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Financial Services

5 Major Advances in the Future of Banking, Financial Services, and Insurance (BFSI) Industry

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Intelligent automation and generative AI can unlock tremendous value for financial services leaders who want to optimize experiences and reduce costs.

Perficient was honored to participate in the inaugural Banking, Financial Services, and Insurance (BFSI) event hosted by Kofax. With more than 50 financial services and insurance professionals in attendance, this event showcased the industry’s unwavering commitment to practical innovation.

The Role of Intelligent Automation & Generative AI

Brian Bell

Brian Bell | LinkedIn

At the core of this event was a compelling panel featuring industry leaders, including Perficient’s principal and insurance lead, Brian Bell. Attendees explored how intelligent automation and generative AI can power transformative solutions and optimize business.

The discussion spotlighted five key takeaways:

  1. Enhanced Transparency: Intelligent automation and generative AI promise to boost transparency in business processes, crucial for compliance and building trust with stakeholders.
  2. Enhanced Consumer Experience: The BFSI event vividly demonstrated how intelligent automation and generative AI streamline and personalize customer interactions, fostering loyalty and retention.
  3. Elevated Personalization: The event showcased generative AI’s ability to enrich personalization by understanding customer preferences, enabling tailor-made products and services, and enhancing overall satisfaction.
  4. Revolutionized Processes: The panel effectively demonstrated how intelligent automation revolutionizes business processes, automating tasks, and improving efficiency, resulting in cost savings and reliable operations.
  5. Optimized Costs: The BFSI event emphasized the role of digital transformation, especially in intelligent robotic process automation (RPA) and AI- and machine learning (ML)-powered proactive alerting and reporting, in maximizing operational efficiency. This shift towards cost optimization is especially vital for banks, enhancing profitability and competitiveness through RPA and AI/ML for data-driven and cost-effective decisions.

RELATED: Generative AI in Financial Services

Success In Action: Automation Strategy Boosts Savings and Simplifies Processes

Our client, a bank holding company that operates across 12 U.S. states, wanted to infuse automation and artificial intelligence (AI) into its back-office operations to reduce costs and manual effort across the business.

We developed a roadmap and automation Center of Excellence (CoE) and built a solution using RPA, natural language processing (NLP), ML, and business process management (BPM) to drive end-to-end back-office processing automation.

Our solution reduced loan-processing time by 92% and identified $2M in annual savings in a single use case. Further, this solution is projected to fully automate 60-70% of loans processed by the client.

Unlock Your Potential with Perficient

Leading financial institutions count on our financial services and insurance expertise to solve complex digital challenges and compliantly drive growth.

We welcome the opportunity to further explore how intelligent automation and generative AI can transform your business. Our CX AI jumpstart helps teams quickly identify opportunities for leveraging generative AI, demonstrate the value through technical proof of concept, and define the path forward to realizing your vision.

Interested in a deeper dive? Contact us to jump-start your journey today!

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Grace Riley

As a Marketing Coordinator Associate and Content Writer at Perficient, Grace brings a passion for marketing and a commitment to crafting compelling narratives that drive business success. Her journey began at DePauw University, where she earned degrees in Communication and Vocal Performance, with a dedicated focus on media studies. Grace is eager to leverage the skills she has cultivated thus far and actively work towards achieving fresh goals and accomplishments.

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