Financial Services industry has been at the forefront of using innovative technologies. During 2000s, banks and insurers rolled out ‘anytime anywhere’ transaction capabilities – thanks to centralized Core Banking Systems and e-channel solutions. In the new wave of digitization, the players are now leveraging technologies like Intelligent Automation along with Artificial Intelligence and GIS.
Even after computerization, transactions like account opening, loan application processing, NEFT / RTGS recon, payment gateway recon, regulatory filing and customer servicing were people intensive. The banks are now rapidly deploying RPA, OCR and AI technologies to make these processes truly automatic. Intelligent automation is able to read account opening and loan applications, validate fields and enter them in Core Banking System. Intelligent OCRs are able to download financial statements of loan applicants, analyze them and present smart summary to loan assessing officers. RPAs are able to handle customer queries using Natural Language Processing techniques and AI is helping banks in fraud detection, customer servicing and investment advisory.
Insurers too are leveraging RPA and AI for policy issuance, risk based pricing, claims fraud detection, regulatory reporting, customer servicing and improving renewal rates. GIS tools are helping insurers in improving risk-based underwriting, disaster support and reinsurance strategy.
Financial Serviceswhiteciphertechnologies.com2024-04-06T13:48:23+01:00