Perficient is excited to showcase our expertise in automation and financial services at the Bank Automation Summit in Charlotte, North Carolina on March 2-3. This event brings together industry leaders to discuss the latest advancements in automation and their impact on the banking sector. We look forward to sharing insights on Intelligent Automation trends based on our experience working with banking clients.
Artificial Intelligence and Automation
Artificial intelligence (AI) is a key focus in the banking industry, with its increasing use in automating tasks such as customer service, fraud detection, and loan applications. AI helps banks analyze data, make predictions, and automate complex processes, leading to improved decision-making, cost reduction, and enhanced efficiency. For instance, we helped a client save over $2 million annually by automating 70% of their loan application processes using AI.
The next frontier in automation is the adoption of more advanced artificial intelligence, known as Autonomous Enterprise. This approach eliminates the need for human intervention in decision-making processes, allowing systems to learn, adapt, and act independently. An example is the use of intelligent agents in Know Your Customer (KYC) processes, leveraging technologies like Natural Language Processing (NLP), Machine Learning (ML), and Robotic Process Automation (RPA) to make proactive decisions without human approval.
RPA Increase and Blockchain
RPA is gaining traction in the banking sector, automating repetitive tasks and enabling employees to focus on strategic activities. Banks are leveraging RPA to streamline processes like loan origination, compliance, and customer onboarding, leading to significant time and cost savings. In one instance, we helped a client reduce customer onboarding time by 99% by automating data transfer using RPA.
Blockchain technology is also making waves in banking, offering secure and transparent ledger systems for data storage and transfer. Banks are exploring blockchain for cross-border payments, remittances, and transaction security. Perficient is actively involved in initiatives related to cross-border payments using Blockchain technology.
The Customer Experience and Cultural Change
Customer experience is a top priority for banks, driving the adoption of automation technologies like personalization engines, chatbots, and virtual assistants. These tools enhance customer support by providing fast, accurate, and personalized services across multiple channels.
Cultural change is essential for successful automation implementation in banks. Senior leaders must champion innovation and invest in technology, skills, and processes to drive automation adoption. Perficient supports banks in this journey through effective organizational change management.
The Bank Automation Summit will offer valuable insights into automation trends in the banking industry, highlighting the transformative impact of RPA, AI, Blockchain, and customer experience enhancements. As an automation consultant, we are committed to helping banks navigate these changes and drive digital transformation.
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Whether you are starting or advancing your bank’s automation journey, we can assist you in strategizing and implementing cutting-edge solutions.
Interested in learning more? Contact our financial services and automation experts here, or meet us at the Bank Automation Summit in Charlotte, North Carolina on March 2, 2023.
