2022 Predictions: 5 Intelligent Automation Trends You Can Bank On

Fusing our systems integrator DNA and modern engineering best practices, we understand what it takes to navigate enterprise-wide evolution. Empower teams to provision code, software and environments on demand to simplify their work. Deliver new features and products rapidly and efficiently, keeping up with evolving customer demands and using the latest in technology. In the age of instant payments, the idea of waiting for a purchase to “clear” will one day seem as antiquated as an abacus. Increasingly, consumers expect their accounts to immediately reflect when they’ve bought something.

• For example, banks have conventionally required staff to check KYC documents manually.
• The company decided to implement RPA and automate the entire process, saving their staff and business partners plenty of time to focus on other, more valuable opportunities.
• These gains in operational performance will flow from broad application of traditional and leading-edge AI technologies, such as machine learning and facial recognition, to analyze large and complex reserves of customer data in (near) real time.

In 2017, the bank released Eno, a virtual assistant that users can communicate with through a mobile app, text, email and on a desktop. Eno lets users text questions, receive fraud alerts and takes care of tasks like paying credit cards, tracking account balances, viewing available credit and checking transactions. The AI assistant can communicate like human users do — even using emojis.

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It is important to first find manual processes that could stand to improve through the efficiencies brought on with intelligent process automation. According to Capgemini, the financial services industry is expected to add around $512bn in global revenues by implementing intelligent automation, and there is no question about the ROI when the deployment is executed thoughtfully. The best way to look at intelligent automation in the future is as a solution that can deliver improvements across the entire customer journey. Delivering personalized messages and decisions to millions of users and thousands of employees, in (near) real time across the full spectrum of engagement channels, will require the bank to develop an at-scale AI-powered decision-making layer. Banks’ traditional operating models further impede their efforts to meet the need for continuous innovation. Most traditional banks are organized around distinct business lines, with centralized technology and analytics teams structured as cost centers.

Chances are, with smartphone fingerprint sensors, one form is sitting right in your hand. At the same time, biometrics like facial and voice recognition are getting increasingly smarter as they intersect with AI, which draws upon huge amounts of data to fine-tune authentication. Digital-first banks have been making headlines intelligent automation in banking and attracting major investors in certain parts of the globe, especially the U.K. Kasisto is one of the companies that’s brought digital-first banking to the United States. Traditional banks — or at least banks as physical spaces — have been cited as yet another industry that’s dying and some may blame younger generations.

Software

A digital portal for banking is almost a non-negotiable requirement for most bank customers. The company decided to implement RPA and automate the entire process, saving their staff and business partners plenty of time to focus on other, more valuable opportunities. Implementing RPA can help improve employee satisfaction and productivity by eliminating the need to work on repetitive tasks. But it’s going to take more than that to attract and retain top talent in 2022, where it’ll be all about the EX.

Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised businesses on their enterprise software, automation, cloud, AI / ML and other technology related decisions at McKinsey & Company and Altman Solon for more than a decade. He led technology strategy and procurement of a telco while reporting to the CEO.

AI in Banking

At the same time, there are cyber criminals working tirelessly to find the newest, most effective way of swiping someone’s identity and sensitive information. A Vectra case study provides an overview of its work to help a prominent healthcare group prevent security attacks. Vectra’s platform identified behavior resembling an attacker probing the footprint for weaknesses and disabled the attack. The competition in banking will become fiercer over the next few years as the regulations become more accommodating of innovative fintech firms and  open banking is introduced. For end-to-end automation, each process must relay the output to another system so the following process can use it as input.