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Digitization of financial services, with RPA being a big slice of that, is the need of the hour post COVID-19. 69% of customers are now preferring their entire financial life cycle on digital channels and 80% of customers are willing to switch financial institutions for a smoother service. 20% of all organizations have adopted RPA in 2021, rising from the 13% adoption rate in 2020.
Leveraging automation in financial operations helps in getting real gains including seamless end-to-end customer experience from onboarding, to verification, to risk assessment and security check, and reporting, increased accuracy, and speed of internal and external operations, saving costs, better regulatory compliance, and improved productivity. CIOs are reaping benefits from personalized customer services to tracking money laundering and identification of terrorist funding, etc. Conversational A.I powered chatbot will take over 90% of banking digital interactions resulting in $7.3 billion in operational cost savings by 2023.
RPA IN FINTECH – FEW DYNAMIC APPLICATIONS
Proactive and Not Reactive Customer Service:
Proactively engage with users with alerts and answers to common quesitons. Personalize experience containing everything you need for customer support
Account Management for Customers:
Automate processes from customer onboarding to verification to risk assessment and
security check and reporting with assistance 24X7 without human intervention
Holistic Accounting Process Automation:
Automate processes from collection of data, segregation, to creation of invoices to maintenance of balance sheet etc., saving time and eliminating errors
Improved Investments For Clients
Automate pre-defined best practices and information for your client’s investment portfolio management, which can be personalized to best assist with current market trends
Processing Insurance Claims
Automate manually intensive processes like error tracing, claim verification, and extraction of data and eliminate human-prone errors
Financial Reporting
Automate the production of regulatory financial reports including management performance and even SAR reports
KYC/AML procedures:
Data-intensive KYC procedures can now be automated saving cost, time with zero errors and quick support to customers
Invoice Processing:
50% of companies spend between $5- $25 dollars for manual invoice processing. Automate this process, save thousands of dollars, and avoid penalties and late payments.
Despite this potential, many financial institutions are still behind the curve when it comes to automation. Only 53% of enterprises have started their RPA journey.
Why Choose Intone?
As a leading platform Intone’s RPA solutions are already leading the market with great numbers across its portfolio. Our solutions are highly profiting for financial institutions that will support change from time to time based on regulatory alterations and market trends.
Our solutions are 1.5x more effective than Amazon Lex and 1.2x more effective that Google Dialogflow and 1.2x more responsive than IBM watson when it comes to NLP Analysis. Intone’s home-built dashboard view helps users track performance in real-time and is 7x more effective than Google Dialogflow.
Why do our Financial Services Clients choose us?
- Ready, very fast-to-go LIVE with backend integrations
- Higher Accuracy of 88% than our competitors at 70%
- Multilingual solutions against our competitors English only
- 91% success rate from pilot to LIVE compared to 13% success rate of our competitors.
- Enterprise Grade Security with a minimum of 256-bit encryption at both transmission and rest.
- No-code and Low-code platform
- Intone’s BankAI can increase your ROI by 30%
- More than 95% automated query resolution with 40% NPS improvement.
With Intone as your partner in your digitization journey, your organization has the cost
savings ranging from 20%–60% of baseline FTE costs for finance! We are experts in robotic process automation and can help your company achieve more with less. Request a free demo today to learn more about how Intone can help your business!
(Sources : https://research.aimultiple.com/rpa-stats/)