Asia, the topic of cross-border payments using Blockchain technology is one in which we are investing through innovative initiatives.
The Customer Experience and Cultural Change
Next, we’re observing a continuously increased focus on customer experience. Banks are realizing that providing a seamless, personalized customer experience is critical to retaining customers and attracting new ones. Automation technologies continue to provide capabilities such as personalization engines, chatbots, and virtual assistants that enhance the customer experience by providing fast, accurate, and personalized support that also enables orchestration across multiple channels.
Finally, I am looking forward to hearing from banking executives about the importance of cultural change in the adoption of automation in the banking industry. Banks must embrace a culture of innovation and change if they are to successfully adopt new technologies such as RPA, AI, Blockchain, and others. This requires a commitment from senior leaders to embrace change and invest in the technology, skills, and processes needed to make automation a success within their institutions. As banks look to forward growth, Perficient has been supporting the adoption of digital capabilities with effective organizational change management.
In conclusion, the Bank Automation Summit will provide valuable insights into the latest trends and advancements in automation in the banking industry. From the increasing use of RPA and AI to the focus on customer experience and cultural change, it is clear that automation is transforming the banking industry and creating new opportunities for growth and innovation. As an automation consultant, I am excited to continue helping banks and other organizations adopt these technologies and drive digital transformation.
No matter where you are in your bank’s automation journey, we can help you strategize and execute cutting-edge experiences.
Interested in learning more? Contact one of our financial services industry and automation experts here, or connect with us at the Bank Automation Summit coming up in Charlotte, North Carolina on March 2, 2023.