The fundamental nature of work has seismically shifted in the last few years; what with the Covid crisis, Great Resignation, return-to-office conundrum, quiet quitting, mass layoffs, and a still-looming recession. While the debate continues over its myriad causes and solutions, the truth remains: worker productivity is down.
Meanwhile, summer officially begins this week, bringing with it the customary seasonal productivity slump; especially with summer Fridays and unlimited vacation days that have become standard company perks to attract and keep employees.
All this sets the scene for something of a perfect storm for highly regulated industries that rely on consistent, reliable, efficient performance of tedious, error-prone, high-risk work. We predict it will be a challenge for banks and financial institutions to run tight FinCrime and compliance operations in summer 2023.
How exactly can you beat the summer productivity slump? Put AI to work by hiring Digital Workers.
Putting AI to Work
WorkFusion’s AI Digital Workers are pre-programmed, pre-trained digital embodiments of analysts in anti–money laundering (AML) and compliance operations. You can hire a Digital Worker for the same cost as a full-time employee (FTE) without worrying about investing months into onboarding, errors that lead to huge fines and reputational damage, burnout from alert volumes, or quitting in just a few months. After all, Digital Workers do nothing but work 24/7/365, and never get tired, sick, or take vacation.
When there’s too much work and not enough workers, employees naturally make errors, burn out, and eventually quit. Not only are Digital Workers immediately productive and burnout-proof, they get better over time. Digital Workers work alongside their human colleagues and are designed to know when they don’t have enough information to make a decision. In such a case, they escalate to a real-world colleague, then learn from their teammate how to handle a similar case on their own next time.
Plus, as Digital Workers learn on the job, WorkFusion Network accumulates that knowledge, enabling all Network participants (other WorkFusion customers who choose to participate) to share and improve their datasets and ML models, while maintaining robust security and data privacy. Also as part of the Network, Digital Workers receive continuous updates, resulting in higher accuracy and broader model coverage.
Goodbye, stacks of paperwork
Document-heavy manual work is fatigue-inducing and error-prone, especially in the dog days of summer. And there’s no room for error in compliance ops with 9-figure fines and reputational damage at stake. That’s why AI Digital Workers are trained in intelligent document processing (IDP). They thrive and continuously learn by performing work that previously required manual document handling—they search, identify, extract, aggregate, and evaluate data from unlimited sources of documentary and non-documentary data (both structured and unstructured)—automatically. This is a major reason why industry analyst Everest Group just named WorkFusion a leader in IDP for the fifth consecutive year.
Goodbye, alert volumes
We know intuitively that productivity is closely linked to employee satisfaction. Post-COVID, according to our survey of BFSI leaders conducted with Enterprise Strategy Group (ESG), “employees have set new expectations for their jobs…if they aren’t happy in their roles, they’re leaving…” As banks and other FIs struggle to maintain employee satisfaction among their FinCrime and compliance teams, changing and increasing regulatory demands further stretch teams to the edge of their capacity. In this already unforgiving environment, the Russia-Ukraine war pummeled sanctions teams with an overnight spike in alert volumes.
Something’s got to give. Banks and other FIs need a quick yet comprehensive solution that allows them to end perpetual crisis mode, get some relief, and invest more of their time and creativity into satisfying customers and driving business—not just meeting compliance standards and defending from bad actors.
If this describes your situation, we invite you to consider hiring WorkFusion’s AI Digital Workers Evelyn and Tara: ready-to-hire automation solutions that work with leading sanctions screening software, dispositioning L1 alerts with greater efficiency and providing a comprehensive audit trail to support those decisions.
Hello, meaningful work
Taking mountains of tedious, repetitive, low-value work off your analysts’ plates is a game changer for your FinCrime and compliance operations. Rather than eliminating these personnel, hiring Digital Workers frees up your teams to perform higher value, more meaningful work.
Want your teams to be productive and satisfied this summer? Schedule a demo of AI Digital Workers today.