October Digest: Intelligent Automation in the Banking Industry
For decades, in many ways, banks have been automation early adopters. Since the introduction of the first automatic teller machine — or ATM — in 1969, banks have embraced technology and are still leading in automation. Several major factors drive efforts to implement automation in the banking industry. They include:
- numerous manual processes that handle copious data
- strict regulations dictating the highest possible accuracy for transactions
- the use of outdated legacy applications that are hard to shake off
So, we are dedicating this October Digest exclusively to automation in the banking sector. Here are the latest resources to check out:
New course: Intelligent Automation for Banking
At the beginning of October, we introduced a new Automation Academy course, which covers a broad variety of topics to help leaders develop a strong strategy for Intelligent Automation and robotic process automation in banking. Titled “Intelligent Automation for Banking,” it explores:
- contemporary challenges in the banking industry
- how to build a successful automation strategy
- the benefits of Intelligent Automation in the banking sector
Read more about the new course here.
Webinar: Faster KYC By Automating ID Verification
On October 15, Jost Hoppermann, VP and Principal Analyst at Forrester, and Pooja Gupta, Director of RPA Product Management at WorkFusion, discussed automating the KYC (Know Your Customer) operations in banking — processes that are traditionally manual, slow, expensive, and error-prone. They also covered the real-life use case of automating identity verification for new accounts, reducing the required time from 48 hours to just 3 hours.
A recording of the webinar is available on-demand here.
4 Highlights from Faster KYC By Automating ID Verification Webinar
This follow-up dives deeper into some of the topics discussed during the webinar, including:
- Improving customer experience is a major motivator for Intelligent Automation in banking
- Faster automated ID checks improve customer satisfaction
- “Zero back office" is the goal of business process automation in the banking industry
- Optical Character Recognition (OCR) is at the core of faster ID verification
You can read about these four topics in more detail here, as well as find links to other helpful resources about automation in banking.
Webinar: 5 Examples That Explain What Intelligent Automation Is — and Isn’t
On October 30, Kyle Hoback, Director, Market Enablement at WorkFusion, discussed how to identify Intelligent Automation and differentiate it from other related technologies such as robotic process automation (RPA), Optical Character Recognition (OCR), business process management (BPM), artificial intelligence (AI), and analytics. He also detailed a customer’s implementation of Intelligent Automation in the banking sector as a use case. This customer successfully automated the income verification process in mortgage lending, which had proved too complicated for other technologies.
The recording of the webinar is available on-demand here.
We hope this post has provided a better understanding of both the present and future of automation in the banking industry.