Banks and Financial Institutions are beginning to recognise the significance of Artificial Intelligence (AI) to solve real business issues. In a recent EY survey of senior executives, 85% of respondents revealed that they have deployed AI in their banking operations and expect to use AI in the coming years for new use cases.
Like any other business, the banking and financial sector has experienced fast-paced technological disruption over the past few years. With the advent of FinTech, many traditional financial institutions opted for a swift business transformation built on hyper digitization. This monumental shift helped banks to keep up with renewed regulatory requirements, increased cybersecurity risks while enhancing their customer experience (CX).
We know you’ve got a ton of questions rolling around in your head, like what’s the best work environment—and is there an ideal workplace culture? What does the best workplace culture look like? What makes employees the happiest? Well, it depends. People and workplaces are unique. What makes an ideal work environment in one company might not work in another.
Process Automation Revolutionizing End-To-End Processes In The Banking Industry
The global market for Robotic Process Automation (RPA) is growing tremendously. According to a recent report by Fortune Business Insights, the global RPA market size is projected to be worth USD 6.81 billion by the end of 2026. Process Automation is a way to automate simple, repeatable tasks that are otherwise performed manually.
RPA: Optimising People, Processes And Productivity
In an increasingly saturated banking and financial sector, it has become imperative for banks and other financial institutions to continuously evolve, remain competitive and provide excellent user experiences to their customers.
Efficient Digital Customer Onboarding: A Key To Empowering Banks
A vast majority of banks will inevitably witness a shift from physical to digital channels, mostly web and mobile. This will result in huge consequences for how they do business. Effective digital sales capabilities and streamlined, end-to-end digital origination processes will start to play an integral part as banks plan their digitization strategy.
Financial Crime: How Financial Institutions Can Reduce The Risks And Strengthen Compliance In The Digital Economy
In the digital age of banking, concerns about financial crime are not uncommon. PwC’s Global Economic Crime and Fraud Survey 2020 reported that 47% of companies experienced fraud in the past 24 months. Although it is necessary for financial institutions to continue moving forward with digital transformation, they must take into account the risks they face along the way.
COVID-19 And Its Impact On Financial Institutions
The COVID-19 pandemic has greatly affected daily life and slowed down the global economy. It has affected a number of industries and banking institutions have also taken a big hit. The outbreak has even brought about a change in consumer behavior like never before.