Transforming Banking Through Intelligent Automation
In the fast-paced world of banking, efficiency and cost reduction are key priorities. One technology that is making a significant impact is Intelligent Process Automation (IPA), a combination of Robotic Process Automation (RPA) and Artificial Intelligence (AI).
Leading vendors for IPA platform selection include UiPath, Microsoft Power Automate, and Automation Anywhere. These platforms are instrumental in automating repetitive, rule-based tasks, freeing up human resources for more complex tasks.
One example of IPA's transformative power can be seen at State Street, a US-based financial services and banking company. By automating software testing and delivery for its native app using AI-enabled bots, State Street was able to reduce the time required to create test cases from 12 minutes to 4 minutes.
The benefits of IPA extend beyond efficiency gains. By automating tasks, banks can also expect enhancements in employee morale and productivity, reduced business costs, and advanced technological and business flexibility.
But how does one embark on an IPA journey? A pilot project should begin with business process analysis, using techniques such as process mining to identify potential IPA use cases. Once the platform is selected, the team should model new process flows to remove ineffectiveness and design and build bots to execute the remodelled processes, integrating AI in these new process flows.
Third-party RPA experts can play a crucial role in this process. They can help build Proof of Concept to prove the viability of IPA, and if its benefits are recognized, implement a full-scale IPA solution. These experts can also assist in testing new process flows in various scenarios to ensure that new processes function correctly and align with the bank's defined business requirements and goals.
The success of a pilot project can pave the way for a full-fledged implementation of an IPA solution that adheres to the bank's strategic vision. For instance, Ernst & Young, a UK-based firm, used IPA to streamline payment processing, reducing the need for manual processing from 70% to 5%.
Moreover, IPA bots can process structured, semi-structured, and unstructured types of data, identify patterns, and make data-based decisions. ABN AMRO Bank, a major bank operating in the Netherlands, enhanced customer interactions by deploying an AI-powered chatbot infrastructure, increasing the accuracy rate in intent recognition by 7% for the Dutch language.
In the modern banking landscape, every organization can use IPA technology to maximize operational efficiency and reduce operational costs. By embracing IPA, banks can improve efficiency, reduce manual workload, enhance compliance, speed up processes, and enhance customer experience by enabling faster, more reliable operations without major IT infrastructure changes.
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