There are many overarching benefits to implementing intelligent automation across a regional banking system. Below are some specific and relevant ways that banks can put intelligent automation to practice in their organization:
Loan Processing: Loan processing involves a series of repetitive, manual tasks such as data entry, document processing, and verification. With intelligent automation, regional banks can automate these tasks, reducing processing times and eliminating errors. For example, digital workers can automatically extract data from loan applications, verify the data against existing records, and flag any inconsistencies or errors for further review. This can lead to faster loan processing times, reduced operational costs, and increased customer satisfaction.
Account Opening: Similar to loan processing, account opening also involves many manual tasks. Intelligent automation enables banks to automate the account opening process to reduce processing times and ensure zero errors. Digital workers automatically extract data from account applications, verify the data and flag any inconsistencies or errors. Ultimately, this results in faster account opening times, reduced operational costs, and increased customer satisfaction.
Fraud Detection: With intelligent automation, banks can automate the manual data entry, data analysis and investigation tasks involved with fraud detection. This reduces the risk of fraud and the associated costs. Digital workers, for example, can automatically review transactions, identify anomalies, and flag suspicious activities for further review. This can lead to faster detection and response times, as well as reduced operational costs.
Credit Checks: Regional banks often need to perform credit checks on potential borrowers before approving a loan. With intelligent automation, regional banks can automate this process, reducing the time and effort required to perform credit checks. This can lead to faster loan approvals, improved risk management and increased customer satisfaction.
Compliance Reporting: Banks are subject to various regulatory requirements, and compliance reporting can be a time-consuming, complex process. With intelligent automation, regional banks can automate compliance reporting, reducing the risk of errors and omissions. This can lead to improved regulatory compliance, reduced operational costs and increased capacity to handle more compliance tasks.
Account Maintenance: Account maintenance involves a series of repetitive tasks such as updating customer information, changing account settings and processing requests. With intelligent automation, regional banks can automate these tasks, reducing processing times and eliminating errors. This can lead to improved customer service, reduced operational costs and increased productivity.
Document Management: Regional banks often need to manage large volumes of documents such as loan applications, customer agreements, and compliance reports. With intelligent automation, regional banks can automate document management, reducing the time and effort required to manage and process documents. This can lead to improved document accuracy, reduced storage costs and increased productivity.
Customer Onboarding: Customer onboarding involves tasks such as verifying identity, setting up accounts and issuing debit cards. With intelligent automation, regional banks can automate customer onboarding, reducing processing times and improving customer satisfaction. This can lead to improved customer retention, reduced operational costs and increased capacity to handle more customer onboarding requests.
Account Reconciliations: Account reconciliations require comparing account balances, verifying transactions and resolving discrepancies. With intelligent automation, regional banks can automate account reconciliations, reducing the time and effort required to perform these tasks. This can lead to improved accuracy, reduced errors and increased productivity.
Loan Servicing: Loan servicing involves a series of tasks such as payment processing, late payment notifications and delinquency management. With intelligent automation, regional banks can automate loan servicing, reducing processing times and improving customer satisfaction. This can lead to improved loan performance, reduced operational costs and increased capacity to handle more loan servicing requests.
Marketing Campaigns: Regional banks often need to run marketing campaigns to promote their products and services. Intelligent automation enables banks to automate marketing campaigns, reducing the time and effort required to plan and execute campaigns. This can lead to improved campaign performance, reduced marketing costs and increased capacity to create and manage more marketing campaigns.
Cash Management: Cash management tasks include cash counting, cash handling and cash reconciliation. With intelligent automation, regional banks can automate cash management, reducing the time and effort required to manage and process cash. This can lead to improved accuracy, reduced errors and increased productivity.
Business Analytics: Regional banks need to analyze large volumes of data to make informed business decisions. With intelligent automation, regional banks can automate business analytics, which leads to improved decision-making and reduced operational costs.
