Intelligent Automation: The New Enabler for Financial Institutions...
capitalmarketsciooutlook

Intelligent Automation: The New Enabler for Financial Institutions to Improve Customer Engagement

By Capital Markets CIO Outlook | Friday, June 14, 2019

FREMONT, CA: Financial services institutions worldwide realize they need to transform the way they do business. Fintech players are increasingly infringing on their business models and changing customer expectations and acquire faster responses. Financial institutions to deal with their customers are looking to intelligent automation for help. A recent survey says that 30 percent of financial services institutions are on their way to adopting Robotic Process Automation (RPA), and more than 50 percent are making substantial investments in Artificial Intelligence (AI).  The combination of RPA and AI enables intelligent automation. Some of its features are listed below.

•  Customer Engagement

Evolving technologies and customer expectations are disrupting how financial institutions are operating. The customer must be the focus of each business decision, and financial services institutions must focus on innovation to develop new products, services, and channels. When considered as a relationship-building activity, based on trust and a dedication to service, financial institutions will be rewarded, with loyal customers. The power of intelligent automation is helping financial institutions with speed necessary to keep customers engaged. The business process and rules management integrated with RPA and AI are also driving personalized recommendations.

•  Customer Transaction Lifecycle Management

It is essential for serving corporate and institutional clients as they generate significant revenue for financial service institutions. With intelligent automation, these institutions can recommend products and services that are linked to customer lifecycles and thereby providing an opportunity to grow revenue and strengthen customer relationships.

•  Deeper Customer Insights

Intelligent automation allowing a 360-degree view of the customer enables customer relationship managers to improve relations while keeping compliance with bank policies and procedures. Automation makes it easy to keep track of upcoming meetings and calls and also track activities related to managing customer requests and events. It enables a consistent and seamless experience resulting in increased customer satisfaction and value.

For institutions those looking to gain the sustained advantage, intelligent automation has become a powerful tool to reduce costs along that path while improving quality and scalability.

Weekly Brief

New Edition