Perficient is excited to bring our expertise in automation technology and industry knowledge in Financial Services and Payments to the Bank Automation Summit in Charlotte, North Carolina on March 2-3. This Summit gathers professionals in the field, including bank executives, technology vendors, and consultants, to discuss the latest advancements in automation and their impact on the banking sector. We look forward to sharing insights on Intelligent Automation trends based on our experience working with clients in the banking industry.
Artificial Intelligence and Automation
At the Summit, one of the main topics of discussion will be the growing use of artificial intelligence (AI) in financial institutions. AI is playing a key role in automating various tasks such as customer service, fraud detection, and loan applications. Banks are leveraging AI to analyze data, make predictions, and automate complex processes, leading to improved decision-making accuracy, faster processes, cost reduction, and increased efficiency. For example, we helped a client save over $2 million annually by using AI to automate 70% of their loan applications.
The next frontier in automation is the adoption of more advanced artificial intelligence, known as Autonomous Enterprise. This concept involves automation without human intervention, where systems can monitor, learn, make decisions, and act independently using various technologies like NLP, ML, RPA, DPA, and more. An example is the KYC process where intelligent agents can make decisions based on data analysis without human approval, continuously learning and improving.
RPA Increase and Blockchain
Another trend observed in the banking industry is the rising use of Robotic Process Automation (RPA). RPA employs software robots to automate repetitive tasks, allowing employees to focus on strategic activities. Banks are utilizing RPA for processes like loan origination, account opening, compliance, and accounting to enhance operational efficiency. For instance, we assisted a client in automating data transfer from POS to back-office systems, reducing onboarding time significantly.
Perficient will also discuss the increasing use of blockchain technology in the banking sector at the Summit. Blockchain ensures secure, transparent data storage and transfer, improving cross-border payments, remittances, and transaction security. As a global consulting firm, we are actively exploring cross-border payments using Blockchain technology across different regions.
The Customer Experience and Cultural Change
Customer experience remains a top priority for banks, with a focus on providing personalized and seamless interactions. Automation technologies like personalization engines, chatbots, and virtual assistants are enhancing customer support across various channels, improving speed and accuracy.
Lastly, cultural change is crucial for successful automation adoption in banks. Senior leaders must embrace innovation and invest in technology, skills, and processes to drive automation success. Perficient supports banks in adopting digital capabilities through effective organizational change management.
In conclusion, the Bank Automation Summit will offer valuable insights into automation trends in the banking industry. From RPA and AI adoption to customer experience and cultural change, automation is reshaping the industry and creating opportunities for growth. As an automation consultant, we are committed to helping banks embrace these technologies and drive digital transformation.
***
Whether you are just beginning your automation journey or looking to enhance your existing processes, our team can assist in strategizing and implementing cutting-edge solutions.
Want to learn more? Contact our financial services industry and automation experts here, or connect with us at the Bank Automation Summit in Charlotte, North Carolina on March 2, 2023.
Please rewrite this sentence.
