Banking & Financial Services

“The secret of getting ahead is getting started”

By leveraging Enterprise-AI, banking and financial services companies can:

  • Accelerate digital transformation journey
  • Improve customer experience and retention
  • Accelerate process times while reducing operational costs
  • Improve compliance and fraud detection
CoSourcing Partners » Industry Experience » Banking & Financial Services

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Cost Savings

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Reduction in Customer Onboarding Time

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Reduction in Loan Processing Time

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Reduction in Average Handling Time (AHT)

Banking & Financial Services

Financial Institutions face many challenges including margin pressures, changing customer expectations, non-traditional competitors, and ever-changing regulatory requirements. Given Enterprise-AI can connect legacy systems, automate repetitive tasks, and tap into disparate data sources, it optimizes the use of data and human capital to keep up with changing customer and regulatory expectations, all while improving the efficiency of internal operations. This results in better and faster insights about your customers.

It is estimated that 44% of Financial Service processes can be automated to drive down costs, improve customer experiences, and even reduce risks. Primary Intelligent Automation applications include:

Customer Onboarding/KYC Processes

Onboarding can be challenging given a highly manual process across the customer management value chain and increasing regulatory requirements. This is especially true for SME customers. A robot can extract data from documents, validate client information, apply business rules to check for application eligibility and completeness, create a case if necessary, and/or open the account. The onboarding time can be reduced by up to 10x.

Loan Processing

When a customer is looking to borrow money for a car, home, or other personal reasons, much paperwork is involved. The robot, supercharged with AI, can intelligently review documents, extract critical data, update fields across systems, and send appropriate notifications & approvals. This greatly shortens the approval process. Given the robot works 24×7, the applicant can respond when convenient and the robot can move the process along. It can also route information or paperwork to the right people for review and approval.

Cycle time for loan processing can be cut by over 50% and increase agent productivity by over 70%.

Contact Center Operations

Financial Institutions handle a high-volume of customer requests and inquiries. These institutions are seeking to develop a best-in-class digital client experience, which requires a solution that gives agents instant access to the complete customer profile. Only then can the agent provide seamless and responsive service. Leveraging Enterprise-AI and chatbots, leading-edge institutions have reduced AHT (average handling time) by up to 80%, increase transaction NPS by 10%, and reduced employee onboarding by over 20%.

Some examples of high-value added automations in customer contact operations include:

  • Consolidation of client data into one interface for agent
  • Classifying of customer emails and performing the predefined actions
  • Completing a courtesy fee waiver based on predefined criteria
  • Identifying cause of debit decline (tapping into multiple applications) during customer call
  • Completing post-interaction work

Audit, Risk and Compliance

It is estimated that the cost of meeting regulations will exceed 10% of total costs in 2022. Improving audit and fraud detection processes can reduce regulatory risks, improve compliance, and reduce costs.

For example, a robot can assist the audit process by collecting the relevant documents and information, running it through an AI algorithm for signature & other verification, and flagging exceptions for human decision. Enterprise-AI can also be deployed in legal document processing, such as policy and contract data validation and administration. Additionally, attended robots can assist in alert investigations by scanning through a customer’s history in seconds, saving precious time.

These automations can reduce manual hours required by up to 40%, so the team can focus on investigation and analysis. It also boosts compliance and reduces loss.

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