The Impact of Automation on the Banking Industry
For many years banks have been at the forefront of using technology to help with both front-of-house and back-of-house operations. It’s no surprise then that banks are adopting Automation to help in a variety of ways. Large banks especially are industry leaders adopting Automation to stay ahead of the competition, provide greater customer service to customers, more relevant services and offerings, as well as helping transform many back end processes.
Financial transactions of the banks are analysed for learning, problem-solving and decision making with artificial intelligence and also by using big data, advanced analytics coupled with machine learning algorithms. Automation refers to machines autonomously completing repetitive tasks without human intervention.
Around 40 per cent of financial activities such as cash disbursement, revenue management, and general operations can be fully automated. The future of banking is automation, the deciding factor is if a financial institution can implement the processes accordingly.
Benefits of automation:
- Minimizing Operating Costs: Even though financial institutions already use the latest technologies to make their jobs safer and simpler, their employees still need to handle loads of paperwork daily. Such time-intensive and repetitive tasks can cause an increase in operational costs and harm the overall employee productivity, setting the foundation for greater human error.
- No manual errors: Automation eliminates the errors prone by humans. It makes sure that the data gives the correct and appropriate output.
- Better Regulatory Compliance: Banking is one of the highest regulated industries globally. All banks need to have reasonable risk profiles to prevent some major problems, provide better customer support, and identify greater patterns in customer behaviour. Above all, they rely on sophisticated tools to identify and prevent the risk of financial crimes like money laundering.
How is Sheetkraft impacting the Banking Industry:
SheetKraft is an automation process that is focused on automating spreadsheet-based processes.
- Customisation: The processes are customised and automated with taking into account all the real-time situations of the bank. These could vary from bank to bank.
- Security: Sheetkraft offers high security to the banking sector.
- Time-saving: The automated process saves a lot of time for the employees which can be in turn invested in other things like customer service.
- Increase in employee productivity: Automation is improving the bottom line for companies by increasing employee productivity. The repetitive tasks that once dominated the workforce are now being replaced with more intellectually demanding tasks. This is spurring redesigns of processes, which in turn improves customer experience and creates more efficient operations.
The future of Banking:
The future of banking is Automation, it can be very beneficial for the banking industry if used and implemented correctly. It is helping in increasing margins, restoring customer trust, implementing new digital infrastructures, and reducing costs and risks. Intelligent Automation is the future of banking and it is already drawing major interest in the banking sector.