Banking & Financial Services
Data-heavy, time-consuming banking and finance processes are perfectly suited for intelligent automation.
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WHAT INTELLIGENT AUTOMATION MEANS FOR BANKING & FINANCIAL SERVICES
Fraud detection, regulatory compliance, and customer service efficiency are critical challenges facing the Banking and Financial Services industry. These challenges, like many others, can be effectively addressed with intelligent automation and AI consulting services designed for financial institutions.
By deploying AI for real-time fraud monitoring, automating compliance checks, and utilizing chatbots to manage routine customer inquiries, not only will security and compliance be strengthened but customer satisfaction and operational speed will also be significantly improved.
ENHANCE FRAUD DETECTION
Continuously monitor transactions and detect suspicious activities in real-time to reduce fraud, mitigate risks, and maintain a secure banking environment.
IMPROVE REGULATORY COMPLIANCE
Automate compliance reporting and monitoring to ensure adherence to regulatory requirements, minimize the risk of non-compliance penalties, and streamline audit processes.
INCREASE OPERATIONAL EFFICIENCY
Streamline repetitive manual tasks like data entry and transaction processing to enhance productivity and lower operational expenses.
ENHANCE CUSTOMER EXPERIENCE
Deliver quick, accurate, and personalized responses with 24/7 availability through the use of advanced chatbots and AI-driven customer service solutions.
areas to automate
LOAN ORIGINATION
From document collection and verification to credit scoring and risk assessment, automation ensures a seamless and efficient workflow. Here are a few ways automation can help:
- Automatically collect and verify applicant data from online forms and third-party services.
- Perform credit checks and risk assessments using integrated credit bureau APIs.
- Generate, send, and track loan approval or rejection notifications via email and SMS.
- Attach required documents to client profiles in the CMS for easy access and compliance.
CUSTOMER SERVICE & SUPPORT
Focused on reducing wait times and improving customer satisfaction, here are ways to automate this process:
- AI-driven chatbots respond to FAQs and gather initial customer information.
- Automatically route complex issues to the appropriate support team based on predefined criteria.
- Track, manage, and update support tickets within the CRM system.
- Analyze customer interaction data to identify common issues and areas for improvement.
- Agentic automation provides real-time suggestions and pulls up relevant information during calls.
FRAUD DETECTION
Financial institutions can anticipate and prevent fraud before it occurs. Here are specific tasks that can be automated:
- Monitor transactions in real-time for suspicious patterns.
- Flag and freeze accounts showing potential fraudulent activities.
- Cross-reference transaction data with historical fraud data.
- Generate and send detailed fraud alerts to compliance teams.
AUDIT & COMPLIANCE REPORTING
Continuously monitor compliance, ensuring adherence to evolving regulations by automating tasks like:
- Automatically gather and consolidate data from various systems and databases for audits.
- Generate compliance reports based on regulatory templates and guidelines.
- Track and log compliance-related activities, including audit trails and changes.
- Alert relevant departments of non-compliance issues and trigger automated corrective action workflows.
INVESTMENT PORTFOLIO MANAGEMENT
Enhance efficiency, reduce operational costs, and provide your clients with personalized, data-driven investment strategies. Here are a few tasks you can automate to achieve this:
- Analyze market data to identify and suggest investment opportunities based on predefined criteria.
- Rebalance portfolios automatically according to investment strategies and risk profiles.
- Generate and distribute performance reports to clients and stakeholders.
- Monitor portfolio performance in real-time and alert for any risks or deviations from expected performance.
MARKET DATA MANAGEMENT
Streamline your data workflows by automating these tasks:
- Collect real-time market data from multiple financial data sources and APIs.
- Clean, normalize, and format data for consistency and usability.
- Store and index data in accessible databases and data warehouses.
- Provide automated data feeds and updates to trading platforms and analytical tools.
Case Study
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STRAIGHT-THROUGH PROCESSING WITH AUTOMATION
Facing the need to automate audits for loans over $10,000, a financial services company turned to our team. We delivered an automated solution that sped up processing, improved employee experience, and ensured regulatory compliance.
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