The Allure of Automation
The wave of automation has propelled more financial institutions including Banks, SME Lenders, Credit Unions, and Microfinance Institutions, to explore the suite of advanced technological options that enable the organisation to complete tasks that were previously completed by employees – allowing them to focus on more value-added tasks.
Driven by the COVID-19 pandemic, the world is experiencing one of the greatest surges in technological investment and advancement in history, increasing the potential of automation in transforming the ways financial services are provided. With the rapid adoption of automation in organisations, machines will be introduced to take up 10 to 25 percent of tasks in financial institutions in the next few years.
Automation is alluring to many organisations for its practically infinite improvements possible, such as fraud reduction, onboarding efficiencies, dashboard views on performance, cross-selling opportunities, trends, and forecasts, etc.
Fraud, Risk Management and Regulatory Compliance
Delivering financial services typically entails a lot of manual processes and paperwork that are resource intensive and prone to errors. In today’s business landscape, the sheer amount of data being produced has reached an unprecedented level – increasing the potential of human error and fraud.
By leveraging Machine Learning to process, learn, predict, act, and explain, data automation eliminates the potential of human error, as well as reduce the possibilities of fraud. This automation enables users to develop insights and react to fraud and suspicious behaviours more efficiently than by using manual processes on their own.
Enhancing Customer Onboarding Process
Customer onboarding is the first impression that potential clients have of a financial institution, yet the process is often filled with tedious paperwork, credit reports and checks, as well as manual vetting and approval process. For every document, financial institution will have to engage consultants to develop templates and guidelines, only to be rendered obsolete when a new document type or regulation is required.
The challenge can be alleviated through automation via three core automated processes –
• documents capturing,
• verification of customer identity and credential, and
• integration between CRM and financial services systems.
The implementation of these automated processes will significantly reduce operational costs as well as enhance the customer experience through a seamless onboarding.
Augmenting Traditional Levers with Automation
Automation – especially applying Artificial Intelligence – offers a complementary solution to traditional financial processes and levers. It is a multi-faceted end-to-end automation process that includes technologies such as Robotic Process Automation (RPA), Optical Character Recognition (OCR), Natural Language Processing (NLP), Machine Learning (ML) and more, to empower financial institutions to automate the plethora of manual processes. These automation technologies also allow for standardisation of processes that otherwise can be hard to implement and prone to human errors if they are conducted manually.
With these obvious benefits, many financial institutions are exploring and evaluating automation solutions that are available in the market that can accelerate their business – from boosting revenue to enhancing customer service, risk management, and more.
Quantum AI – Loan Decision Engine – by Fern Software
Fern Software has developed a fully automated, integrated Loan Decision Engine, Quantum AI (1) , which is built on the Salesforce Einstein platform. This core agnostic app generates an individual prediction from a relative AI analysis of the bank’s own customer database. You will be able to reduce risk and costs and deliver loan services digitally IN MINUTES, as seamlessly and as cost-effectively as possible.
The first clients for Quantum AI using different core systems have over €1bn in loans (2).
Please click on the link below for more information on Quantum and Einstein
(1) Integration with Quantum AI: Einstein, Tableau, Process Builder, Twilio, Plaid, Docusign, Credit Reference Services.
(2) Quantum AI is already recognised internationally as an innovative product to watch.
The Push for Financial Institutions to Automate and Accelerate
The Allure of Automation