The Impact of Automation Technology in Financial Services
Financial services are the backbone of business, and allow for company’s both large and small to manage the vital capital that keeps them solvent and afloat. When dealing with numbers, however, there can be a lot of tedious work that not only costs valuable time to financial experts but also opens up for additional human error scenarios. After all, a decimal point in the wrong spot can wreak havoc on a portfolio. It is for these reasons that financial service intuitions continue to turn to automation technology and invest in smarter ways of aiding their workforce. This article will take a deeper dive into the impact that automation technology has on society and what should be present when looking to implement new and improved tech into the business.
Artificial Intelligence and Robotic Process Automation
When it comes to automation, there are two types of technologies that are essential to its growth and success. Robotic Process Automation (RPA) is the classic programming that serves as the foundation of automation technology. Consider this software the function that when a bank notice is deposited or an insurance claim is made a receipt of the transaction is automatically sent to the proper channels without human intervention. This technology expand far beyond that in the financial services and continues to be perfected and enhanced to allow for more effective workflows.
Often coupled with RPA is Artificial intelligence or, AI, which, when instituted with automation technology can allow programs to complete large quantities of repetitive tasks and decision making to better assist financial specialists. For instance, if the market drops below a level, an AI system can not only alert the portfolio manager of the change but can also quickly move funds to mitigate the risk. Likewise, when thousands of banking orders are submitted every day, an AI system can help detect fraud using patterns and put certain checks on hold until payments are cleared. These solutions are critical to the evolution of financial services and will undoubtedly see greater use as the software continues to progress.
Automation and the Banking Industry As noted, the financial sector is quickly adapting to technology advances in the current market, and none may be as innovative as the banking industry. In recent years, banks have sought to make banking more accessible and redefine the image of the industry. The automation solutions that have been adapted in the banking industry in the past several years have been categorized under a category that has been named the ABCD of Digital Technologies. With “A” standing for AI, which, as discussed, is a method of the usage of machines in the banking sector that tends to improve once more data is fed on them which has taken over the very much need of human s because it easily learns different software and algorithms. Additionally, “B” stands for Big-data and Advanced Analytics, which is the ability to analyze a large amount of data with minimum or no errors whatsoever, at the same time “C” standing for Cloud Computing which helps with overall storage and accessibility, and “D” standing for Devices, such as mobile phones, which can now connect and share information automatically to your
Automation Business Revenue Improvement The Capgemini’s Digital Transformation Institute carried out a survey that involved 1500 senior employees in 750 international organizations in both the banking sector and also insurance sector with the purpose of finding out how automation impacted business revenues and customer satisfaction in those sectors. According to the findings, automation increased the revenue to a prediction of 512 billion dollars of global revenues in this industry by 2020 and a 10-25percent increase in cost savings at the same time. An estimate of 35percent of firms that have adopted automation have experienced a 2-5percent revenue increase and also customer satisfaction which has led to more companies adopting the same for productive results. This informative study is confirmation of what many in FinTech have long promoted, and what businesses are continuing to upgrade to and leverage to this day.
Development and Implementation Considerations When looking to implement new solutions into your software suite, be it tax preparation software, insurance software solutions, or a new policy management system, it is important to find a solution that meets your specific needs both as an industry and a business. This is where custom software development comes in. Too often are solutions purchased by companies that either doesn’t meet all of the needs nor do they integrate well with the current software systems at play. Tailormade solutions or customized features to current systems is imperative to ensure that your business is up and running with the new system quickly and that all systems are communicating with each other without data silos forming.
When considering custom financial planning software, or any solutions for your financial firm/department, it is important to determine an expert in both your industry and you’re the solution you are looking to implement. Companies, like Chetu, specialize in AI, RPA and overall automation solutions that affect the financial services industry and have two decades of experience developing and modifying solutions to meet clients’ specific needs. With custom software, your business can help bring your financial services solutions to the digital age, and position your company for success for years to come.
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